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Help ! We're getting money!
Janey51
Posts: 1,195 Forumite
I should be really happy about this and I am but...
We have managed to sell our house and will have made about £45000 profit after the conveyancing and estate agent fees are taken off.
Our total debt is £87000 on loans (non are secured) and credit cards. We are with CCCS and have been in a DMP for 9 months paying £5pm to each creditor.
We already live in a rented house so are settled that way.
From the house profit we will have to pay a small amount of Capital Gains Tax but I don't know how much yet as we are going to let an accountant sort that one out so will have to pay those fees as well.
As well as the profit from the house sale, we have just found out that we are getting a Pension lump sum (at one point looked as if nothing was going to be paid out when my husband's employer went bust) This is going to be £20000ish.
I know that all this should be handed over but I feel so mixed up about it. We are both in our mid fifties and in poor health. I am still working full time and my take home pay is £1300per month. My DH is even worse health wise than me and if he goes off sick won't get paid. At the moment he can hardly walk but won't go to the Dr as he's frightened she signs him off
He was made redundant 2 years ago but managed to get a part time job in October. Wage is variable...average £150pw take home.
Should I try and hang on to as much as I can but increase the monthly payments to the creditors?
We have been living on nothing for so long that DHs wage is sort of almost spare so have managed to fill oil tank so we can afford to have heating on sometimes and pay to have car serviced etc.
At the moment we are paying £125 to CCCS for creditors. If we put OH's wage into pot the amount available would be about £600.
All thoughts greatfully received but please be kind.
We have managed to sell our house and will have made about £45000 profit after the conveyancing and estate agent fees are taken off.
Our total debt is £87000 on loans (non are secured) and credit cards. We are with CCCS and have been in a DMP for 9 months paying £5pm to each creditor.
We already live in a rented house so are settled that way.
From the house profit we will have to pay a small amount of Capital Gains Tax but I don't know how much yet as we are going to let an accountant sort that one out so will have to pay those fees as well.
As well as the profit from the house sale, we have just found out that we are getting a Pension lump sum (at one point looked as if nothing was going to be paid out when my husband's employer went bust) This is going to be £20000ish.
I know that all this should be handed over but I feel so mixed up about it. We are both in our mid fifties and in poor health. I am still working full time and my take home pay is £1300per month. My DH is even worse health wise than me and if he goes off sick won't get paid. At the moment he can hardly walk but won't go to the Dr as he's frightened she signs him off
He was made redundant 2 years ago but managed to get a part time job in October. Wage is variable...average £150pw take home.
Should I try and hang on to as much as I can but increase the monthly payments to the creditors?
We have been living on nothing for so long that DHs wage is sort of almost spare so have managed to fill oil tank so we can afford to have heating on sometimes and pay to have car serviced etc.
At the moment we are paying £125 to CCCS for creditors. If we put OH's wage into pot the amount available would be about £600.
All thoughts greatfully received but please be kind.
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Comments
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Can you try offering the 45000 as full and final settlement before the 20K appears?Addicted to Facebook
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I would take advice about whether the pension should be yours to keep. I suspect it will be.
I am not 100% but Im fairly sure the money from the house will have to go to creditors, however, with this in mind, you could look to F&F settlements, which are likely to be muhc less than the amount of the debt in total.
Someone else will be along sooon to help further, hang in there
lynz
x:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
I agree with the other posters - look into full & final payments.
Heres a factsheet on how to go about it
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers0
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