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fileep35
Posts: 2 Newbie
My wife and I have been on a DMP for over 8 years, sadly she passed away a month ago. We didnt have enough insurance to clear the mortgage or debts. My income alone with cover the essentials but with little funds left over to service any form of DMP. I have recently received £6000 from a PPI refund, my current balance with the DMP is £23K, should I offer the £6K in Full and final settlement? Will they accept this? Do I have other options?
Thanks in advance.
Thanks in advance.
0
Comments
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Sorry to read that your wife has sadly passed...
If it were me, because your DMP and credit accounts are old, I would submit a CCA request to confirm the account(s) have compliant paperwork.
You may also find it beneficial to post up your SOA (Statement of Affairs) to see exactly what options you have.
http://www.stoozing.com/calculator/soa.php
And welcome to the forum
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Hi,
Sorry to hear of your sad loss, you are a homeowner i see, so bankrupcy is not an option here.
Getting your creditors to accept 6k in final settlement of a DMP will be next to impossible, its not a regulated agreement you see, they are under no obligations here, it cannot be done as a whole, only by going through each individual creditor, getting them all to agree would be difficult, and it only takes one to say no, and thats that.
In your circumstances, I would first go down the enforcability route, send CCA requests to all of them, see if any fall down on the paperwork side of things.
Next write and ask them to make a commercial decision, due to your circumstances, to write off the debts, some may, some may not, its all about making that 6k stretch as far as possible.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Were any of the debts in your wife's name only?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
The debts in my wife's name were written off after being diagnosed with terminal cancer.0
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Can't offer anything constructive that hasn't already been said but didn't want to read & run without offering my condolences for your wife's death.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Sorry to hear about your loss. If it were me I wouldn't be saying anything like "I've got this amount of money through PPI, would you accept it". Chances are they'll say "yes, please" you still owe us the rest now. Go the companies, say can I have the lowest amount you will settle for, otherwise I might have to go bankrupt. Then see what the figure is.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Sorry to hear about your loss.
25% is reasonably low for an F&F but theires nothing to say it wont work.
Who is your DMP with? PayPlan have a negotiations team for this and may have a lot more success.0
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