Debt recovery

[DonnyD]

I came to an agreement to pay off a debt by just £1 a month, this as been ongoing for years now and obviously is not reducing in amount by much, the debt is more accrued early interest than the original loan. I am wondering what sort of settlement figure I would get if I applied? but I am worried I will stir up an hornets nest and get bombarded with letters again. I am getting on in years and I don't want to leave my wife with this debt if the worst happens?

[PallasAthena]

Can you give us a bit more detail of the debt and who it is owed to please.

The creditor will likely want to see a financial disclosure from you of your income outgoings and assets if it is a significant sum of money.

Sone guidance and sample letter here.

Full and final settlement offers | National Debtline

Settlement offer | Sample letter | National Debtline

Should you ever end up in that situation again do not agree to making £1 a month payments. Creditors and their debt collectors only suggest it to prevent the debt becoming statute barred and them getting nothing.