Hiya
I've been made redundant and am currently on a DMP which has been going for nearly 2 years. On the advice of the Charity helping me I've approached debtors with a F&FO. Only 2 have accepted, so job done they have been paid. I've rang a couple of the others and had nothing but negativity from them. So what to do now? I've approached the charity helping me with my DMP and they were not very helpful, I'm married and my dh is on a DMP too. Do I go to Dh and ask him to take on my debt or do I try sending letters out again to get people to accept offers.
I have 2 young children so do not plan to get a f/t job as the childcare costs are very high and a new job won't pay what the old did. I've signed up a Mystery Shopper for some extra funds but only just started and the pay isn't high. I also ebay.
I have an appt with the CAB on wednesday as I'm hoping they might have some advice. Just wondering if anyone has experience of full and final offers.
I think some of the prob might be that the debts are still with the companies and not debt collection people as I took action early on as soon as I started snowballing.
Any advice or template letters would be great. I'm not on the mortgage and all debt is unsecured loan or credit card.
Thanks for reading
Ann
Hi Ann,
I'm not sure if I fully understand your question, so please bear with me. I do not personally have any experience with full and final offers, but since no one else has replied yet I want to do what I can to try to answer your questions and hopefully clarify the situation enough that someone else can move in.
From what I can understand it sounds like the position at your old job was eliminated, causing bills to pill up. You haven't been able to find a new job because there aren't any others available in the field you have experience in and by switching careers you would make significantly less which wouldn't be enough to cover childcare expenses. You and your husband are both on a debt management plan. You're trying to settle your debts for less than what you owe by offering a full and final offer to your creditors, but only two have accepted. And you're looking for advice on how to get the others to accept? Is that correct?
My understanding is there are no real rules on this. Basically the creditor just has to believe this is going to be the best exit strategy for them to minimize losses. If they believe they still stand a chance of you paying or they can sell your debt off for more than what you're offering they have no incentive to accept your offer.
I know that's probably not much help at all, and I'm sorry I can't really provide more info. Hopefully it'll at least move the conversation along so someone else can provide a better answer. How did your CAB appointment go?
