Realistic F&F

Miss_Poohs

My DH owes NR mega - its all part of a DAS at the moment, but he's interested in knowing what would be a realistic F&F - thing is I'm not sure which figure to use to calculate any settlement.

OH borrowed £25,000 in April 2007 over 10yrs and PPI was added in (£12734.00 we are currently going through the motions about reclaiming this).

They say he now owes £50,800 :eek:

What figure would he use to base F&F on?

Miss_Poohs

I know it seems like a thick question, but I'd really be very grateful if anyone can help

property.advert

If you can stand the humour, tell them they can have £50 and half a pack of Bensons and think themselves lucky !

Seriously though, I don't see how 25k turns into 50k. My only guess is that it is 25k plus the interest they would have earned plus the PPI.

So for starters, the interest has to go and the PPI and you come back to somewhere near 25k.

If your situation is not critical and there must have been some fair income to be able to borrow 25k, even from the Geordie fools, then they will think they have a fair chance of getting some or most of it back.

You need to put some meat on your figures and do a SOA and come back with that.

Tixy

Hi

Sorry I don't know enough about how DAS work, we need more scottish 'experts' on here!

However if they are saying that £50.8k is the balance then I guess you would need to base it on that.

Obviously if you can get the PPI reclaimed that should reduce down a lot and until that time its probably hard to even guess what they would accept.

How long has he been in the DAS? I thought they were supposed to suspend interest & charges within a DAS so would have thought the debt should not be increasing? (though I don't really know how it all works)

Miss_Poohs

Thanks for the replies - to be completely honest I didn't believe a £25,000 could run to a £50,000 odds pay back, I thought it was another of DHs flankers, but blow me I've seen the statement for myself and its right enough.

The DAS he's in was over 13yrs, he's 2yrs in to it in July, but I will have some capital at some point in the next yr which I am willing to use it to offer a F&F.

Tixy you're right, with a DAS all interest and charges are stopped but because NR was a loan and not a cc the charges were all front loaded.

I'm at the stage of thinking - yes DAS is fab and believe me when I say it saved DHs bacon but I think its a hurdle in the F&F stakes, because they are receiving regular agreed payments - £530 a month to cover £86,000, they are reluctant to accept a F&F figure.

I know I shouldn't be thinking along the lines but I'm wondering if inorder to force them to think along the lines of F&F, DH defaults on the DAS and lets the debt go to DCAs?