Lloyds TSB/Apex

ted1980

Hi there,

two years ago I emigrated to NZ with the full intention of servicing my LTSB Personal loan. About six months ago I lost my initial jobn and was unable to meet my loan repayments.

This week I received a letter from Apex Collections, saying that the debt had been passed to them from LTSB.

I have up until now not contacted the bank re my situation, but now have employment, and could realistically send payments of say 50 pounds per month. My debt stands at around 12k, given all the charges that have been imposed by the bank.

So what are my options, would Apex chase me in NZ for the debt, if I was to declare myself bankrupt how would it effect me over here, would Apex accept a much reduced payment terms, or would they compromise on a lesser settlement figure?

Any help, advice, guidance much appreciated.

izools

Well another high street lender accepted my offer of £50 a month against a £14,950 loan, which I have now increased to £93 a month due to budget cutbacks but they would have been happy me leaving it at £50 if I hadn't contacted them to advise of a change in circumstances.

sourcrates

Not a lot they can do if your in new Zealand matey, do you intend to stay there or return to the uk ? debt collectors have no legal powers, they could get a judgement against you but I very much doubt they would be able to enforce it in NZ, unless you came back to the uk, don't think you can be extradited for debt ??? up to you really if you want to pay it, offer what you can afford, if not then I doubt the`ll be knocking on your door any time soon.

ted1980

I am intending to stay for a while, but I wouldn't want this to impact any future credit, or worse still having them constantly chase me in NZ.

fatbelly

At £50 per month, it's going to take 20 years to clear. During that time Apex will pester you to increase payments.

You might actually get more hassle by making payment.

There's probably a default on your credit file already and it stays there for six years.

Options:
1. Ignore
2. Pay what you can monthly
3. Save maybe 25% and offer it as a full & final settlement
4. Use an insolvency option. You appear close to the criteria for a Debt Relief Order, where the residency question is:

'Have you ever lived, or had your principal place of residence in, England or Wales in the last 3 years?'