Each bank will have different procedures.
Generally speaking, "branch" levels of the banks have no authority to do debt forgiveness. Branch level can re-structure i.e. change the payment terms.
The recovery units generally do have authority to do debt forgiveness. If you can't reach a deal with the recovery units, it then goes to the litigation units.
Litigation units have more scope on debt forgiveness, as they are the "last line of defence." When it goes to the litigation unit you might have 3 cracks of the whip. The first crack is to submit a settlement proposal to the solicitors upon receipt of the "7 day letter" before they issue the actual proceedings. The solicitors might advise the bank to settle (and generally speaking banks follow their legal advice.) The second crack is to defend the proceedings and issue a settlement proposal at the same time. The last crack is to submit a settlement proposal once they have obtained judgment.
In conclusion, you should keep offering a reasonable settlement proposal.
Jim Stafford
Adecco,
From experience , the more you communicate ,perversely the less you can get from a Bank!
In practise you are not in Ireland, so pursuit (unless they can see substantial funds) is generally not followed.
Their (systems) seem to move into this (litigation) mode. Generally the debt is passed to a collection Comp to manage . That collection comp try to squeeze what they can from you..
The problem can then arise that you may pay off something without having a conclusion date.
You can only make your proposal on a realistic appraisal of what you can afford.
If the Bank won,t accept that ,then let them (threaten) etc.
But ensure you keep notes/copies of your efforts.
You are abroad. Why not just stay there and ignore them altogether. You have no assets to take so they will just tire of chasing you and eventually just give up. If it was me that is what I would do given they have had a chance to get something up to now. Don't bother with bankruptcy, they will eventually go away and write you off. Ignore any correspondance and don't take any of their 'threats' seriously.I'm beginning to think from now on i should simply ignore them unless they agree with my repayment proposal (which was generous). or alternatively volunteer myself into bankruptcy here in UK.
Adecco.
I understand there are umpteen good insolvency/bankruptcy people in Uk.
If the residue is large ,bankruptcy would give closure, so suggest find a uk insolvency person, check their fees and take there advice.
......................
1. Given Bank know you have no assets , little funds etc they will probably use a separate 3rd party. From your view it does not matter. Just ensure everything is copied and only in writing ie NO phoning.
2.The new boys just pester to see can they get a few bob , eg letters threatening court etc.
3. No point going for 5 years unless you have a genuine clause for hardship eg if no work.
4. Never good to ignore,
Have a word with Uk insolvency person.
I can get you name if you send me private message.
I'm beginning to think from now on i should simply ignore them unless they agree with my repayment proposal (which was generous). or alternatively volunteer myself into bankruptcy here in UK.
The residual debt is significant.
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