Full and final settlement , moving abroad

mrq12ead

thanks everone for their valuable suggestions.

LovelyLeeds

mrq12ead wrote: »

Hello Everybody,

Hope you guys can give me bit of advise here.

Currently I owe £6500 to LLoydstsb on overdaft and Credit card. I had been with LLoyds from 6 years never missed any payment and had decent incomings every month as well. I have very good credit ratings plus Never took any loans however lately I incurred a loss of huge amount of £6500 . I am not a british citizen actually I am from India and would be returning back in coulple of months as my visa is expiring soon. I do not want to leave the country on bad note where creditros are chasing me for money . I have also heard that most of the creditors have arrnagenments with collection agencies in variuos countries to collect their monies. I am due to give my notice to emloyer as well as i will not have any right to work.

Would it be a good idea to make a Full and final setttlement offer of £2600 (which is 40% of total money owed) by explaining them whole situation coz no way i can pay full money back . I cannot declare bankruptcy or IVA as I am leaving country soon.

I think if tell them that I am leaving country , it will certainly make them worried. They cant take any legal action coz i wont be in UK . Even if they pass my case to collection agency in india , it will cost them money plus I wont have any mean of income in india anyways.

Shall I ring them, write letter or personally go in branch to speak to branch manger about the whole scenario.

Please advise in relation to making them offer.

Many Thanks

Cutting and running will not elicit many favourable replies on this thread - this is worse than the 'DCA were nasty to me so I'm not paying' thread!

27col

Here's a thought. Do the honourable thing and pay off your loan as agreed in the contract.

_Andy_

27col wrote: »

Here's a thought. Do the honourable thing and pay off your loan as agreed in the contract.

Don't be so silly, paying back your debts is SO last season.

Emmzi

what makes you think they can't take action abroad?

dealer_wins

Emmzi wrote: »

what makes you think they can't take action abroad?

Lloyds can and do chase debts in India with real vigour. Each £1 outstanding = 4 days in jail doing hard labour.

redpete

dealer_wins wrote: »

Lloyds can and do chase debts in India with real vigour. Each £1 outstanding = 4 days in jail doing hard labour.

Their Indian call-centre staff get special bonuses for chasing down debtors.

fatbelly

Would it be a good idea to make a Full and final setttlement offer of £2600 (which is 40% of total money owed) by explaining them whole situation coz no way i can pay full money back . I cannot declare bankruptcy or IVA as I am leaving country soon.

At the moment they won't accept that, as you are still obliged to make the contractual payments. You can make an arrangement to pay what you can afford - that may be a token offer if you effectively have no surplus income. After your accounts have been defaulted 6 -12 months they may be open to a settlement offer.

DCFC79

Why not just repay what you owe OP ?

You gone off in a huff OP ?