How much would creditors accept

livinginhope

Morning all

DH and me had an interesting conversation with an aquiantance yesterday,they are wanting to 'up size' their house and have always loved our house.I jokingly said we should 'swap' houses,all taken as a joke at the time,but have been thinking about it ever since.
Our house is worth about £195k,we have a mortgage of £115k,our friends house is worth about £145k,if we were to sell up and buy a cheaper house,would the creditors accept £50k as a full and final or would they still chase us? I know there is a big difference with the amount owed and what the offer would be,but what do you all think?
I have just been looking on the internet and there are a couple of suitable bungalows in the price range,this would address the issue of my reducing mobility at the same time.
Dh just says that we should stay put,but does admit that a bungalow would be a better option as at times I am unable to get up or down the stairs.
Thanks in advance
LIH

nomoneytoday

How much they accept would depend on how long the debt has been for, whether it is in default, and how much they think they can extract from you..

livinginhope

Thanks NMTD,all the debts are now defaulted and have been on a DMP for nearly a year,we pay very little a month,only £115/month.
Just another thought,with an IVA could a one off payment work,or would a high monthly payment still be expected?
Just spoken to DH and he's not keen on moving all the time creditors are being 'nice' but wondering how long they will allow it to go on!
LIH

nomoneytoday

If you move you will probably get a few phone calls / letters starting up again..

livinginhope

nomoneytoday wrote:

If you move you will probably get a few phone calls / letters starting up again..

I don't want to go through all that upset again,that was the worst thing about sorting the debts,they drove us to despair!
I think maybe moving would be such a hassle,I don't think we would ever be able in the future to get another house like this,but it does seem like it could be the answer to our problems.
I will sleep on it tonight and if I still have itchy feet tomorrow,will phone estate agents and get a proper valuation done and see how the figures work out.
LIH