Cant pay off debt need more time

Discussion in 'Writing Off Debt' started by Romario, Feb 2, 2015.

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  1. Romario

    Romario Newbie

    I've been reading some of the posts here and everyone seems decent so I thought I'd post without fearing a moral lashing. Yes I have debt. Yes I lived beyond my means but didn't everyone? I've just had my hours severely cut and I'm lucky not be be out of a job but I still have debt. After working out my income and expenses I am not going to be able to service my debt and to be completely honest with you I'm fed up with paying the debt for things that I don't really care about.

    I want to ask the following questions

    1. How can I delay paying off this debt?

    2. Can I write off this debt even though I have assets like equity in my home?

    3. Can I avoid paying for a few years sort of like taking a holiday while things improve?

    I just need a little time so I can turn my situation around and I guess the best case scenario would be to have the damn debt wiped off.
    Last edited by a moderator: Sep 27, 2016
    admin and Rayhan like this.
  2. Rayhan

    Rayhan Newbie

    You can delay paying off this debt by asking the banks a few simple questions such as did the money really exist? Is there a promissory note? Is the money you borrowed accounted for? Is there a wet signed credit agreement that can be provided. You can give the banks 10 days to get back to you and when they don't you can slap a conditional acceptance of debt which means that you will pay a token amount $1 and pay the rest when you have proof that the debt really exists.

    You can write this debt off but you need to be careful when you have property asset. Sometimes the creditors can place a charge on your account and then force you to sell on rare occasions so its very important to think about this before you proceed. If you really want to write off your debt you could try placing the assets in a trust and then slap the banks with a conditional acceptance, tacit agreement and estoppel.

    You could place the account into dispute to slow things down. Find something you are not happy with and ask the banks to investigate. Once the investigation has been completed you could dispute the findings and even appeal to an ombudsman where the outcome could take months or even years.

    You can run rings around the banking system but you need to know what you're doing. Hope this helps. Go get them.....
    Last edited by a moderator: Sep 27, 2016
    admin and Romario like this.
  3. Romario

    Romario Newbie

    Very interesting. When you put things like that it makes sense. I guess I could start by writing the letter and asking them for the information and the credit agreement with a wet signature. When they cant find this I could put the account into dispute and ask them to write off the debt. Thanks. Much appreciated.
    admin likes this.
  4. admin

    admin Administrator Staff Member

    Admin Post
    If you are going to place an account into dispute the interest and charges could build up. If you are successful in writing off the debt then you've succeeded however if you're forced to pay you might end up paying more than you originally owed at the time of disputing the account. If you have assets you must be careful otherwise these assets might be claimed unless you put them into trust.
  5. admin

    admin Administrator Staff Member

    Admin Post
    1. If you have legitimate financial difficulties you could ask your creditors for a payment holiday.

    2. If you try and write off debt through bankruptcy then the creditors will come after your assets which is the equity in your home. I would not do this as you risk losing your home.

    3. You could put your account into dispute which means you don't have to make payments until the dispute is settled. This might affect your credit score.

    Be very careful!

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