Reply to creditor considering write-off

Caneluna

Due to chronic ill health I have contacted two financial institutions I was indebted to, to ask if they would consider writing-off my debts with them.

To cut a long story short , one of the institutions has agreed to write-off the debt and has duly put this in writing to me.

The other institution is considering my request and has asked me to provide; I quote:

• Written confirmation of the actions of other creditors, if any other debts have been written off, please provide evidence of this.

• Confirmation of any savings/assets

I have no problem providing them with documentation on the first point.

re: the second point. I have no assets or savings so, my question is, what kind of confirmation of savings/assets do I need to provide?
Would it suffice to put in writing to them that I have no savings or assets?

I thank any of you who may be able to help.

lvm

Put in writing saying you have no savings or assets but that if they require any further information to support this they can let you know. You could get a bank reference but I think that costs about £10 - if they ask for this, tell them to pay for it!

Caneluna

Thank you for your help..most appreciated

Caneluna

Lvm,

Thank you for your advice, I have received written confirmation from the second company that they will no longer be pursuing the debt.

My question now is,
Do I have to inform the credit scoring agencies of these decisions?

regards

MissShoes

Caneluna wrote: »

Lvm,

Thank you for your advice, I have received written confirmation from the second company that they will no longer be pursuing the debt.

My question now is,
Do I have to inform the credit scoring agencies of these decisions?

regards

I think it would be wise to contact the agencies- I'm not sure if the companies are under any obligation to update your file to say they're not pursuing the debts.

loveec

great advise, thanks

FredWhispers

Do I have to inform the credit scoring agencies of these decisions?

Answer is, no, they would not be interested anyway.

Credit Data is there for lenders to make informed decisions about lending money. This is based on, amongst other things, what you owe. Whether or not a company is chasing you for payment of the debt is irrelevant. The key data is that you owe money and cannot repay it.

Fred