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Response to Income and Expendture form

from Gordon Bennet (arsenewhinger@hotmail.com)
Although I agree with Lee's comments in general, it still does appear from what others who have successfully settled with lenders say, that it is necessary to give some income details in order to achieve a deal.

Obviously people have different circumstances and yours appear from what you say to be fairly strained. What you do need to avoid though is the sort of open ended arrangement where you drip feed money to them for years.

If you read the answers posted recently on the subject of making offers and settling you will perhaps be encouraged to try to close this claim down by negotiating a 5-10% lump sum full and final settlement as others seem to have done.

This will probably depend on whether or not you are able to borrow this sort of money and how keen you are to clear things up. You don't say if you have gone through the various stages of putting the lender to strict proof of claim or not. If you start making things less easy for them by taking them to task then perhaps they will be more likely to back off given your low income.

If you have aspirations for a better future, it would probably be sensible to try to settle their claim while you are in relatively impoverished circumstances.

I'm not sure if you need to be completely candid about your expenditure however. They can work out for themselves that someone on benefits with three kids is not spending money on non essentials, can't they?

Perhaps a simple statement of your circumstances in terms of unemployed/ benefits / three children / no assets together with an offer to settle for £x (assuming you can access the money from friends or family perhaps)will put you in a favourable position.

(posted 7996 days ago)

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