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Response to I was repossed in 1996 and have been paying £5.00

from Moira (Anderston828@aol.com)
Johann

As per previous advice it seems you have admitted liability for the debt. You might want to consider a one off full and final payment offer (approx 2-5% of the debt) and see if they will accept it.

If your only income is Benefits and you are in rented accommodation with no other assets you could go to CAB (citizens advice) and ask them to negotiate with the lender on your behalf...either to make a full and final settlement or reduced payments. They will complete Income and Expenditure forms which will demonstrate how much or little you can really afford. If your only income is Benefits the payments could be reduced to £1 a month or nil a month. This could well affect your credit rating but they would probably not pursue court action as you can't give what you don't have and court action would not be a financially wise decision.

Other than that, unless you had a MIG you were wrongly sold I don't know that there's much else you can do. In the event that they do ptake court action against you, you could file for bankruptcy/sequestration and although it would affect your credit status it might not be such a bad think IF you are not intending to but another house for a few years.

All the best

Moira

(posted 7102 days ago)

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