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Hi there,
My wife and I have had a joint business overdraft debt of £23,000 with Santander since our limited company went into liquidation 8 years ago. Unfortunately, we had signed personal guarantees and so we were liable for the debt ourselves.
We have been in a payment plan for those 8 years and have been paying £15 per month towards the debt for the last 6 years or so. We recently contacted Santander Collections & Recoveries by letter to ask if they would kindly consider a partial settlement figure of £900 (by way of a gift from my mother), to rid ourselves of this debt once and for all. We provided them with our current income/ expenditure details. Informing them we also have other debts and are still in arrears with our mortgage.
Santander replied yesterday by letter stating they were unable to accept our reduced payment offer and that we are to continue making our agreed payments. We are gutted as they didn't even come back to us with an alternative settlement figure. At the current rate of £15 per month, it would take us over 125 years to pay off!
I understand that we are indeed liable for the debt but my question is... do you think we could respond by asking them to reconsider their decision, or let us know the bottom line that they would be willing to accept, if anything?
It would help if you could advise of any similar scenarios and their outcomes.
Thank you.
My wife and I have had a joint business overdraft debt of £23,000 with Santander since our limited company went into liquidation 8 years ago. Unfortunately, we had signed personal guarantees and so we were liable for the debt ourselves.
We have been in a payment plan for those 8 years and have been paying £15 per month towards the debt for the last 6 years or so. We recently contacted Santander Collections & Recoveries by letter to ask if they would kindly consider a partial settlement figure of £900 (by way of a gift from my mother), to rid ourselves of this debt once and for all. We provided them with our current income/ expenditure details. Informing them we also have other debts and are still in arrears with our mortgage.
Santander replied yesterday by letter stating they were unable to accept our reduced payment offer and that we are to continue making our agreed payments. We are gutted as they didn't even come back to us with an alternative settlement figure. At the current rate of £15 per month, it would take us over 125 years to pay off!
I understand that we are indeed liable for the debt but my question is... do you think we could respond by asking them to reconsider their decision, or let us know the bottom line that they would be willing to accept, if anything?
It would help if you could advise of any similar scenarios and their outcomes.
Thank you.
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