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advice please
aggie_10
Posts: 13 Forumite
House sale going through nicely, private sale to neighbours son. We are with a debt management plan.
Sale coming at the best time as we will soon loose low interest mortgage and be crippled even more with rise in rate. Also danger of negative equity.
with the surplus we could pay off the lesser debts in full, leaving more to be paid towards the bigger debts, therefor clearing them earlier.
Has anyone done this and it worked or is this going to be a problem.
At the moment only one creditor has cut up rough and is going for a CCJ although Payplan are trying to negociate this.
Sale coming at the best time as we will soon loose low interest mortgage and be crippled even more with rise in rate. Also danger of negative equity.
with the surplus we could pay off the lesser debts in full, leaving more to be paid towards the bigger debts, therefor clearing them earlier.
Has anyone done this and it worked or is this going to be a problem.
At the moment only one creditor has cut up rough and is going for a CCJ although Payplan are trying to negociate this.
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Comments
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Hi
Not 100% sure but I would suggest speaking to Payplan about it, im sure they have dealt with this situation a lot and will be able to advise what would be better.
:beer:Debt: just my mortgage
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I think all creditors will still need to be treated equally.
Some of them may be open to a settlement offer though. Once you get the house sold, it may be worth offerring "full and final" settlements to them.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110
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