Hi There, Is it possible to be on a DMP and approach a creditor with an offer to pay off the debt, i.e say i owe someone 15000 and approach them with an offer of 8000 to pay off the debt? If so is this common? Also sorry! How often is your income and expenditure reviewed on a DMP? Thank you
Hi After a while many of your debts will be sold onto a third party, sometimes for as little as 10p in the £ This will mean that they will more than likely accept a settlement figure well below that originally owed Regards
You can contact your creditor to ask for a Full & Final Settlement Figure (ensure you ask for this precisely). You are not obliged to accept it. You also need to agree with your creditor (in writing) that they will contact the credit reference agencies to confirm your Final Settlement payment.
If you are on a DMP for other debts you should be aware that you really should distribute any lump sum proportionately and risk destroying any DMP is they find out (not actually heard of this happening, but it is possible).
an offer to pay off the debt ?
Posted - 09 July 2009 : 19:16:01
