Wifes old debt - advice please

Andrewpeb

My wife and her ex hubby took a loss on their property of about £14k which they took half of the debt each about 9 years ago.

The debt is with a building society, she is not charged interest, and pays about £200 off per year. She will be very old when this is finally paid.

As their isn't any interest we feel that we should continue making small payments and I will definitely not consolidate it into our mortgage as this would be mad.

However, I wondered if they would be happy to accept a moderate lump to write off her half of the debt as I am sure the will have written it off at the time. I was thinking of a grand or so.

Should we keep our grand and keep paying the nominal sum each month or go for a settlement?

Your advice would be greatly appreciated.

Willsnarf1983

how much exactly is left?

if shes paying 200 quid a month for the last nine years she will have paid

£21600 quid???????

so i can't imgaine theres much more left?

Will

Xbigman

And is her ex still paying his share? Its worth checking as they will be happy to collect from one if the other doesn't pay.
Regards




X

Andrewpeb

She is paying about £200 per YEAR

Her ex has paid some off although I don't know if he is making regular payments

So if he stops paying they will be happy to chase her!

ceegee

Well, the first thing to do is to ask the building society if they are willing to accept some sort of offer. If so, how much? Only then can you decide what is best.

Andrewpeb

Just read about Full & Final Settlement in the thread called "Please help is this true".

I guess this is the option I am referring to.

Thanks

saver_sam

Perhaps try going in lower than the 1k, and if they won't accept lower at first then work up to it.

Also my OH served a summons on a lady once demanding her half of an old mortgage. She came to an agreement with the lender and paid a lump sum in full & final on her half. However, I think, but can't be sure, that the lender then went after the ex for the full arrears - his half and the rest of hers!