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Settlements on a DMP

A 'settlement offer' offers the people you owe money to, known as creditors, a one-off payment to clear your debt with them.

Did you know that we have a dedicated team who can help you settle your debts?

Our Settlements service is free of charge.

Talk to us now

There are two ways to offer a settlement to the people you owe money to:

1. If you have enough money to repay your all your debts

  • We can help you contact the people you owe
  • We can help you clear your balance
  • This is called a full “balance settlement”

2. If you have some money, but not all the amount you owe

  • We can help you make an offer of a reduced amount
  • This is called a partial “settlement”

You may be able to use a lump sum to help settle your debts.

For example, you may have:

  • Come into inheritance
  • Sold an asset

Please note: You need to have access to these funds to proceed with a settlement.

Can you settle your debts? Call our Aftercare team on:

  • 0300 303 5300
  • Monday to Friday 8am to 6pm

About partial settlements

A partial settlement is when:

  • You offer a lump sum to pay off a debt
  • The sum is less than the full balance you owe
  • In return the creditor writes off the rest of the debt

Your credit file lists partial settlements as ‘partially satisfied’.

Our team will:

  •  Look at your situation
  •  Write a proposal
  •  Make the requests to your creditors
  •  Arrange for any payments to be made
  •  Discuss options with you if offers are not accepted

Benefits of making a partial settlement

  • You may be able to clear some or all of your debt
  • Your debt management plan continues while you wait
  • Our dedicated settlement team can answer any questions you have
  • Our service is completely free of charge
  • You send your lump sum to us
  • We talk to creditors for you
  • Offers are made on a pro-rata basis, meaning all creditors are treated fairly
  • Offers can be made but you can change your mind. We will return your funds to you at any time
  • The people you owe may come back with their own offer if they need you to pay more
  • You can make a revised offer if needed

Risks of partial settlements

  • The people you owe may still contact you while your offers are being looked at
  • Creditors do not have to accept your offer
  • The amount you owe could increase if they keep adding interest and charges
  • We cannot control how long the people you owe take to respond. We follow up every week
  • Partial settlements can impact your eligibility for insolvency if you are able to settle some but not all of your debts

About full balance settlements

Full Balance Settlements are:

  • When you pay a lump sum
  • The sum is big enough to repay your debts in full

These are marked on your credit file as ‘satisfied’.

Our dedicated team will:

  • Check how much you owe
  • Calculate a single payment for you
  • Send the payment out to your creditors

We can also provide information on how to:

  • Offer partial settlements or
  • Pay your creditors directly

Benefits of full balance settlements

  • Our service is completely free
  • We have a dedicated team who deal with your settlement
  • We get up to date balances from each of the people you owe
  • You send your lump sum to us
  • We make the payment to your creditors

Risks of full balance settlements

  • The people you owe can still take action until they get payment
  • The amount you owe could increase if creditors continue adding interest and charges

For more information, call our Aftercare team.

  • 0300 303 5300
  • Monday to Friday 8am to 6pm