40K Shortfall

SeniorUnit1

longtermplanner wrote: »

Honestly they aren't at all likely to hunt you down.

I didn't say that £10 a month wasn't much to try to get you to pay more. I think you would do better to save up the extra £40 a month as an emergency fund

I see what your saying im just wondering if it easier to offer them that to have a better chance of them not hunting me down. It sounds strange but ive had this situation open for yeas now and I really to bring it to an end - it keeps me up at night. Surely im not hard to find anyway as I told them which country im in. Maybe one day the will accept my offer of settlement.

the actual total of the shortfall is 38,000Gbp.

Annisele

If you really want to bring the situation to an end, £5 a month is probably not going to do that. I assume the lender has frozen the interest, but at that rate it'll take you more than 600 years to repay the debt. £10 a month isn't really any better; the debt will still outlive you.

From the lender's point of view, I suspect they're just treading water in the hope your situation will improve. You might be better saving your £40 a month, and then eventually making them a full and final settlement offer. It might also be worth considering bankruptcy, but that isn't necessarily a good idea - and if you've lived outside the UK for a while you might not even be able to go bankrupt here.

I think the chances of the lender "hunting you down" are pretty slim. Firstly, why would they bother "hunting" when you've already told them where you are? And secondly, why would they bother pursuing you when you don't have any money? And thirdly, even if you did have money, chasing somebody outside the UK is more hassle than chasing somebody who still lives here. (If you had money they could do it - moving to France is not a foolproof way to escape debt - but it'll put them off a bit).

longtermplanner

SeniorUnit1 wrote: »

Maybe one day the will accept my offer of settlement.

the actual total of the shortfall is 38,000Gbp.

How much have you offered to settle the debt?

They are more likely to accept a settlement the less you pay them every month ...

SeniorUnit1

longtermplanner wrote: »

How much have you offered to settle the debt?

They are more likely to accept a settlement the less you pay them every month ...

At first I asked them for a settlement figure and they said £16,000 GBP. I offered them a settlement figure o £3900 - they declined. They then came down to £9000 but I don't have that money.


In answer to Annisele I have tried BK but I was in a Grey area and my application was declined - I was classed as having my common place of interest was out of the UK.

The money I offered them was going to be from family members.