my wife is in a dmp with payplan ,she has inherited from her mum she now wants to settle her debts with an offer 20% less than debt do payplan have to do it or can she do it herself
If it is definitely a DMP, she can contact them individually directly if she wishes, to arrange paying them off, however as she has Payplan already looking after the running of the DMP, she could ask them directly to do so if she would prefer.
As for whether they'd accept 20% less, I wouldn't know as most of the time a DMP will continue adding interest and sometimes fees on accounts that are being paid at a reduced rate, so some negotiating may be needed!
If it is an IVA she will have to inform Payplan of the inheritance and they can look at how to offer a full and final on the accounts.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
I don't think you do have to if it's a DMP - I also don't think that you have to declare any bonuses. The only thing I had to declare with my original DMP was pay rises as it obviously increased my DI.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It may well be easiest to let Payplan handle it, they will have all the details, contacts etc.
One strategy is to find out what they will settle for first, as that may be cheaper than offering an amount to each. Effectively, you tell Payplan, or the creditors if you decide to do it yourself, that you have the possiblilty of some funds, but you are not sure of exact amount yet, so can they make you an offer, rather than the other way round.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
