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Hello all, I'm new here and hoping to find a little help.
In 2009 I took out an unsecured loan with a UK high street bank (approx 80k).
In 2011 this defaulted and was referred to a DCA. They have since frozen the interest on the account and I am paying £150 every month as a nominal figure.
In 2013 I lost my employment in the UK and have little prospect of repaying the full amount, and nor do I want it hanging over my head for the next decade or so. In fact have an opportunity to 'start afresh' and move to another EU country with an offer of employment, thus rendering my credit rating in the UK not of terrible importance (for now!), though of course the DCA don't know this.
Given my personal circumstances, grim outlook financially, and also medical issues with stress, my plan is to write to the DCA and offer them a settlement figure (with the money sourced from a family member). I would offer 15% of the total amount (£12000) and see what offer they come back with (if anything?).
I would prefer to avoid voluntary bankruptcy and/or an IVA type agreement given there may be complications if I'm working and earning money abroad... Can anyone advise whether this plan sounds reasonable and/or realistic? Any suggestions welcome, I'm hoping to have this whole situation resolved by Christmas!
Many thanks in advance,
In 2009 I took out an unsecured loan with a UK high street bank (approx 80k).
In 2011 this defaulted and was referred to a DCA. They have since frozen the interest on the account and I am paying £150 every month as a nominal figure.
In 2013 I lost my employment in the UK and have little prospect of repaying the full amount, and nor do I want it hanging over my head for the next decade or so. In fact have an opportunity to 'start afresh' and move to another EU country with an offer of employment, thus rendering my credit rating in the UK not of terrible importance (for now!), though of course the DCA don't know this.
Given my personal circumstances, grim outlook financially, and also medical issues with stress, my plan is to write to the DCA and offer them a settlement figure (with the money sourced from a family member). I would offer 15% of the total amount (£12000) and see what offer they come back with (if anything?).
I would prefer to avoid voluntary bankruptcy and/or an IVA type agreement given there may be complications if I'm working and earning money abroad... Can anyone advise whether this plan sounds reasonable and/or realistic? Any suggestions welcome, I'm hoping to have this whole situation resolved by Christmas!
Many thanks in advance,
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