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[OK Nearly There]

Hi Ive been in my DMP for 6 years and paid £ 68,000 back with 31,000 outstanding. Ive just had a re mortgage accepted and its going through hopefully in the next few weeks. How much do companies normally accept as a settlement.
Thank you

[Hayden]

Hi there OK Nearly There and welcome to the forum

Given you have been in your DMP for a while your creditors will almost certainly accept 50% of the outstanding balance to settle the remaining debt. However they might accept less. My suggestion is to offer 30% initially and see what they say. Then you can then always up the offer if need be. The trick is be coy about where the money is coming from. I recommend that you say it is from a family member. That way of a creditor rejects your first offer you can always say you went back to the familiy member and they were able to offer a little more.

You can find more info about settling DMP debt early here: How to settle a DMP early