Hoping to be debt free in 12m

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  • Mercedes12
    Mercedes12 Posts: 9 Forumite
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    I'll go with the saving option then paying off in full once I can - thank you so much!
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    Mercedes12 wrote: »
    I'll go with the saving option then paying off in full once I can - thank you so much!


    Banks don`t sit on defaulted accounts for too long, expect them to offload it to a debt purchasor possibly in the near future.

    These companies are usually much easier to deal with and will be more open to flexible payment arrangements and settlement offers.
    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-letter
  • Mercedes12
    Mercedes12 Posts: 9 Forumite
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    that's good news :) does a settlement offer benefit me in any way or is that just what it is called when you pay off the remaining balance in full?
  • savingholmes
    savingholmes Posts: 27,373 Forumite
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    They may agree to settle your debt for a lower figure
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
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