Hi Melanie,
I have just had it put on the market for £115,000 after my mother has the work completed (it would be worth far less if not.) My mortgage outstanding is around £80,000 and there will be 4% settlement fees on top.
Creditors claims to date = £75,028.69 after the £4380 I have already paid.
Supervisor has said that the full amount after his fees is £81,720
The original 60 month contributions was £34,320 - supervisor fees leaving the creditors £26,095, @ 33p to the £100.
I have worked out that they would receive around £29,000 plus the £4380 I have already paid to date. I think that would give them a better return, especially as I have no means of paying them anything with my mortgage left to pay and only receiving £258 per month unemployed. They were going to look at me re-mortgaging my property in the fourth year, but if my mother didn't have the work done it would be very little. My only alternative would be bankruptsy and I really don't want to do this should I be able to return to work in the future.
Thank you
Flozza
The property was rented originally and the tenant has left due to buying her own house.