Lloyds or Debt Collectors?

Bhatisgeir

As I see this forum has many people with experience of trying to reduce their debts, I thought I’d ask for some advice as to how best to deal with an outstanding bad debt.

Without going into the full sorry saga, my wife (at my instigation) took a loan (£10,000) from LloydsTSB in 2006. Having defaulted on the payments, my wife was contacted in 2008 by Apex Credit Management (whose behaviour was abominable) and has recently been re-contacted by Debt Managers Ltd of Edinburgh (although thankfully they do not have our phone number).

I would like to take responsibility for this debt as my wife is now disabled and has no prospect of being able to work again. However, as my experience of dealing with Debt Collection agencies is not something I want to repeat, I am wondering what options I have.

I myself had a Protected Trust Deed (Scottish IVA) in 2007. I am in work at the moment and have no other significant debts.

If I were to write to Lloyd’s Collection Centre offering to come to an arrangement would I get any response? Would they agree to a new loan term? Would they start charging interest again?

If this is not possible should I write to Debt Managers Ltd making an offer?

I’m not trying to avoid making payments, but I would like to understand the likely consequences of making an arrangement with either Lloyds or Debt Managers, given I am trying to rebuild my credit worthiness following the PTD.

Thanks,

Andrew

jonesMUFCforever

They would only take instruction from your wife.
There is nothing stopping you writing the letter as long as she signs it.

Do not offer to pay somebody else's debts not even your wife unless you have the funds to do so.
From your post I do not think you have the funds.