Debt help needed?
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I don't know the in's and out's of the situation, but I'm fairly sure if you owe the bank money, and offer to pay it (or part of it) off, they can't refuse.
Otherwise all lenders would just never accept the loan repayments and just get the interest payments for the rest of their lives.
A bank can't force you to owe them more money. If you want to pay some of it off, I'm sure you are allowed and it is worth consulting with as many financial lawyers or relevant bodies as soon as possible.
On another note, I think banks can charge a little bit if you pay back early. When they give you the loan and decide how long it needs to be paid off, they work out how much money they will get in the long-run from you, with expected inflation and the interest of the loan taken into account.
If you paid it off early, they wouldn't get the full amount of interest they were expecting over the course of the loan, and lose out a little bit. So they may take 拢100 payment, and consider it as just an 拢80 payment because the extra 拢20 offsets the interest they lose. If you see what i mean..
either way, consult with legal professionals who know for sure.
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From what I recall from the article, one of the things she needs to do is send her creditors a letter making a reasonable offer accompanied by her "statement of affairs" (see the article on Fool UK for what that's all about)....... if they don't accept the offer, and they threaten to send her to court for not paying, let them 'cos as far as I'm aware they don't have a leg to stand on in court provided she's made them a reasonable offer to pay it off in this manner.
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