Hi
I'm particularly interested in your dealings with Halifax. I have a CC with a balance of 2600 Eur and to be honest, this debt is the least of my worries - I have unsecured personal debt of over K! (long story that I would rather not share as to how it was racked up)
What approach did you make to Halifax or did you just stop paying? It seems like you offered them ~40% of your balance?
Any advice appreciated
I was in discussions with Halifax and had asked them to stop interest and penalties so I could try get a handle on things ,the kind lady in Halifax told me that the most they could settle for was 90% of the balance and as long as payments were being made on the account they would not suspend interest ,she told me that I would probably get a better deal when it was passed to an external collections agent . I asked how long does that take and she said it gets passed when 3 consecutive months have been missed.
I think if you offer 25% of balance when you get your letter from Cabot debt collection it should be accepted .They will ask where you got the funds to make the offer , in my case my father died last year leaving a cash sum to my mother who gave me some to help try and get back on track .
Where did you get the €K for paying them off?
By not paying anything for a few months I presume?
Had they registered judgments against you?
It sorts out those two cards, but what about your other creditors?
Brendan
Hi Brendan ,
As I said above It was a helping hand from my Mother.
No judgments , the offer goes in as a full and final settlement of the debt and you receive a letter to this effect from the company ,Its noted as a short settlement on your credit file .
important
only transfer the funds when you have this letter in your possession and keep it safe .
ONE DAY AT A TIME BRENDAN
I nearly have a handle on all my unsecured debt
mortgage debt is or has in some cases been restructured
I believe in the new year banks will be forced to face the new reality that if mortgages are going to be re payed the terms will need to be readjusted .
I dont mind repaying what I owe ,but it will be over 30 years now instead of 12years pre crash.
I was receiving 36k rent and 6 k rates for a shop
now I have reduced the tenants rent to 15k to keep them in business and keep a tenant half a cake is better than none after all.its the new reality , that property will only ever get 15 k rent from now on
rates are still 6k which is crazy.
my interest only bill is over 20k yr so something will have to give , I have asked Ptsb for a reduction in interest and extention in term , I hear you all laughing ..... see what happens ..
I'm on 7.095% with Ptsb down from 7.35%
Ptsb upped my interest by 2% in one year a few years ago when interest rates were coming down in Europe.
From my past posts you will see I have contemplated Bankruptcy , I will give it 1 year to see if I can sort things out ,if not I
will bankrupt myself and start fresh. I'm confident I would get back on my feet post bankruptcy.
As a wise old man said to me recently "SURE THERE ONLY DIGITS ON A COMPUTER SCREEN " but he was living in a nice mortgage free house and getting a nice pension
