I know!
It's totally ridiculous!

When I wrote to the bank on her behalf pointing out a change in her circumstances and attempting to setup a voluntary agreement to repay the debt in lower amounts if they paused or reduced the interest (otherwise any repayment was less than the interest!) they totally ignored the letter. Then when pressed said they wouldn't make any alternative arrangements and instead threatened the bailiffs.

Our repsonse was, "well, how that will help the bank? There are no assets to repossess, so any bailiff will fail to recover money. Or if you press for bankruptcy then the debt is lost anyway!?"

So ironically even when offering the repay the bank what you can, they'd rather get nothing.

In the end someone with common sense sorted out a new agreement with lower interest over a longer term.

I still say she shouldn't have applied for the loan in the first place and worse still HSBC shouldn't have given it to her!
(golddust QOTW now revolves around being a cunt, Thu 22 Jan 2009, 16:37, Reply)