www.iva.co.uk

We have a DMP with Payplan which we have been paying into since July 2009. We should finish around Feb/March next year. My husband will not be working after the 17th of this month although we will have a lump sum of around 27K to come. Our current debts with Payplan stand at around 19K, we have already paid in 154K ,but we also still have 11K left on our mortgage - though not in arrears.

Obviously the mortgage will need to be paid in full, but do you think the remaining 16K would be sufficient to appease our creditors.

At 55 it is unlikely my husband will be able to find employment easily , although I will continue to work to pay bills and for day to day living.

Your advice would be warmly appreciated.

It seems reasonable and Payplan should be able to negotiate for you. It is likely some of the debts have already been sold on for small amounts so these creditors would happily take a full and final settlement at a profit.

Congratulations on nearly being debt free, you have paid off so much in a short space of time :)

When debts get sold onto debt collection agents, they are often sold for less than they are worth, for example 40p in the £, if you were in a position to offer them more than 40p they are likely to give the offer serious consideration.

Have a chat to pay plan i am sure they will negotiate with your creditors on you behalf

All the best with your F&F proposal...well done on being nearly there.

Good luck from us . Keep us posted

Thank you for your comments. My husband is finishing on the 27th and we have contacted Payplan as well as our mortgage company. We are hoping that we will have enough to pay in full but realistically think we may be 1 or 2 K short. Fingers crossed.

Good luck and let us know how you get on