Letter about full & final settlement help

debtfreemummy_2

Hello all

I'm quite new here & posted once about a query on a house that was repossesed. I'm trying to find out what total I can negotiate as a full and final settlement amount on the reposession, as at the moment it just seems never ending & if I could just have an end goal in sight I would know where I stand.

Basically the story is:
my parents had some money problems quite a few years ago. Their financial advisor got them to ask me to take over the mortgage in my name & stupidly i said yes. Then my dad was made redundant & the dole office weren't paying the mortgage & the house was repossessed! They found me about 7 or so years ago which means that although the old mortgage is being paid off slowly now (by my parents) it's still effectively in my name!

The company who are dealing with getting the money back obviously take only my details (incomings/outgoings) into account, and I really just want this paid off for good and out of my name (so that eventually I can buy my OWN house!). All the letters they've sent me about the amount of money I have to pay, have asked for either a £5,000 lump sum or a payment each month (I'm sure one mentioned up to the amount of £8,500). There has been £3,000 paid off so far I think.

I've recently told them i was on maternity leave, have a new baby, can't afford this anymore, etc and offered them £1,000 lump sum and showed my incomings/outgoings to say i could only afford £5 a month to them otherwise. They said no on both counts and said i needed to pay £15 a month after which they'll review it (which they say EVERY year and I just can't see an end to it!!!!)

I went to see a solicitor hoping he could help, but he said basically the only thing he could suggest was finding out how much they WILL accept as full & final settlement, (but then I need to get my parents to take out a loan or something so this is finally paid off - my parents can't afford much so it needs to be a realistic amount from their point of view - maybe £2,000 - is that too low do you reckon?)

So, obviously the letter needs to say that I need to know how much they'll accept as full and final but am not sure how to word it all - as I don't want them to come back & then say they'll only accept £10,000 or something like that!!!

Hope that makes sense & Can anyone help at all???????

Many thanks in advance

Debt free mummy x (I wish!)

fatbelly

Hi

Sorry you've not had a reply to this before now. Not sure from your post how much the debt is.

And is there a County Court Judgement on it?

This is a sample letter from the National Debtline site:

Dear Sir/Madam

Account No

I write with reference to the money which you are claming on the above account.

I can confirm that I am unable to offer to pay the money which I owe in full. (Add details of your circumstances and financial situation). However, I can raise £ (put the amount which you can afford to pay) and I want to offer this an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released for any liability.

I also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as "satisfied" in full.

Payment can be made within (put the number of days or weeks within which you will pay) of receiving your written agreement of this offer and method of payment.

I look forward to receiving your reply.

Yours faithfully

(Your signature)

debtfreemummy_2

Many thanks for your reply fatbelly & thanks for the copy of the letter.