The "Official Offer" Letter To Banks

vixdname · 21-10-2013 06:18PM #1

Was just wondering if anyone else on here have heard of or used whats called the "Official Offer" method of dealing with financial debt with banks etc.

Theres a Facebook page dedicated to it and various website sharing the information on the web aswell.

Its basically, if you're in debt and cant afford to pay back your mortgage for whatever reason, you write a letter to the bank (Template of letter below) and basically offer to pay them whatever miniscule amount you are willing to give them.
You pay them via cheque, postal order or with cash over the counter and supposedly the banks have to accept it.
I dont fully understand the legalitys of it all but it sounds interesting.

You can look it up on youtube aswell and one of the founding members of this method explains in simple terms how this works.

Have any of you heard of or tried this and if so how did ye get on ???

TEMPLATE:

Official Offer

Offer to (bank) by (person) to now operate on account 123456 £?0.00 effected monthly as satisfaction on all account demands/obligations.

(Signed By:Person)

Rear of paper .... written at an angle across the page OFFICIAL OFFER

Attach Cheque made payable to (BANK)

If you get no response then the offer has been accepted ... so the cheques keep going in to effect performance on the contract.

If a response comes ... Look at it very carefully ! ! ! ... This is where they may try to shift the attention away from the offer .... in an attempt to get their offer in place ... If responded to carefully this cannot happen ...

Go check the 7 elements of contract .. pay particular attention to acceptance ....

Birneybau · 21-10-2013 06:20PM

Sounds like Freeman sh!te

Jimoslimos · 21-10-2013 06:21PM

Facebook page dedicated to it......hmmmm

Fair enough, seems legit.

muletide · 21-10-2013 06:23PM

I know another scheme, might even dedicate a Facebook page to it,

I like to call it "Pay back what you ****in borrowed"

Catchy ??

hatrickpatrick · 21-10-2013 06:24PM

Sounds like that "lodge a tiny bit each week" method you see on posters - I've never seen a definitive answer as to whether this actually works or not though?

ScumLord · 21-10-2013 06:25PM

vixdname wrote: »

written at an angle across the page OFFICIAL OFFER

Yup, that should do it.

vixdname · 21-10-2013 06:25PM

Jimoslimos wrote: »

Facebook page dedicated to it......hmmmm

Fair enough, seems legit.

Theres plenty of Facebook pages dedicated to authentic issues etc, the fact that this has a Facebook page doesnt take away from its potential to be legitimate, most businesses and public groups large and small have FB pages, its a great way of going public, but thanks for your prompt informative reply

vixdname · 21-10-2013 06:28PM

muletide wrote: »

I know another scheme, might even dedicate a Facebook page to it,

I like to call it "Pay back what you ****in borrowed"

Catchy ??

Unfortunately, theres lots of people that took out loans that they cannot now service due to redundancy etc, how do YOU propose they "Pay back what they ****in borrowed" ?

Well ????

My name is URL · 21-10-2013 06:28PM

vixdname wrote: »

Its basically, if you're in debt and cant afford to pay back your mortgage for whatever reason, you write a letter to the bank (Template of letter below) and basically offer to pay them whatever miniscule amount you are willing to give them.

If you can't afford to pay back a loan according to the terms which you agreed to pay it back, but are still prepared to pay what you can afford, then most banks would be willing to come to some agreement with you anyway. There's no need to employ the lunacy of the Freeman movement along the way.

padd b1975 · 21-10-2013 06:32PM

I don't consent to this thread.

muletide · 21-10-2013 06:33PM

vixdname wrote: »

Unfortunately, theres lots of people that took out loans that they cannot now service due to redundancy etc, how do YOU propose they "Pay back what they ****in borrowed" ?

Well ????

Sell the asset they borrowed to purchase.
Extend the loan term .
Cut back on living expenses.
Get a 2nd job.
Learn to read contracts before signing

There's 5 off the top of my head.

The Backwards Man · 21-10-2013 06:36PM

It works, you have to refer to the Bank Manager as 'Admiral' and the bank as the 'Ship'

MAN OVERBOARD!!

Sh1tbag OToole · 21-10-2013 06:44PM

muletide wrote: »

Get a 2nd job.

This isn't America.

vixdname · 21-10-2013 06:54PM

muletide wrote: »

Sell the asset they borrowed to purchase.
Extend the loan term .
Cut back on living expenses.
Get a 2nd job.
Learn to read contracts before signing

There's 5 off the top of my head.

Sell the asset they borrowed to purchase - Great Idea, sure the housing market is booming at the moment, they'd have no problem selling their house in the current climate :rolleyes:

Extend the loan term - And pay the new amount with what exactly and also feed themselves and their family for the week.
I also doubt any bank would be willing to accept €5 pw

Cut back on living expenses - On €200 pw to keep a family along with electricity, gas etc, where would you propose someone like that could possibly cut back on their living expenses ??? - Perhaps cutting out the Moet champagne they put on their Cornflakes every morning would be a good first step.

