Advice needed pls - full & final, savings, mortgages

newgal2008

Hi guys,

I’m after some advice please!

I currently owe around £35,000 on unsecured loans and credit cards. I’m in the process of selling my house due to the break-up of my long term relationship.

I’m going to come away with £55,000 - £60,000 equity so will pay off all my debts with that (I’m hoping to settle for a bit less than the total amount owed – no harm in trying huh?!)

I’m an only child and, although I hate to think of parents no longer being around, I’m starting to think practically. They both own their own homes – my mums is worth around £200k and my dads is around £800k. My dad also has lots of stocks, shares and savings as he used to be in the stock market industry before he retired. He knows what to do with his money (unlike his daughter )

I’m after advice on whether to go for another mortgage in a couple of years (I know I’ll be deemed a high risk due to my debts and get charged a huge interest rate). Or to have savings for the first time in my life and just rent for now as I know I’ll be financially secure for the rest of my life eventually. If I can put the balance after paying off debts (hopefully £30,000) into a high paying interest account at 6% a year, this will soon mount up right?

Also, what figures should I go for when making full and final settlement figures? Around 50% or is that being too cheeky? Most of the debts are interest accrued over years, not actually purchases!

I live in an expensive area, and can’t move due to family / job / schools etc.

Any advice gratefully received!

Thanks,

Jess

CLAPTON

Have you defaulted on the debts? if so how long ago and have they been paseed to debt collections agencies... how much are you paying? Give the full facts about these.

If they have not been defaulted then there is no possibility of F&F.

newgal2008

Hi,

I haven’t got any CCJs, but I’ve had lots of default notices, from probably every single creditor. The first was around 18 months – 2 years ago. I am on a self DMP and luckily all my creditors agreed to a reduced monthly payment.

Thanks,

Jess