I was trying to negotiate a deal with my bank in residual debt after selling properties.
We had some over and back haggling and it seems we failed to reach an agreement. The deal we were trying to strike was based on potential future earnings.(I felt i would be unable to repay what they were asking)
They told me they are now passing it over to the litigation management team for collection.
What does this mean in practice? I don't have any assets or cash - its basically just a lump of debt.(I am single and live in rented accommodation)
I don't have any cash other than potential non-guaranteed future earnings. (I am self-employed IT contractor so cannot guarantee earnings as i can easily have long void periods of work)
So what is the likely outcome of this? In practice does it just mean that the debt is always there? Any other practical implication?
We had some over and back haggling and it seems we failed to reach an agreement. The deal we were trying to strike was based on potential future earnings.(I felt i would be unable to repay what they were asking)
They told me they are now passing it over to the litigation management team for collection.
What does this mean in practice? I don't have any assets or cash - its basically just a lump of debt.(I am single and live in rented accommodation)
I don't have any cash other than potential non-guaranteed future earnings. (I am self-employed IT contractor so cannot guarantee earnings as i can easily have long void periods of work)
So what is the likely outcome of this? In practice does it just mean that the debt is always there? Any other practical implication?