My son owed money to HSBC for credit card and overdraft.
He became very ill with arthritis, genuine, and is on TNF and Methorexate.
Went onto disability pension, but up until the time he collapsed, he was paying all this bills. This is going back 8 years.
His account has been passed to a couple of companies I think, but is now with Robinson Way.
They tell him the pay out figure is something like £3500, but an agreed figure is approx £2700.
He asked if that would be the last of the harassment if he could pay that (he can't),
and if his name would be clear,
and the account settled.
The girl at Robinson Way wasn't sure!!!
Essentially he doesn't know how to proceed.
I believe he is paying something nominal each month, but it appears the interest continues to be going on the amount.
He has been to Citizens Advice, and was thinking of going bankrupt,
but they say the amount is too little to consider bankruptcy.
My son thinks if he pays the amount (which he still can't) then his name will be cleared.
I doubt this, as he now has a bad payer record, which will last for years,
so to go bankrupt is much the same in the long run.
It is a mess, and my son tries very hard, but is not very academic,
so I am trying to find out if there is anyway around this,
whether it is paying a lower agreed amount,
and clearing the debt (don't trust Robinson Way),
or actually finding out if he is still liable for the amount.
He also had a car at the time, and according to the loan was able to sell it, which he did,
and paid the loan company the money.
He continued to pay what was left, and then after 6 years or so, the loan was finalised,
although the full amount was not paid.
CAB did explain to my son why that was.
So mainly he does not know what way to go now.
I want to help him, but don't want to make a mistake,
and my friend who has used this site said it was invaluable.
She spoke of templates etc.,
so has anyone else been in a similar position?
I got a bit confused reading the posts, and the legal side of what templates are best for what.
Or is it a set procedure?
Thanks anyone who can point us in the right direction.