Trying to understand what will happen

serious_debt

How very helpful you are, so thank you. I may well inherit some money in the future and then offer 20p in the £ an see what happens.

Quimoi

serious_debt wrote: »

How very helpful you are, so thank you. I may well inherit some money in the future and then offer 20p in the £ an see what happens.

Just an observation (not a recommended course of action) that creditors are much more likely to agree a partial settlement if they haven't received any payments recently and/or the debt has been sold on...

Good luck in any case

serious_debt

Almost all my debt has been sold on. I understand from my DMC that they are sold for 10% of the debt.

LotsToDo

Is your wife not responsible for any debt within the marriage? She must have been the secondary card holder or she would not have been able to use the cards.

Also, if she used the cards after you split, surely she must be responsible for some of the debt?

Is your ex-wife still in the marital home? If so, it counts as a marital asset for up to five years after the marriage ends.

serious_debt

LotsToDo wrote: »

Is your wife not responsible for any debt within the marriage? She must have been the secondary card holder or she would not have been able to use the cards.

Also, if she used the cards after you split, surely she must be responsible for some of the debt?

Is your ex-wife still in the marital home? If so, it counts as a marital asset for up to five years after the marriage ends.

It was all a long time ago, never hear from her. What I am left with is all mine and my problem alone.

Tixy

serious_debt wrote: »

Almost all my debt has been sold on. I understand from my DMC that they are sold for 10% of the debt.

10 % is probably a good average to estimate. But it could be anything from as little as 5% up to 20%. Debts are actually sold in bundles not individually and the amount they sell for can vary quite a bit.

How very helpful you are, so thank you. I may well inherit some money in the future and then offer 20p in the £ an see what happens.

If for some reason (and I can't think why) you choose not to switch from your fee charging company then if you come to a point where you are making full & finals then don't make those offers through your DMP company, as they would be taking a cut of likely thousands of pounds. You would get the best settlements by offering direct to your creditors yourself.

serious_debt

Tixy wrote: »

If for some reason (and I can't think why) you choose not to switch from your fee charging company then if you come to a point where you are making full & finals then don't make those offers through your DMP company, as they would be taking a cut of likely thousands of pounds. You would get the best settlements by offering direct to your creditors yourself.

I am learning so much these last years. The DMC I use are amazing so far. They have always given me good advice, but I am here to learn more and share what I have learnt too. I take your last advice and thank you, however when I tried to clear one of the debts the DMC were most happy for me to negotiate myself and said they do not take a cut.

Tixy

What are they taking from your payment each month? £50 or so?
Over 4 years that would be another £2400 that could have reduced your debt if you were using a free DMP provider.

serious_debt

Tixy wrote: »

What are they taking from your payment each month? £50 or so?
Over 4 years that would be another £2400 that could have reduced your debt if you were using a free DMP provider.

I do take your point but they give me some amazing advice.

Tixy

So would a free DMP provider / debt advice charity but for free