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Polopolo
Posts: 4 Newbie
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You could probably settle that debt for 15-30k.
However...
If the non-priority credit card debt has 'just sat there' for 5 years without you acknowledging it by payment or in writing, then it's one year away from being statute barred and I'd leave it alone.
If you need the lump sum in order to get yourself some secure accommodation (though I'm not a big fan of shared ownership) then that is a priority use for your money.0 -
As I have communicated with them will this delay the debts being classed as 6 years or older ?
As with most things the devil is in the detail, it would depend on the wording used, but its likley you may have re-set the time clock, yes.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 -
Okay thank you0
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Offer them 10% of whats owed, see what happens!£5000 left to pay on credit cards, down from 40k!!0
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Offer them 10% of whats owed, see what happens!
The problem with this is that it can mean you are "poking the bear" - in the circumstances the OP may be best off staying very quiet.
OP - you mention the shared ownership thing but can you not use your 60k lump as a deposit on a regular purchase rather than to outright purchase the 25% share? A 25% deposit would leave you in a pretty good position to get a decent mortgage deal, and you may well pay less in mortgage on the balance than you would on rent for the remaining share?
If you *do* purchase Shared ownership then ensure that your Stamp Duty is paid at the "full market value election" - this puts you in a better position should you be able to staircase to a higher percentage down the line. (At the value you are looking at as a FTB no SDLT will be payable at this time anyway, so this makes no difference to you financially).🎉 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 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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