Can creditors get money i have in bank.?

A question about : Can creditors get money i have in bank.?

Hi,i have debts totalling Ј25.000.with several creditors and have negotiated min payments on them,and been paying like this for Years now.I have just come into Ј12000 ,what do I do with this money .Can creditors apply to get this from my account ,do I have to pay it to my creditors pro rata,or can I just keep paying my monthly payments and say nothing about the money.

Best answers:

• You could keep just paying the token payments for the time being.
  If your creditors believed you were in a position to pay more then they may take court action against you. If they did this then, assuming they were granted a CCJ a judge would decide what you could reasonably afford, and if asked you would be obliged to tell a judge about your financial situation, including any assets/savings etc.
  You may want to consider offering your creditors reduced full & final settlements using some of the money you have received - some information/sample letters on this here - https://www.nationaldebtline.org/EW/...s/Default.aspx
• Surely it will be cheaper to use the cash to pay off more of your debt? Perhaps make full and final offers, 50% and you're pretty much debt free.
  Depends what is more important, being free of debt / doing it as cheaply as possible, or keeping up the appearance of coping and sodding the future.
• Was thinking of full and final settlement ,just hoping all will accept
• Whatever you do though do not tell them you've come into money, always say a relative is prepared to lend you a little. If they think you already have the money you will not get good F&F offers.
• Hi,
  Some good advice here already
  All I can add is to start loooow (like 20%) and be prepared to haggle
  You have Ј12k but that doesn't mean you need to use it all, if you've been paying tiny amounts for years then you should in theory be able to get rid of what you owe quite cheaply, especially any debts sold on to DCA's.
  Remember, everything in writing confirming the offer from them stating it's a full&final and that the remainder will be written off and not chased or sold on at a later date! Don't fall for the "well, if you pay now over the phone I'll let you do 50% off" line - get it in writing first.
  Good luck!
  MB
• Thanks for every ones help and advice re this post.Looking into f/f now.
• Make sure the letters are correctly worded so that the remaining debt cannot be sold on, or pursued by any other companies and that credit files are marked as settled and the balance is zero. Keep copies of all the letters you send and any replies. I would say the money is to come from a third party and is available for a limited time only, and is to be used for full and final payment only.