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DMP or Full & Final
HoneyBunny_2
Posts: 1 Newbie
Hi Everyone
First post so please be nice. We have been on a DMP with Payplan (thanks to this site) and we are getting through each month but only just about. We have equity in the house and are considering increasing our mortgage to give us enough to be able to offer full and final settlements, on the assumption that what we incur in extra interest on the mortgage should be offset by (hopefully) the creditors accepting full and final payments of around 50% of total debt. This would also mean that our monthly outgoings would reduce meaning that we might end up with a little left over each month. What do you think?
First post so please be nice. We have been on a DMP with Payplan (thanks to this site) and we are getting through each month but only just about. We have equity in the house and are considering increasing our mortgage to give us enough to be able to offer full and final settlements, on the assumption that what we incur in extra interest on the mortgage should be offset by (hopefully) the creditors accepting full and final payments of around 50% of total debt. This would also mean that our monthly outgoings would reduce meaning that we might end up with a little left over each month. What do you think?
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Comments
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I think that adding unsecured debts into you mortgage and therefor securing them on your property is rarly if ever a good idea.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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You would do very well to get 50% f&f settlement figures. Not to mention securing unsecured borrowing, paying double interest in a volotile market.
Without knowing the excact figures I would sit tight.... everybody is going to be skint in the next few years.0
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