Mortgage Express - Making Off
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pioneer22
Posts: 523 Forumite
My mum is on a very low income and ME have requested £5 a month in terms of paying off a mortgage from about 30 years ago when my parents divorced. Which she has been doing for the last 30 years. She has to submit bank statements and so on.
She is 62 now I am considering offering to clear this for her, is a reduced offer something they would consider?
I was thinking around £1000 pounds.
She is 62 now I am considering offering to clear this for her, is a reduced offer something they would consider?
I was thinking around £1000 pounds.
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Comments
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They may consider it, especially if their current rate of return is £5 per month!
What is the outstanding balance?0 -
About 40 Grand or so.0
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Has she been paying this debt for 30 years ?
Was there any period of time that passed, prior to starting payments ?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 -
sourcrates wrote: »Has she been paying this debt for 30 years ?
Was there any period of time that passed, prior to starting payments ?
I don't know for certain but there was when I was 1 or 2 till I was about 6 or 7.
Yes she has been paying it for that time.0 -
I don't know for certain but there was when I was 1 or 2 till I was about 6 or 7.
Yes she has been paying it for that time.
That is a long time.
So, options, you can try the cheap settlement route, see what they say.
Or Keep paying the fiver a month, or write and ask them to write off the debt as it will never be repaid.
Last choice would be bankruptcy, fresh start, but fees to pay and can have far reaching effects.
What are her current circumstances, does she have any assets at all ?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 -
No no assets she earns a few quid from a part-time shop job that is it and a council flat.0
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