Do Banks ever wipe a Debt?

[alienandy]

Do these 'criminal' Banks ever wipe a debt after a large amount of time? The reason I ask is that my ridiculous payment plan stretches to 49 years!! lol.

(£35 per month over 49 years to be precise!)

For more info, here is my previous thread...

http://www.consumeractiongroup.co.uk/forum/getting-out-debt/195186-i-want-take-lloyds.html

 

I can definitely see signs of desperation in them lately, due to the types of letters they are now sending me and how frequent they are. Just before Christmas (typical) they sent me a snotty letter stating that they was putting up my payments every month etc. Of course I responded appropriately informing them that I will NOT be paying them more and quoting paragraphs from the OFT guidelines, which they totally went against. They responded by the typical letter... "We have decided to keep the payments as they are.. blah blah blah" LOL!!

 

Two weeks ago they sent me a letter (which they called a 'statement') showing me how many times I have paid them £35 over the last year and in nice bold letters, how much is left to pay. I have never had one of these before and I have been paying this for nearly 2 years. (I keep all letters etc). I take it that this was a psychological ploy to get me to (somehow) up my payments? lol. Well that won't get them anywhere.

 

Of course, I have now had one of those letters telling me that if I pay them £7,700+ within the next 10 days they will wipe the £13,000+ off the debt and clear me. Oh wow. Well considering I don't owe them the £13,000+ in the first place due to me having their 'so-called' PPI on it, they are not really offering me anything! Plus of course, where am I going to get £7,700+ in the first place? lol. They are truly pathetic.

 

My ultimate plan with these 'peope', is to wait until I have paid off what I actually owe them (which will take years), then I will take them to Court about the rest that I shouldn't be paying.

 

So I was wondering like I said, do you think that in the meantime, that it's possible that they might actually clear the debt anyway? I don't care either way to be honest, but it would obviously put a huge smile on my face if they ever did! Especially with how they have treated me over the last few years. ****.

 

Any comments welcome.

 

Thanks.

[HONESTKNOB]

Would an IVA help you? Not suitable for everyone I know but you pay what you can afford for 5 years and after that they have to write the balance off. I'm sure you could get your payments to less than £35 a month too by the time you've included living expenses etc.

[alienandy]

Would an IVA help you? Not suitable for everyone I know but you pay what you can afford for 5 years and after that they have to write the balance off. I'm sure you could get your payments to less than £35 a month too by the time you've included living expenses etc.

 

Thanks for your response.

I've had a quick scan through what an IVA is, and I have read about the possiblility of the creditors acquiring assets that I may have. I haven't got a lot now, so I am certainly not going to give these b*****ds the opportunity to totally ruin my life! I would rather let them wait for 49 years. lol.

[HONESTKNOB]

I think that's more scare tactics than anything. They can't take anything like household requirements. It's more to stop people with big houses and posh cars taking the proverbial. I'm sure other people on here will advise of the pros and cons better than I can but it's certainly something I'd think about. Your call at the end of the day.

[alienandy]

Thanks for that. I will do some reading up I think before I decide either way. I really appreciate your advise mate. I definitely think being forewarned is forearmed, especially with these people. **** of the Earth. I call them the UK's 'legal criminals'.

[debtdeception]

I am not sure but from your message it looks like you have an option for a PPI claim. If this is likely to reduce the debt considerably it is certainly worth pursuing immediately. Secondly get the original agreement checked out. Thirdly, while this is going on you could make them a "full and final offer" of about 10% of the debt. If they sell a disputed debt then they are in trouble, and it is highly unlikely that in the current climate they would get 10% from a debt collector, so if that is the lowest cost/highest gain for them you could find you are free and clear for little cost.

[alienandy]

I am not sure but from your message it looks like you have an option for a PPI claim. If this is likely to reduce the debt considerably it is certainly worth pursuing immediately. Secondly get the original agreement checked out. Thirdly, while this is going on you could make them a "full and final offer" of about 10% of the debt. If they sell a disputed debt then they are in trouble, and it is highly unlikely that in the current climate they would get 10% from a debt collector, so if that is the lowest cost/highest gain for them you could find you are free and clear for little cost.

 

Thanks for that.

The PPI option might not really help much as I took out the loan with 'so called' Insurance just a few months before my illness. So I hardly paid anything to them. Although I'm not sure how much they actually added to my loan, so I will look into this.

 

The 10% offer is a good idea, except I don't even have 10% of what I think I owe! Let alone what they claim I owe. lol.

 

I really need to find out if I can qualify for legal aid. I've been claiming Incapacity Benefit over the last 5 years as I am classed as long term illness. My Mrs works from home. (ebay trader). To be honest, she is only still in business because we get working tax credit. Otherwise she would of been finished this last year. IF I knew that I could get a Solicitor now, then I would take these b*****ds to Court right away and get this done and dusted once and for all. Like I said before, I like many others on here are honest people, and I admit to owing a certain amount. But when I'm being treated like a criminal and also being ripped off by claiming I owe them £14,000 more than what I should do, I get a little 'bitter'. I'll tell you this much, if/when I do take Lloyds to Court, I will make sure that the media gets to know about it too. Lloyds will wish they never messed with me! Lloyds... I'm not a frightened little old lady you can bully! Just you wait! lol. I can't!!

:grin: