Hi
I am somewhat of an expert on the subject
The best way to proceed is to continue making minimal monthly payments. If you go through your financial statement with them, and it shows that there is no disposable income you could get away with not making any monthly payments.
Do not mention the fact that you can get more money to them yet.
It is very important to stay in touch with them, and always have an ''arrangement''.
The account will go through the normal recovery routes, and at the right time you call and make your offer.
Make sure that you avoid legal action. Having a company deal with it for you not only avoids the repeat phonecalls from the creditors, but would also ensure you do not have legal action against you.
FYI: If you stay with the debt management plan you will end up paying about 113% of the debt if you include debt management fees.
Have you considered PPi claims, it is always a good idea to review your account.
The % you got with Santander is very good but not far off the industry standard. It is because you have a lot of debt, but as you settle the balances of the various accounts the total debt becomes less and so does your discount. The trick here is to settle the debts so that the largest is last.
Let me know if you need any more information.
Mark Le Roux
Tempest Financial