Hi everyone, I got myselif into a huge mess in my 20's and ended up £60k in debt (unsecured). This debt consisted of a Lloyd's TSB overdraft(£3k), a Lloyds TSB Loan (17k), a Direct Line Loan (25k) and a Lloyds TSB Mastercard (15k). These debts have since been sold to ther companies such as BLS Collections, Moorcroft Legal services etc. I have been with Spectrum Finacial Protection on a DMP for over 7 years now (been paying £190 a month) and as you would expect, I want to put this whole sorry piece of my life behind me! I will be receiving a significant amount of money later on this year - obviously I want to clear my name and begin the road to rebuilding my credit history. Will my creditors take a reduced settlement to put an end to all this? If so, what is the typical percentage? BLS Collections stated in 2009 that they would take £7k instead of £17k to clear one of my debts - obviously I don't want to hand money over just to find that my debts still aren't cleared:mad2: Does anyone know how this process works, can I ask them for a settlement figure or do I have to make an offer? How do I start this whole process once I've got the money - I'd prefer to cut Spectrum out fo the loop as they are crooks who mis-sold me a DMP in 2005:mad2: I really need some of this lump sum to help whilst I look for another job and replace our knackered car etc - I could do without it being completely decimated! Any help on this is much appreciated, I just want to be on my feet again for the sake of my wife and children - the last 7+ years have been awful.

Hi Zeppelin, Thanks for your reply It's already been over 6 years since I started with Spectrum - What do you man by a "DCA"? and what does "your debts become statute barred" mean? By laying low, do you mean stop paying Spectrum and see what happens? Many thanks,

Hello everyone, if anyone can help me here I'll be extremely grateful - I've been with Spectrum for almost SEVEN years now and really need to move on with my life! When I was younger (in my early 20's) I got promoted early in my job and got seduced into loans/credit cards by Lloyds TSB and got myself into a huge mess by the time I was about 25 (the usual sketch - consolidation loans etc:roll:). In the end I was £50K (£15k Lloyds TSB mastercard, £10k Lloyds TSB personal loan, £25K Direct Line Loan) in debt and it destroyed my first marriage. I seriously contemplated suicide for a long time. In 2005 (aged 27), I contacted Spectrum and an agent came and visited me, he showed me the plans for me to be debt-free in 5 years and we agreed. I paid £1500 in three installments and have been paying £190 a month ever since. At the five year point I phoned them ony to be told that what I have is a D.M.P and that never meant that I'd be debt-free in 5 years:-x I have since heard nothing from them but occasionally get letters from creditors saying that my loans have been "sold" to another creditor. I'm now 34, have a children with my new wife. Everything is in her name (mortgage, car etc) and all I have is a "little-boy's" bank account with a debit card that's accepted hardly anywhere. I am in the Army and have 6 years' service left until I leave at 40. I really want to break free from all this now and be able to be solvent again, not financially-impotent as I am now. The mistakes I made at 21-25 are now still with me and it seems like, if I just keep going that I could still be doing this when I'm 50! Do you think it's worth me just going bankrupt and starting fresh? Thanks for your help.