Hello there - thanks for being such a great site and offering such good advice; don't know what I would have done without you, especially Mark. Anyhow, have decided to go for settlement through IBAS, have filled in an I & E form and have heard today that the Bradford and Bingley want proof of all expenditure - is this normal? Should I do it? Is it wise to offer up utilities/salary/loans etc? And if not, what should I say? Thanks - Ez

-- Ellen O'Neill (ezrapixie@yahoo.co.uk), May 12, 2003

Answers

Ellen,

Can't remember if I sent you this snippet from a solicitor.....

"If someone really wants to try to negotiate a settlement of a s'fall, it is unlikely that creditors will give any offers or proposals serious consideration unless they have a reasonable idea about what can be afforded. It is always sensible to try to negotiate without disclosing info about income and assets but this will often be unacceptable to creditors who will want some info to base a decision on. For example, where someone wants to try to settle for a very small or nominal sum, it makes sense to me to show that nothing more can be afforded and is unlikely to be afforded in the future.

If there is no intention to negotiate, then I don't see why any info should be necessarily disclosed - especially where the creditor is reluctant to disclose info.

Best wishes, Mark.

-- M Amos (idgroms@hotmail.com), May 12, 2003.