Lump sum Debt repayment offer

gurps_cov

My ex wife and I owned a house which was reposesed during the divorce. This resulted in a mortgage shortfall of around 13k. I managed to talk the lender into reducing my liability to 50% of the balance since the property was jointly owned. When I asked about how to go about paying it off, they wrote to me and said that they use a debt collection agency for this.

About 6 -9 months passed and finally the debt collection agency wrote to me asking for 6,500. I made an offer to give them £1450.00. They wrote to me today and said they would accept no less than £2,000 by lump sum or monthly payments capped at £3,500.

Is it worth re-negotiating and trying to bring them down to around £1,700? Or will they stick to £2000?

Secondly, in the letter there is a paragraph which I don't understand. It says:

"Please note the balance shown of £6000 does not take into account any full and final or limited liability agreements. A balance under any agreement made is available upon request".

Please can someone explain in laymans terms what this means.

fatbelly

I can't tell you what it means but I can tell you that your payment will not clear you of liability (unless that is stated elsewhere).

I think you need to use a letter like letter M3 in this fact sheet:

Factsheet | Mortgage Shortfalls