How to negotiate £45,000 debt with bank

Luke2016

Hi,
I have a £45,000 debt with RBS (Royal Bank of Scotland), and a charge on my property and CCJ to go with it that reaches 6 yr term shortly.

Does anyone have experience negotiating with RBS?

Can anyone please recommend how to negotiate with RBS to settle the debt?

Do RBS even negotiate debts?

Thanks in advance.

Richey_

If I was RBS the first question I would ask you would be how much equity you had in the property? If it was significantly more than 45k then that would have a huge impact on whether they are likely to settle for less than the amount owed.
I have no experience in negotiating with them personally so wish you all the best

National_Debtline

Hi Luke,


I think the problem that you will have with this is, if they have got the CCJ and the charging order there is very little incentive for them to negotiate a reduced settlement at all.


However, if you decide to put a settlement proposal to the them then I would suggest you get some legal advice about wording the letter. This is because you will need to try and make the letter more legally binding than the judgement to try and get the security removed. Unfortunately, this is going to be exceptionally difficult.


Laura
@natdebtline

jonesMUFCforever

They will get their money if a) you sell the property or b)you croak it and your executors try to transfer title - they have no need to negotiate with you.

mwarby

So the 6 years re the CCJ means nothing, as unless RBS relinquish the charge, they'll get laid eventually(even if 10s of years in future) ?

molerat

mwarby wrote: »

So the 6 years re the CCJ means nothing, as unless RBS relinquish the charge, they'll get laid eventually(even if 10s of years in future) ?

Correct. All the 6 years means is that they cannot chase it through the courts (again) but with a charge on the property they do not have to.