Your views and questions.

Moderators: TalbotWoods, JaneClack

By indy2005
#195764 Hi,

Decided to write to all creditors offering them 73p in pound which represents 40K funds of a 55K debt.

Just wondering if 3 accept and 4 dont, is it acceptable if the funds (coming from a third party) pay off these 3 so we at least get rid of some of the debt at a reduced rate, and then deal with the rest separately. i.e carry on in a DMP for a while until they get hacked off, but getting more money pro-rata.

Regards

I
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By TalbotWoods
#195765 I would STRONGLY suggest you DON'T write to the creditors making such an offer until you HAVE the £40K.

If you do and then cant raise the funds in the timescale they give you, they may very well proceed into court, VERY quickly to secure the full amount.

Tim
By indy2005
#195768 Thanks, I have a loan agreed in principle (I know, I know) and mum can get to it tomorrow.

I have also stated in the letter that this is not an offer, but an initial enquiry as I obviously cant proceed until all creditors have responded.

Egg told me that this was fine to state, and that it is OK to explore your options.

Egg wanted an IE...
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By Yogi Bear
#195772
indy2005 wrote:Just wondering if 3 accept and 4 dont, is it acceptable if the funds (coming from a third party) pay off these 3 so we at least get rid of some of the debt at a reduced rate, and then deal with the rest separately. i.e carry on in a DMP for a while until they get hacked off, but getting more money pro-rata.

Yes. If you offer the same percentage to everybody, it's unfair on the creditors who've accepted if you withdraw the offer on the grounds that some have refused. You could even write back to the others, stating that you've had acceptances, and extending the offer for a short while for them to reconsider.

I'd be wary of sending anyone an I&E, though. Presumably they've already got one from last time you revised the DMP? What they will look at is the prospect of getting paid in full (as evidenced by the I&E) if they hold out, measured against what you're offering as the F&F.