Writing off unsecured debt due to hardship

[golfillini2]

Hello

 

For 4 years now i have had in place an informal agreement with all my creditors.

 

Unfortunately i am now facing hardship due mainly to the increased costs of fuel ( 800 mile commute a week )

which as we all know has increased per litre to horrendous prices.

 

I have not had a pay rise for 2 years and am unlikely to have one for another 2 years.

Is their a method at which creditors will write off debts rather than force me into bankrupcy

[dx100uk]

very rare sadly.

 

what are the debts and who with

and have you checked your cra file

to ensure they all show ?

 

dx

[golfillini2]

Hello DX

Credit cards and a bank loan. All are unsecured.

 

A change in my circumstances and my wifes long term illness compounded the problem 4 years ago.

I have had regular contact with these creditors and all agreed an informal arrangement eventually.

 

Now 4 years on and though interest has finally stopped accruing on all accounts i am no further forward clearing them.

My monthly payments are less than 1% of the total owed as that is all i can afford to pay

There might be a possibility that a family member will give me a lump sum, but this will equate to only abount 20% of total owed

 

.I thought i read somewhere that if you can prove hardship with no reasonable chance of paying

,these companies would write off the debts,

especially if you have proven that you have in the past tried to pay back the sums owed.

[dx100uk]

you might well stand a chance as you say

 

have you checked all these debts do exist by looking at your cra file

 

and what about the chance of penalty and/or PPI reclaiming?

 

the go down the F&F route/hardship.

 

who currently owns the debts too?

 

dx

[golfillini2]

Have checked my CRA and they are on there.

 

Not sure of the procedure with regards reclaiming interest added to these accounts.

 

Most are owned by DCAs but the biggest ones are still owned by the original lender. The biggest 2 belong to Halifax.

 

Even though i have organised informal arrangements my knowledge in this field especially the F&F is limited.

 

Any pointers would be appreciated

[dx100uk]

you cant claim back interest

you can get back unlawful penalty fees

like lat/over/letter etc etc

but not on bank accounts or overdrafts

what about ppi too

got that anywhere?

 

it might be an idea to list all these debts

giving

original take up date

what they were

who the oc was

and who owns it now

 

there could be routes to assist you in your goal

 

dx

[golfillini2]

Thanks dx will try that