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Which Way to Go?
Hi
I have debts totalling approx 49K, comprising 6 credit cards and a Bank account with a large debit balance. I have been making regular repayments until recently via a DMP with Payplan. I have now retired on a modest pension, so that my income has fallen by an amount approximately the same as the monthly repayments made hitherto under the DMP.
It may be possible for some funding to be made available to make F&F offers to the creditors for amounts substantially lower than the debt. I do not know what sort of level of settlement Payplan are normally able to negotiate, but I am inclined to contact the creditors direct myself, to try to reach agreements. I have read various Forum threads on F&Fs, and also looked at the letter templates covering various scenarios.
The Bank Overdraft account dates back to the early 80's, the 4 largest CC accounts all date to at least the 90's I think, and 2 smaller ones to the 00's.
I am undecided whether to make my offer to the creditors first, possibly reverting to CCA requests if they will not consider my offers, or to go the CCA route before making any offer at all.
For information, I have not made a DMP payment for the past couple of months.
I would appreciate suggestions as to my best course of action. Many thanks.
I have debts totalling approx 49K, comprising 6 credit cards and a Bank account with a large debit balance. I have been making regular repayments until recently via a DMP with Payplan. I have now retired on a modest pension, so that my income has fallen by an amount approximately the same as the monthly repayments made hitherto under the DMP.
It may be possible for some funding to be made available to make F&F offers to the creditors for amounts substantially lower than the debt. I do not know what sort of level of settlement Payplan are normally able to negotiate, but I am inclined to contact the creditors direct myself, to try to reach agreements. I have read various Forum threads on F&Fs, and also looked at the letter templates covering various scenarios.
The Bank Overdraft account dates back to the early 80's, the 4 largest CC accounts all date to at least the 90's I think, and 2 smaller ones to the 00's.
I am undecided whether to make my offer to the creditors first, possibly reverting to CCA requests if they will not consider my offers, or to go the CCA route before making any offer at all.
For information, I have not made a DMP payment for the past couple of months.
I would appreciate suggestions as to my best course of action. Many thanks.
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