Get a 2nd job - Are you taking the piss, a 2nd job ??? 1000s of people around the country have been made redundant over the last few years with plenty of them looking for any type of work to tide them over but with very few jobs out there it isnt always possible to get 1 job never mind a 2nd

Learn to read contracts before signing - Now thats just plain stupid, most people dont enter into a mortgage contract with the intention of not paying sometime down the road.
Anyone who gets a mortgage is made all to well aware of the risks involved if you dont pay back your mortgage, the banks make sure of that, so telling people to learn to read contracts is ridiculous, most people know exactly what theyre signing for and unfortunately none of them can foresee the future where unforeseen financial issues can come about and leave them in a vulnerable position

There's 5 off the top of my head - Maybe you should start off at the bottom of your head next time, you might get better ideas

Lastly, do you work for a bank because you're "Solutions" above sound like something that out of touch, unrealistic bankers would come up with

NuckingFacker · 21-10-2013 06:56PM

Or, bank wants amount €x. You only have amount €y(<x). They ask for €x you offer €y(<x). They shout a lot. You calmly offer €y(<x) again and shrug resignedly. Bank grudgingly accepts amount €y(<x) and regards you as a bit of a bollix. You decide you can live with their opinion. Everyone lives happily ever after. This appears to be the way all the rich people I know handle it. *

*may not work if you are not; a. Rich and b. a bit of a bollix..

Tangatagamadda Chaddabinga Bonga Bungo · 21-10-2013 06:56PM

Sh1tbag OToole wrote: »

This isn't America.

UCDVet · 21-10-2013 07:30PM

Let's make this easier to think about.

Let's say you lent me 2,000 euro so I could buy a car. I promised to pay you back, but I've stopped making payments to you.

Now I call you up and say, 'Hey buddy, how about, instead of giving you the other 1,600 I owe you - I give you 500.'

Same deal.

dotsman · 21-10-2013 07:31PM

OP, if you want to get your financial and legal advice from a freeman on Facebook, you're free to do so. Just don't come crying to us when you're cell-mate wants to snuggle up to you late at night...

If you can't afford your repayments, then talk to you bank. If that doesn't work, then talk to you bank. If you are still having trouble, then talk to your bank.

If you are still not getting anywhere, you can simply use the Personal Insolvency process. It's the same as the freeman method you saw on Facebook, except it's legal/official. The downside is that you will have to be honest.

shruikan2553 · 21-10-2013 07:57PM

Seeing as people can get away with paying nothing for months I dont see why this wouldnt work.

Fr_Dougal · 21-10-2013 08:06PM

vixdname wrote: »

Was just wondering if anyone else on here have heard of or used whats called the "Official Offer" method of dealing with financial debt with banks etc.

Theres a Facebook page dedicated to it and various website sharing the information on the web aswell.

Its basically, if you're in debt and cant afford to pay back your mortgage for whatever reason, you write a letter to the bank (Template of letter below) and basically offer to pay them whatever miniscule amount you are willing to give them.
You pay them via cheque, postal order or with cash over the counter and supposedly the banks have to accept it.
I dont fully understand the legalitys of it all but it sounds interesting.

You can look it up on youtube aswell and one of the founding members of this method explains in simple terms how this works.

Have any of you heard of or tried this and if so how did ye get on ???

TEMPLATE:

Official Offer

Offer to (bank) by (person) to now operate on account 123456 £?0.00 effected monthly as satisfaction on all account demands/obligations.

(Signed By:Person)

Rear of paper .... written at an angle across the page OFFICIAL OFFER

Attach Cheque made payable to (BANK)

If you get no response then the offer has been accepted ... so the cheques keep going in to effect performance on the contract.

If a response comes ... Look at it very carefully ! ! ! ... This is where they may try to shift the attention away from the offer .... in an attempt to get their offer in place ... If responded to carefully this cannot happen ...

Go check the 7 elements of contract .. pay particular attention to acceptance ....

It's been a while since I've read a post with so much bullsh1t...

vixdname · 21-10-2013 08:37PM

dotsman wrote: »

OP, if you want to get your financial and legal advice from a freeman on Facebook, you're free to do so. Just don't come crying to us when you're cell-mate wants to snuggle up to you late at night...

If you can't afford your repayments, then talk to you bank. If that doesn't work, then talk to you bank. If you are still having trouble, then talk to your bank.

If you are still not getting anywhere, you can simply use the Personal Insolvency process. It's the same as the freeman method you saw on Facebook, except it's legal/official. The downside is that you will have to be honest.

