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usednote

I owe around 100k to 7 creditors all unsecured. I have been paying the minimal £1.00 per month for 22 months now, work stopped, due to ill health which is still unresolved. I am just waiting for them to get fed up waiting for things to improve and start pestering me again, and am thinking out some options.

What would the likely timescale be to pay this lot back on a dmp and how much per month to each creditor be likely to accept per thousand?

For example,what are the chances of me offering to pay them back over ten,fifteen or twenty years being accepted in reality.

I am late fifties, married with 90K personal equity in the family home that I would rather die than lose.

I shall so with either PP or CCCs later but would like a few views first.

Any thoughts most gratefully received

gonzo127

well unfortunatly i personally cant recommend the best course of action without seeing a SOA which would show how much you could afford as that would give us a better idea as to how long they would have to wait,

i am personally supprised they have waited 22 months on token payments so if i was you i might want to check my credit file (there are some free trials about somewhere just remember to cancel before it finishs) just to find out what has actually been posted on it

i think your main problem will come in the fact that with oweing so much and having so much equity in your house, if you can not afford a relitivly large amount a month on a DMP then they might suggest something like a IVA or the creditors might push for charging orders (basically makes the debt secured on your house)

quick edit, it is not unknown for them to accept long term DMP's of between 10-15 years

CatValou

I'm not a expert by any means but have you tried the debt remedy tool from CCCS?

It might help answer your questions.

https://debtremedy.cccs.co.uk/

usednote

Thanks gonzo127, that's the point, If they were all to accept a ten year period with interest and charges frozen I think I might just be able to manage (£ 833.00 per month).

Are you better off paying the minimum they will accept and trying to save up for a ff at some point though?.

Will being in my late fifties count against me?

Will I be more likely to be offered a ff figure later on if I am paying a low amount per month that will drag the process out for too long?

Or, will they just end it all as quick as possible via my equity?


I feel at that point where I am just beginning to get my head around it all.


Being ill was/is bad enough without all this !!!!!! debt learning curve..

Still, at least the banks have anesthetized everyone's morals by their example:(