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Longman
Starting Member
United Kingdom
3 Posts |
 Posted - 18 March 2009 : 13:12:35
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First Direct Troubles!
I have my court date to go BR this Friday, however...I can see light at the end of the tunnel which First Direct are currently blocking.
I have managed to negotiate with all my creditors a F&F figure amountng to 50% of the debt, all except FD.
I missed 1 loan payment to them in Jan, called to pre-warn them I would miss it and said all was ok. They then sent me a loan default notice the next day, demanding the loan be settled in full + the interest. This amounts to £19k. They would not put me back onto the original loan agreement (which I could afford) and want a further 1% over BBR to settle the £19k in installments. I have offered £10k to settle this, but they won't budge & are accepting that I will go BR & will not receive anything. Why are they behaving like this? Can anyone suggest any tactics as to how to handle them? I'm gutted that, having agreed with everyone else, it will be my bank of 10 years who BR me!
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 18 March 2009 : 13:37:58
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Hi Longman
Perhaps you need to speak to someone a little higher in the organisation. Find out who the big boss is, as I am sure when they find out they will get £10k or nothing while everyone is looking at the bottom line, the decision may change.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 18 March 2009 : 17:15:34
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Hi Couldnt you goto a debt management company or an IVA firm to see whether a formal or informal full and final is offered to all creditors, the latter being an IVA whereby FD will have their hand forced.
Best of luck
Stu J Byron |
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John
New Member
United Kingdom
73 Posts |
Posted - 18 March 2009 : 17:27:58
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Hi
sjbyron is right.
A full & final IVA may well be a better option.
Your problem would be if the FD debt of £19K represents 25% or more of your total debt as you need a 75% creditor vote by value in favour for the IVA to proceed.
Your credit scoring etc would still suffer but not to the extent of bankruptcy.
It's not too late to cancel your Friday appointment so I would strongly urge you to give Melanie at Jones Giles a call today or in the morning if you owe more than £76K.
You can find her contact details on the experts page.
John White
England Jackman & Spacey |
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First Direct Troubles!
