Paying Back £38K @ £1/month.

[chrissa1]

Some of you Abers may remember my posting in Feb of last year.

http://www.theanswerb...w/Question861336.html

Since then my husband has died and I am unable to pay off £38,000.00 that we still owed. (We'd got it down from £70K thus far).
I've just spoken to the bank and explained my income and expenditure situation and they have agreed I can pay them back at £1 per month.

Can anyone tell me why? It will take me 3,166 years to pay it back. What is the point?

[rowanwitch]

if your circumstances improve they can ask you to increase the payment which they can't do if they write it off...

[ummmm]

Lucky you.
They are keeping the debt active. If they write it off and then you win the lottery....they won't get their money.

Must be a huge weight off your shoulders though.

[chrissa1]

They'll be the first people I call if I win the Lottery. Or will I?

[chrissa1]

To be honest ummmm, I've been through so much of this since February it's just another "thing" to endure.

[ummmm]

I know :-(

But this is a good result...

[factor-fiction]

Good result.
This may be academic but will they be adding interest to the outstanding balance.