some idea of whether this would be appropriate?

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wisewoman

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Post by wisewoman » Thu Mar 20, 2008 6:42 pm
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Due to me being disabled and unable to work, our debts built up and borrowing from one card to pay another made things worse.We have been on a DMP for 18months approx.Our joint debt is about £54000.If we were to offer a one off payment,what sort of amount do think would be acceptable.We might be able to sell our house to our son and rent it back.This will release some equity that we could use.I understand that you cannot be precise,but I would like some idea of whether this would be appropriate for us to do. Thank you
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Adam Davies

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Post by Adam Davies » Thu Mar 20, 2008 6:47 pm
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Hi
As you know it really depends on many factors.
How much equity do you have in your house and how much are you paying into your debt management plan each month
Regards
Andam Davies
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wisewoman

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Post by wisewoman » Thu Mar 20, 2008 6:57 pm
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The equity is about £44000 and we pay £135 a month into the DMP.
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size5

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Post by size5 » Thu Mar 20, 2008 7:04 pm
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Would it be too rude to ask who your DMP is with, the reason I ask being that an informal settlement may well be more in your best interests?

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size5

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Post by size5 » Thu Mar 20, 2008 7:08 pm
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Also, how long has your DMP been running?
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wisewoman

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Post by wisewoman » Thu Mar 20, 2008 7:10 pm
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We are with Payplan.
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size5

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Post by size5 » Thu Mar 20, 2008 7:21 pm
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Ok. Without more info I cannot advise you except in a hypothetical sense, but my gut feeling is to say to you that an IVA proposal would be viewed favourably, though if I were you I would keep my powder dry just for a little while yet.

On assumption that your DMP with Payplan is working ok, the course I would take is to contact each of my creditors individually and hint that you have a lump sum coming, the amount of which you are not certain of yet, but which will not be enough to cover the debt. Any reasonable creditor will be happy to offer you a significant discount in return for a cash injection. Make sure that it is in writing though.
Add everything up and see where you are then. If you can get decent discounts then you will be able to keep any extra money you have raised and will have avoided any fees for an IVA proposal.
Conversely, if they are not willing to play ball with you then you have only lost the cost of some phone calls to find out and you can reconsider your options then.

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wisewoman

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Post by wisewoman » Thu Mar 20, 2008 7:26 pm
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Thanks for your advice.I will give it a try.
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size5

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Post by size5 » Thu Mar 20, 2008 7:35 pm
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Please let us know how you get on.

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