Author Topic: Tricky Debt Issue!  (Read 33012 times)


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Tricky Debt Issue!
« on: May 24, 2015, 06:22:26 PM »
Hi There!

Thanks for reading my post, im hoping someone with a little more expertise in this area may be able to give me a few answers for my situation..

My partner and myself had a mortgage with a building society, but we were forced to conduct a voluntary repossession on the property. After we had completed the process we were given a bill of just under £10,000. I contacted the building society and they agreed to reduce the amount to £2,500, the letter also stated payment plans were acceptable.

After this we conducted an IVA, including the £2500 to the building society. This was accepted by all parties.

I checked my credit score online on the 10/05/15 and noticed they still had the debt listed as £10,000. I contacted them and they replied saying the £2500 is going to be paid via IVA, but they still want the £7500, and this was because we did not pay it in a lump sum.

I still have the original copy of the letter, sign by the "Head of Collections" from the building society. no where does it state that they wanted it in a lump sum, they even offered me a payment plan.

I've passed it on to the financial ombudsman but im worried it's too late for them to intervene as i just noticed the issue this month and it falls outside the timelimit, but it is at the ombudsman's discretion.

I'd appreciate any advice to help me with this situation.

Thank You


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  • Posts: 1
Re: Tricky Debt Issue!
« Reply #1 on: Jun 09, 2015, 09:12:15 AM »
Hi there,

I actually work in this field, can you give me a call on 0116 2665394