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Selling House - credit card debt question
CM66
Posts: 602 Forumite
Hello!
My Grandad is trying to sell his house as he is moving to sheltered accommodation due to health issues.
He has apx £35k in credit card debt that is currently being managed by Step Change.
Once the house sells we will be in a position to clear the debts, but i thought we might be able to offer them full and final settlements to slightly reduce the amounts he has to pay?
Should we do this before / after the house is sold - or does it not make a difference?
He is having to pay rent of £900 for his new house so we want to keep as much of the money from his house sale as possible to cover his living costs for as long as possible.
Any info greatly appreciated,
CM
My Grandad is trying to sell his house as he is moving to sheltered accommodation due to health issues.
He has apx £35k in credit card debt that is currently being managed by Step Change.
Once the house sells we will be in a position to clear the debts, but i thought we might be able to offer them full and final settlements to slightly reduce the amounts he has to pay?
Should we do this before / after the house is sold - or does it not make a difference?
He is having to pay rent of £900 for his new house so we want to keep as much of the money from his house sale as possible to cover his living costs for as long as possible.
Any info greatly appreciated,
CM
0
Comments
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Before or after makes no great difference. If they get wind of a house sale, they may come after the lot with a ccj. Which they would be entitled to. What happens to his accommodation once his funds run out? If he gets it funded after that point, then what is the benefit in getting reduced settlements?You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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