Question. Paying off.

Wibbledog

ATM I have @£80k in debt on my debt management programme. My mortgage is probably equivalent to my house value.
There is a possibility I may be made redundant in the next few months. My pay-off will be @£20k.
My question is: Would it be worth my making a full and final settlement offer to the creditors? Would they accept it? I have no other assets and my property is not likely to realise any more than the mortgage (in fact probably less.)
Thanks

GeorgeUK

I would talk this over with the DMP people (is it one of the free ones?) for their input, but i think this is definately a good idea. I'd keep a little back so that you may be able to negotiate, but offering each about 20%-25% and explaining that you are being made redudant may sway it. If some refuse outright, then there's not much you can do about that and at least you have given them a chance, but others may give a counteroffer you can negotiate on and possibly use some of the offer money thst's been turned down.

I'd give preference to any secured debts, those still charging interest or with the original creditor and any that did not require a credit agreement.