Received offer from bank today - how does it work if I reject?

zxcvbnm

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I received an official offer from the bank today in the post on residual debt after selling properties. (The properties are now sold)
Essentially they have come up with a repayment plan lasting 10 years. I will be very poor for that length of time.

I'm thinking any option is better than this.

Normally is there an over and back negotiation in this scenario - or how dors it work?
I probably could get a relative to pay lump sum of some sort up front. Is there any actual evidence of these offers of lump sums being accepted?

Of course I have an appointment with my solicitor who specialises in this area - but out if curiosity does anyone have any experience in this scenario?
 
Depends on the lender. Some will consider a lump sum of 20 - 30% upwards as full & final settlement, make them a written offer and make it clear that a family member is willing to do this to assist you but only if it leaves you debt free.

You should also explain that you don't feel that you can carry that debt for 10 years and, if the lump sum is not acceptable, you will file for bankruptcy - this may give them further food for thought.
 
Have you any assets left, like a family home, this will determine how you proceed, if you have no assets left, I would consider going bankrupt either in this Country or in England. If you do have assets I need to examine the details of what your lender is offering. Having said that, lenders rarely offer deals better for the borrower than the insolvency services in this country.
 
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