Dotsman, the thread isnt about MY finances whatsoever, any of the scenarios are purely hypothetical and are used to try and convey situations many unfortunate people in this country are finding themselves in.
Its me after seeing the FB page about the official offer and finding it frankly bizarre that this type of action against a bank is LEGAL and simply asking if anyone on here had heard about it themselves, had anyone actually tried it and if so, how did it turn out for them.
In future you shouldnt presume you know any ones situation simply from a post unless they state its directly about them

vixdname · 21-10-2013 08:42PM

Fr_Dougal wrote: »

It's been a while since I've read a post with so much bullsh1t...

Really ? Do you not re- read your own posts after you put them up ?

oppenheimer1 · 21-10-2013 08:42PM

If only Big of the family Ins was still around here....

nlgbbbblth · 21-10-2013 08:43PM

Assume you have a contract (loan agreement) and you subsequently default on that agreement.

The new arrangement must be mutually agreed [by bank and you]. Throwing whatever amount you feel like may be taken by the bank in reduction of your loan. However that doesn't mean there's an new agreement in place.

oppenheimer1 · 21-10-2013 08:43PM

vixdname wrote: »

Really ? Do you not re- read your own posts after you put them up ?

oooh BURN!

dotsman · 21-10-2013 08:57PM

vixdname wrote: »

Dotsman, the thread isnt about MY finances whatsoever, any of the scenarios are purely hypothetical and are used to try and convey situations many unfortunate people in this country are finding themselves in.
Its me after seeing the FB page about the official offer and finding it frankly bizarre that this type of action against a bank is LEGAL and simply asking if anyone on here had heard about it themselves, had anyone actually tried it and if so, how did it turn out for them.
In future you shouldnt presume you know any ones situation simply from a post unless they state its directly about them

You will, of course, have noticed that all 3 paragraphs start with an "If".

The fact that you decided this Freeman BS was worthy of a discussion, admit you're confused about it and asked for people's opinions, I'm confused as to why you are getting so defensive and aggressive about people's replies when they try to clarify things.

vixdname · 21-10-2013 09:10PM

dotsman wrote: »

You will, of course, have noticed that all 3 paragraphs start with an "If".

The fact that you decided this Freeman BS was worthy of a discussion, admit you're confused about it and asked for people's opinions, I'm confused as to why you are getting so defensive and aggressive about people's replies when they try to clarify things.

You will, of course, have noticed that all 3 paragraphs start with an "If".

Yes, and I also notice that in all 3 paragraphs your "IF" is followed by the word "YOU", hence I presume you're talking about "ME"

The fact that you decided this Freeman BS was worthy of a discussion, admit you're confused about it and asked for people's opinions, I'm confused as to why you are getting so defensive and aggressive about people's replies when they try to clarify things

Up to this thread, I'd never even heard of the "Freemen", I just saw the FB page entitled "The Official Offer", no where on the page did it say it was anything to do with these "Freemen" people, but I will look them up more and see what they're about.

Lastly, as for you taking my last post as being "Aggressive" or "Defensive", I apologise, it wasnt meant to be either but I'd suggest you harden up a bit as After Hours can be a bit course at times and I wouldnt like to see you getting upset

Courtesy Flush · 21-10-2013 09:15PM

muletide wrote: »

I know another scheme, might even dedicate a Facebook page to it,

I like to call it "Pay back what you ****in borrowed"

Catchy ??

But what if someone lost their job due to the economic downturn and cannot afford to pay back what they owe?

cletus van damme · 21-10-2013 09:24PM

muletide wrote: »

Sell the asset they borrowed to purchase.
Extend the loan term .
Cut back on living expenses.
Get a 2nd job.
Learn to read contracts before signing

There's 5 off the top of my head.

i like your reasoning and I do agree with it in theory.

However I don't think somebody should have their lives ruined and carry on
an existence rather than a life because of a misguided purchase.
That's what it boils down too to be frank.

Banks made dodgy investments going in on these houses but somehow don't bear the brunt of the failure of the investment ( borrower unable to repay or property value collapsing)
There should be a happy medium and people should have some hope in the future rather than a depressing existence where their only enjoyment is 6 dutch gold on pay day.

dxhound2005 · 21-10-2013 09:25PM

Courtesy Flush wrote: »

But what if someone lost their job due to the economic downturn and cannot afford to pay back what they owe?

Personal Insolvency process. Read post #18.

galwayrush · 21-10-2013 09:28PM

UCDVet wrote: »

Let's make this easier to think about.

Let's say you lent me 2,000 euro so I could buy a car. I promised to pay you back, but I've stopped making payments to you.

Now I call you up and say, 'Hey buddy, how about, instead of giving you the other 1,600 I owe you - I give you 500.'

Same deal.

That's the reality of many self employed people trying to collect their money, sometimes the offer is zero.
Sometimes we get 1-2 % of what we are owed because when a client / company goes bust, any assets they have go to the 'preferential debtors' i.e. Banks first, and if we're lucky there may be some scraps left.

The "Official Offer" Letter To Banks

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