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Moon phases

Any suggestions would be appreciated

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Any suggestions would be appreciated

Post by digestiv on Mon Aug 20, 2018 3:06 pm

Here goes!

I have an overdraft of £850, I received a letter from the bank over the weekend saying they have handed my case to arvato. About 3 months ago I had spoken to the debt specialist team for the bank explaining my situation, I have been ill which had worsened in the last year, and have been in and out of hospital. This has led to me being unable to find work after graduating, but told them I had applied to a charity, which could help me out. Having spoken to the bank advisors, they told me not to worry and that they would freeze the account, and to only speak to them regarding the account, 4 weeks ago the charity did help me with £200 towards the overdraft coming down from £1050 to £850 (limit was £1000). Additionally, I only got my ESA approved 3 weeks ago, I haven’t spoken to the bank yet, I’ve been down due to my health issues. I have now seen that the account has been closed and the letter stating the debt being handed to arvato. This morning Arvato called my phone and sent a text, which I didn’t answer. I’m besides myself with worry because I am trying my best not to get a default and to pay them back their money. My family would have helped but we are experiencing some hardship. Please help me with any suggestions on how to move forward with this issue. Would it be wise to speak to the bank advisors again? I checked my credit file and it doesn’t register a default or the account being closed. Does a default register immediately on credit file?

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Re: Any suggestions would be appreciated

Post by Ausk on Tue Aug 21, 2018 9:02 am

perhaps you might like to consider your own interests ahead of the banks. 99.9% of the time they do exactly that.

They will not lose out. Banks engage in risk management and recognise that non payment is one of the major risks they face. Banks take out insurance to cover looses like you might be.

Not only do they claim on there insurance they will likely also claim the loss on their tax so in effect their loss is negligible.

To be able to make a claim on their insurance, they first of all have to make reasonable attempts to recover the money. To make a claim they also must provide the insurer with evidence they have made reasonable attempts to recover the money so that's why they issue a Letter of Default as this also goes to the insurer as proof of their reasonable attempts.

Tell the bank that you will not be able to make any repayments in the near to medium term and at the end of that time you will review your financial circumstances. At that time you can then negotiate a settlement which for example, might be 50% of the debt in exchange for full and final settlement of the debt.

If they get narky, then use the 3 letters on this site.


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