Hi all, i am going BR soon and just wondered if anyone could help with this. I have tried negoiating with all creditors for reduced payments etc.,i had a personal unsecured laon with barclays and when i phoned to ask for reduced payments they said yes but made me take out anonther loan called barclays resolve to take over from existing loan so as to reduce payments(but added ton of interest), they sent me new loan agreement, will this look like ive just taken it out to the OR? i havent i had it for about 7 years, needless to say havent go past the intrest payments. many thanks
If you are going to be declaring yourself bankrupt in the forseeable future, I cannot see that there is any real benefit in negotiating lower repayment terms with your creditors. Have you got a date for attendance at Court yet?
HSBC tried to do that with us. We refused. Just don't sign the agreement or send it back.
I agree with Melanie that I wouldn't be negotiating anything as all of your debt will be encompassed by the BR.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Melanie, thankyou for the post. I havent got court date yet, keep putting off the inevitable, feel bit to vulnerable to cope with it all at moment. The post i made about Barclays resolve earlier was i started that 6 months ago to try and reduce the payments. I was made to do this by Barclays (it was for exactly same amountas original loan. Do i just explain this to the OR. I took your advice last week and rang your office and spoke to Tina, she was very nice and told me as my main income was benefits i really could do iva, and dmp would take me 14 years to pay off, so in her opinion i would be best going bankcrupt. Many thanks for all your help.
