lump sum

nightrider · Joined: 05 Jan 2007 Posts: 1

Hi

Just saying I have been often dropping in on this forum, seems like you give pretty gud advice so…

Here is my story, let me know what you think I should do…?

I owe Halifax about £8500. I am managing to meet just above minimum payments but I don’t really seem to be making any headway with it.

I will be turning 30 in a few months and would like to just start again free of debt and make sure I keep my finances in order.

So this is what I was thinking….

I have been left some money from my great aunt in her will – probably about 3-4k, do you think Halifax would just accept this money and wipe off the rest of the money?

From what I have heard it is more than what they would get if I had an IVA or was bankrupt?

Thanks

happy new year to you all too

Andrew · Posted: Wed Jan 10, 2007 1:09 pm Post subject: Lump sum

Tricky one this.

First, I'm assuming that Halifax is your only creditor, in which case you won't be able to do an IVA.

Your best bet is to ask the Halifax, However, bear in mind that if you can stump up a lump sum of the size you indicate, then you'll be roughly halving your outstanding debt. The guys at the Halifax may then assume that you'll then be able to afford new, lower payments - which may be cut by almost 50%.

I expect readers would welcome comments from others who've had experience of this (though i expect practice may vary from lender to lender): all experiences welcome!