Repayment Dilemma

cloudy-day

mrsb83 wrote: »

You're misinterpreting this advice. When you don't have enough money to pay your monthly liabilities, then you have to prioritise your mortgage and utilities to make sure you have a roof over your head. I haven't seen anyone on this board who has a debt problem pay their mortgage off before tackling other debt.

In any event, at the £60k level of debt, and with a long projected repayment date, I'd be concerned about CCJs and possible charging orders. I would use follow the advice here and try to secure F&F settlements.

Do you really want to be on a DMP for another 16 years? This is an opportunity to clear everything other than the mortgage, start overpaying that with a minimum of £30k, and use lifestyle changes and the equivalent of the monthly DMP payment to bring the mortgage free date forward.

Thats my thinking and I'm going to start writing the F&F letters at a starting offer of 30% today. Will post them when the money is actually in my account as all currently with Sols (no problem just probate).

My thanks to everyone on here for really helping me to clarify my thinking.

mrsb83_2

cloudy-day wrote: »

Thats my thinking and I'm going to start writing the F&F letters at a starting offer of 30% today. Will post them when the money is actually in my account as all currently with Sols (no problem just probate).

My thanks to everyone on here for really helping me to clarify my thinking.

Good luck! Be sure to update us as to how you get on.

Twit_Head

Hi Cloudy
Good to hear from you! Not long in from work but I will PM you, with the ins and outs of my F + Fs etc when I was in relatively the same situation.

'Twitty'

Magi74

mrsb83 wrote: »

In any event, at the £60k level of debt, and with a long projected repayment date, I'd be concerned about CCJs and possible charging orders. I would use follow the advice here and try to secure F&F settlements.

I'd concur with this. Remove all the 60k debt with 50% settlement figures and you've still got a good sum of money to work with. Plus (this is just my opinion) I would argue that better mortgage deals would be more available in the future as there's no additional debt to deal with, there's no CCJ's on the horizon etc.

Best of luck - but more importantly, sorry to hear about your mum.

camuk81

Cloudy, work with the advice above. I've been unlucky enough to have 3 go! And each time we pay off the debts and more on the mortgage. When you work it out its scary how much interest you pay on the short term amount.

I'm in stuck point having just got an agreed sale date on mine and mine will clear most if not all of my debt but I don't want to get in the same scenario.

Here's to wishing I knew about this forum the first two times.

Bit of advice don't count anything till its in your bank been waiting 3 1/2 years for a property to sell and its caused so much heartache in things we had planned (i.e. holidays/ moving) and now can't do

cloudy-day

camuk81 wrote: »

Cloudy, work with the advice above. I've been unlucky enough to have 3 go! And each time we pay off the debts and more on the mortgage. When you work it out its scary how much interest you pay on the short term amount.

I'm in stuck point having just got an agreed sale date on mine and mine will clear most if not all of my debt but I don't want to get in the same scenario.

Here's to wishing I knew about this forum the first two times.

Bit of advice don't count anything till its in your bank been waiting 3 1/2 years for a property to sell and its caused so much heartache in things we had planned (i.e. holidays/ moving) and now can't do

Thanks very good advice. If I'm honest everything is ticking over on the DMP now and I don't really think about the mortgage. With so much else going on (dealing with my Mum's death mainly) I just don't feel the money is real and I really will only believe it when its in the account.

Best of luck to you and I hope everything works out.

Once again the lovely people on here have been so kind. Your help really is invaluable to me at this difficult time.