The Bank won't budge!!

walmel

HI

I'm hoping someone might be able to help me as you all seem so helpful to all the other guys who post their money problems on this site. Does anyone have any tips for negotiating reduced loan re-paymnets with a very stubborn bank?

When we sold our business we were left with debts in the region of £43k. We initially went with a fee charging company for a DMP - we were debt virgins at the time!! But they took nearly four months to even begin negotiations with our creditors in which time the creditors got very grotty!! I approached our creditors myself and armed with our SOA I have managed to negotiate with nine out of the ten creditors to be able to make pro rata payments out of our surplus each month (including Revenue and Customs). But HSBC who we owe £21k to are being very stubborn and however much I beg they will not accept our offer, they have tried to get us to have a managed loan at 29.9%. How they think we can afford that let alone how it will help us I don't know. They have sent us a Final Demand and told us they will take it further. Do you think they will cave in and accept our reduced payments if we stick to our offer. There is no chance of us being able to afford the £510 per month and pay off our other creditors and also if we could afford it it would be unfair on all the others if we did. We have already had a previous creditor take us to court and try for an Interim Charging Order but we have managed to sort that one out so we desperately don't want to go there again.

If anyone can offer some useful tips I would be soooooooooooooooo grateful as I've only got HSBC to go then I can sleep at night again and stop feeling so sick when the postman comes or there is a knock at the door. :rolleyes:

tostao

start to make the payments you have offered, then contact national debtline for advice on a voluntary charging order, good luck.

HairyHandofDartmoor

Yes make the payments you have offered but do not cave in to them. They are just trying to bully you! It is not in their interest to take further action as you cannot give them what you do not have!

Do ring Debtline or see the CAB if you are still worried. Creditors are often difficult at this stage but usually come round in the end. Someone has some template letters you can use, so they may come online tomorrow!

walmel

Ta for the advice. I'll phone debtline asap. I hope it it is only bullying tactics, it's very hard not to cave in to their bullying but they can't have it if we haven't got it!!! I'm already making the payments so at least I'm doing something right

Thanks again

:beer:

in_debt_again_but_dealing_with_it

I'm in a DMP with CCCS (since March!) and HSBC still refuse to accept it, keep pushing the managed loan - as you know, huge interest, added at source etc. I've stood firm and politely tell them "no thanks" each time they call, it is hard and they try and make you feel stupid/guilty etc but it is against your best interest to increase your debt - stand firm! Well done for dealing with it all so well!