Baliffs letter arrived - help

immoral_angeluk

headache5678 wrote: »

They could only repay by refinancing or by selling the house.

That would be the case if they wished to repay in full, what I mean is making a reduced payment offer based on their disposable income after their reasonable domestic expenditure.

DGJsaver

the_insider wrote: »

The best thing is for your friend to call them and discuss a repayment plan. As the letter says "Payment should be submitted in full within 7
days or contact made with this office immediately, by telephone on 0161475 2816 or by letter, with your payment offer." so why not contact the office with a payment offer!! Good luck with it.

Please , for the good of your friends mental health , do NOT let them phone , deal in writing ONLY

mike_the_rate_tart

When your friends signed for the loan they knew then how much the monthly repayments would be. They would also have known that for the past year they haven't been making those payments. What exactly were they expecting to happen, and why didn't they approach the high street bank as soon as they first realised they weren't going to make the next payment? Perhaps a new payment arrangement could have been agreed at that point, rather than missing a year's worth of payments and then expecting the bank to bend over backwards to help?

Suggest you tell your friend to face up to this debt and get a repayment plan in place as soon as possible.

Ignoring the Moorcroft letter, or telling Moorcroft their contact is not welcome seems highly unreasonable to me - the bank have a right to be repayed the money they have lent your friends.

If your friends have an asset that could be sold to clear the debt then why isn't this also being considered?

Your friends might like to show themselves as decent people and have some pride in clearing off their debts themselves - perhaps then starting from fresh and learning from this experience not to go down that road again?