Confused - have BoS/Halifax written loan off?

Tootsie_Roll

angelavdavis wrote:

I would lock this money up in a high interest notice account - see Martin's pages for recommendations and forget about it. If they chase you, the money will have grown and you can offer them the lower amount (ie minus the interest you have earned) and see what they say.

If you don't hear from them for 6 years, they can't come after you for the money anyway.

I think if you spend the money (even if you feel the home improvements are much needed) and then they come after you, you will regret not having anything available for an offer.

I think this is pretty sound advice.

Just because the debt is 'written off' doesn't mean you wont still be required to pay it back, it is just an accounting exercise for the bank to 'write the debt off to bad debt'. It is very normal for this to happen before accounts get passed to DCA's for collection or sold to them - as far as you are concerned it means absolutely nothing. In addition it will be almost pointless trying to get sense from the branch network about this as on their front office system as you have already pointed out it will state the debt outstanding as zero. Blair Oliver & Scott are the internal debt collection agency for HBOS, they will be able to answer any questions about the debt as it will still show on the back office systems they use.