Inheritance and what to do...

anna_1977

Fatbelly - should I re-counter the offer lower than theirs again?

For example a Capquest one (was Virgin) one -
Balance £3702.64
I offered:1485.75
Counter offer from Capquest: 2221.58

Silverdolphin

Clear your mortgage. Pay £200 a month towards DMP. Means You’ll be debt free in 12 years not 24.

anna_1977

should have mentioned my mortgage only has 8 years to run so will be paid off WAY before the DMP would be

enthusiasticsaver

If I was you I would pay it off the mortgage and up the monthly DMP payment to pay it off earlier. Or use the difference to save and offer full and finals. If you are in debt always give your mortgage priority. The only disadvantages to a DMP is you cannot borrow more which is probably a good thing and you have it hanging over your head. Hopefully your creditors are no longer charging interest. If they are then offer those F and Fs.

anna_1977

enthusiasticsaver wrote: »

If I was you I would pay it off the mortgage and up the monthly DMP payment to pay it off earlier. Or use the difference to save and offer full and finals. If you are in debt always give your mortgage priority. The only disadvantages to a DMP is you cannot borrow more which is probably a good thing and you have it hanging over your head. Hopefully your creditors are no longer charging interest. If they are then offer those F and Fs.

All interest is stopped which is good. I have no intention of getting any more credit at all

I think I can do the mortgage and have £1k in emergency saving.

Thanks for the advice

kindofagilr

I would be putting it to the debt if that was me personally xx

fatbelly

anna_1977 wrote: »

Fatbelly - should I re-counter the offer lower than theirs again?

For example a Capquest one (was Virgin) one -
Balance £3702.64
I offered:1485.75
Counter offer from Capquest: 2221.58

In this instance you have offered 40% (which is on the high side for a starting point) and they have said 60% so there's a 50% agreement there for you if you want it.

You shouldn't need to go to 70% for defaulted debts with a debt buyer and subject to a 25 year debt management plan!

I would like to have posted some examples of what another poster achieved but the classic 'Weggy' thread seems to have disappeared, unless I am mistaken.

Have you tried doing CCA requests ti those debts that are Consumer Credit Act?

Weggy did start a smaller thread here and the principles are the same, even though this is a very old thread

https://forums.moneysavingexpert.com/discussion/125516

anna_1977

fatbelly wrote: »

In this instance you have offered 40% (which is on the high side for a starting point) and they have said 60% so there's a 50% agreement there for you if you want it.

You shouldn't need to go to 70% for defaulted debts with a debt buyer and subject to a 25 year debt management plan!

I would like to have posted some examples of what another poster achieved but the classic 'Weggy' thread seems to have disappeared, unless I am mistaken.

Have you tried doing CCA requests ti those debts that are Consumer Credit Act?

Weggy did start a smaller thread here and the principles are the same, even though this is a very old thread

https://forums.moneysavingexpert.com/discussion/125516

Thanks, I will counter off with 50% i think and see what happens. I would like to have the debt off my mind if that makes sense.

I have done CCA's and one old debt couldn't product so that has been removed from my DMP.

I have a week off work next week so think I'll allocate a day to chase the creditors who haven't responded, counter offer those that have and see what happens.