Pepper settlement offer

I

Introuble83

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My uncle has passed away quite suddenly and left his spouse in a bit of bother mortgage wise. Both were not working / on social welfare only . They had agreed a long term interest only agreement with pepper but never adjusted the life policy . As a result the balance outstanding is 130k but the life policy is 70k .Should the spouse offer the 70k as full and final settlement? Any recommendations are welcome . No arrears on the loan . I assume worst case scenario she puts the 70k off the loan and re negotiates the 60k balance ? The life policy is not assigned to the property
 
Strange that the policy was never assigned to the lender?
What was their long term plan for clearing outstanding €130k?
I would be surprised if a lender wrote off €60k.
Could she pay off the €70k and then continue paying interest only (or maybe even also some capital) of the remaining €60k?
As long as she's paying at least interest I reckon that the chances of repossession or forced sale would be slim.
 
I don’t think they had a long term plan. Dying was certainly not part of the plan anyway .I will contact pepper and see what they say about it
 
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