Nram f&f

worriedmamma

Hi all

I made Northern Rock (now sold to Landmark) a full and final offer on £23k unsecured loan I owe them. Am considering bankruptcy so have offered them a very low amount to clear the debt, but it's all I can offer.

I made this by phone and went through detailed income and expenditure with their agent who was very helpful and kind. She explained the process to me and said they would call me back within 10 working days to let me know if it's accepted or declined.

She never mentioned putting this offer in writing to them. Should I do this? Or wait to hear perhaps and then do it? Just wondering as from reading on here I see people have offered in writing by post.

Many thanks
Worriedmamma

glentoran99

As long as you get it in writing from them that it is accepted as settlement of the debt and you wont be pursued for the remainder then it doesn't matter how you made the offer in the first place

National_Debtline

Hi there,


I would definitely recommend getting the conditions of the payment agreed in writing before sending any money. We have a sample letter to help you, the key things are that the creditor agrees not to pursue you for the shortfall, and not to pass to any third party who may pursue you for the shortfall. Also, that the credit file will be marked as partially settled and with a zero balance. Once the creditor has accepted all of these conditions in writing, then you can send the money. Keep all paperwork for 6 years.


Laura
@natdebtline

worriedmamma

Hi, thanks both for your response. That's very helpful.

I'll definitely hold off sending any money until I have confirmation in writing. Thanks for the template NDL.

Much appreciated x

worriedmamma

Hi, just to update anyone who's interested, the F&F was rejected, so I'm now gathering all my info for bankruptcy xx

sulli182

worriedmamma wrote: »

Hi, just to update anyone who's interested, the F&F was rejected, so I'm now gathering all my info for bankruptcy xx

Thanks for the update, would you mind disclosing what you offered against the debt? But understand if you wish to keep this private.

worriedmamma

Not at all - I offered £1k against a £23k debt. I knew it was a long shot (very very long) but was honest and just said my parents are giving me the money to pay for bankruptcy, they've offered the extra to make it up to £1,000 so I can offer them a rounded amount. I thought they might actually think it's either they get some money or if I go bankrupt they are likely to get nothing, and after 5 years of me paying small amounts I've tried to deal with it.... Never mind, at least I know I tried!