I have been paying for a shortfall to Bradford & Bingley, on a voluntary repossession for the last 9 years , i know i was wrong to ackowledge the debt ,but now i am so fed up paying this , as i still have about another 9 years to clear the debt. Is there anyway out of this , as i have recently stopped working and have no regular income and i just cannot afford to carry on paying. Any advice would be great.

Thanks

Steven

-- steven cannadine (stevencannadine@excite.com), November 08, 2004

Answers

Steven,

I think you really only have two options to resolve this matter quickly (relatively speaking). If you have no regular income and no assets then you could try and reach a nominal "ex gratia" settlement, £250-£450 with the lender, stress the fact that you have paid "£xxx" over the last 9 years and you now find yourself unemployed and unable to continue. Put the lender to strict proof of the debt, did they sell your property for a fair price ? If not you may find you've paid over the odds already. Use this to bargain with. I have an offer and pre-settlement letter example if you wish. This is usually the best solution.

Alternatively, if you have no assets and little income you could consider declaring insolvency. This I believe now costs £450!! and you would be discharged in 12 months time or less. The down side is you would find it difficult to get credit for 6 years afterwards, it's also said some employers don't like to employ bankrupts, but under the circumstances.....never met anyone yet where this has happened so far.

Good Luck

Mark.

-- M Amos (idgroms1@yahoo.co.uk), November 11, 2004.

Hi Mark Thanks for your responce , I think I will try your first option.I would be grateful if you could send me a copy of the settlement letter you suggested.

Thanks

Steven

-- steven cannadine (stevencannadine@excite.com), November 11, 2004.

Steve,

Have emailed you the letters.

Regards,

Mark.

-- M Amos (idgroms1@yahoo.co.uk), November 14, 2004.