Response to Is there anyway i can stop paying an ackowledged debt with B & B

Steven,

I think you really only have two options to resolve this matter quickly (relatively speaking). If you have no regular income and no assets then you could try and reach a nominal "ex gratia" settlement, £250-£450 with the lender, stress the fact that you have paid "£xxx" over the last 9 years and you now find yourself unemployed and unable to continue. Put the lender to strict proof of the debt, did they sell your property for a fair price ? If not you may find you've paid over the odds already. Use this to bargain with. I have an offer and pre-settlement letter example if you wish. This is usually the best solution.

Alternatively, if you have no assets and little income you could consider declaring insolvency. This I believe now costs £450!! and you would be discharged in 12 months time or less. The down side is you would find it difficult to get credit for 6 years afterwards, it's also said some employers don't like to employ bankrupts, but under the circumstances.....never met anyone yet where this has happened so far.

Good Luck

Mark.

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