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Question: Halifax refusing to accept debt repayment plan saying they are not willing to help with large amount?

(Posted by: sawa.john on 2009-09-25 15:24:51)

I have a debt of £15, 700 with the halifax since august 2009 i have called numerous times to negotiate a repayment plan but they wont accept, unless i pay a substantial amount first, they want to pass it on to debt collectors. what can i do to avoid debt collectors? i do want to clear debt but with an amount i can afford i.e £200 monthly i did offer up to £600 with no luck.

Posted by: starlight on 2009-09-26, 01:58:37

Well if u can offer to pay £600 why not pay it off of the debt in the first instance? even if u had a loan of £15,700 the monthly repayments would only be around £300/ £400 anyway..... i cant see why they are not accepting your repayment offer? just wait for them to get debt collectors on to you and then make the offer tot hem, keep back the money u were willing to repay them each month, then by the time u have any contact with a collection company u will be able to pay off a lump sum in one go. if your still not happy contact the cccs or cab for help

Posted by: roscullion on 2009-09-25, 15:48:42

Would £200 per month even cover the interest on £15,700? Unless you've got an interest rate of just over 1% (which I doubt), the debt will just keep getting bigger so I can understand why they would not find that acceptable. Even if the debt was frozen, with NO interest accruing, it would take you six and half years to pay it off, provided you can keep up the payments. I am sorry you find yourself in this situation but I don't think, from what little we know, that the Halifax is being unreasonable. Sometimes, we have no choices and have to take the consequences, grit our teeth and be determined never to get ourselves into that situation again. Hope you find a way through it.