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further to my posts on other creditors, could I ask for some guidance?
It may be very straightforward, but all my research so far has been about loans & credit cards.
Due to a change in personal circumstances, I am not in a position to clear my n/w overdraft of £750. With interest & charges, this now stands at about £900!
I wrote to them as part of a self-administered dmp, offering a small pro-rata payment with details of my other creditors & a SoA.
They've now rejected my offer, and they've very kindly sent me a Default Notice!
What happens next? I understand that overdrafts are not subject to CCA as there's no agreement signed as such, so I cant send a CCA request.
Does anyone know if they have given me enough time to remedy (based on Christmas etc), and also - is the timescale even relevant when its an overdraft rather than a credit agreement?
They do say in their loetter that you can apply to the court to make smaller payments. If you are not in dispute over the debt at least it must be worth something to ask the court to decide. Hop ona bus to your local county court and ask them how to do that.
They've now written to me asking me to complete their budget planner. I have already sent them 2 copies of the original SOA that CCCS helped us prepare!
Should I send them a 3rd copy? I've too much on to spend filling in their version which gives you the same information!
Did you send the originals by recorded delivery? I suggest send a further copy by recorded with acovering letter reminding them that they already have the info. Someone else on here with more experience may be able to help further.
Hi tedney, and thanks for posting. I didn't send them recorded, but they've cashed the cheques that were stpaled to the letters so they;ve defintiely had them!
Just bumping up the original question regarding validity of the Default Notice. I calculate it ony gives me 17 days (24th December to 10th Janaury) to resolve the matter. Assuming non-1st class postage i.e 4 days, this only gives me 13 days to resolve - totally ignoring the fact that half of these were public holidays! Is that relevant?
I wonder if anyone can tell me whether a defective DN is useful or not when negotiating with a bank over an overdraft?
Thanks in advance...
BL
The Golden Rules:
1. No phone calls
2. Keep ALL envelopes
3. Give 'em enough rope & they'll hang themselves!
Hi everyone, all has been quiet on the Natwest front for several weeks now.
Had a nice letter from Triton Credit Services (RBS inhouse) asking me to pay the full amount outstanding. Ah well, you should have just asked, cash or cheque? DOH!!
Honestly....
Anyway, just having another look at the DN sent by Natwest, and I think it's definitely defective - HOWEVER, do the same rules apply for overdrafts as they do for credit cards/loans?
The Default Notice is dated 24th December. The envelope isn't postmarked, but it's one of those with a sort of wheel and next to it a large "S" in a box with C9 10006 underneath - am I right in thinking this is considered as 2nd class?
So, DN dated 24th December, advises me that if I have not made an arrangement to repay the overdraft (ALL of it, not the "overlimit" part) by 10th January, then they will terminate the overdraft on or after that date.
Assuming that DN's for overdrafts still have to give 14 days notice, then this one is way out, as 24th Dec was Friday, so 4 working days for 2nd class post takes you to Monday 4th January + 14 days = 18th January - they gave me till 10th!!
Any thoughts?
The Golden Rules:
1. No phone calls
2. Keep ALL envelopes
3. Give 'em enough rope & they'll hang themselves!
Actually, it doesnt specifically say "DEFAULT Notice", its titled "Notice served under sections 76(1) and 98(1) of the Consumer Credit Act 1974" and to the right there's a box that says "For Bank Use Only overdraft Enforcement/".
Confused now....
The Golden Rules:
1. No phone calls
2. Keep ALL envelopes
3. Give 'em enough rope & they'll hang themselves!
To avoid us recommending Natwest to prgress recovery action, within the next 72 hours you must either - pay in full or contact us on the phone number quoted.
Failure to do so will result in this matter being passed to solicitors who may then commence one of the following actions:
Charging order / Inhibition against assets for the sum outstanding. This may even result in our client being granted possession of your property.
Attachment of earnings / wage arrestment. Your employers will be instructed by the court to deduct a set amount ............
Now - although I know that they are idle threats, there's a part of me worried about the charging order part. Not worried about attachment of earnings - neither of us are working at the moment!!!!
I sent them a fax yesterday, so I know thats crossed with this letter, my fax basically said - look, are you stupid? You want it all, we aint got it - I can give you a bit each month, but every month you add interest & charges, is effectively increasing the repayment period by 12 months - do the maths!!!
Can anyone enlighten me on the Default / enforcement notice i mentioned in my post up there?
cheers..
BL
The Golden Rules:
1. No phone calls
2. Keep ALL envelopes
3. Give 'em enough rope & they'll hang themselves!
Heres my reply to their letter - is it a bit strong? I've had enough..!
Further to your letter of 21st February, which has obviously crossed with my fax yesterday.
I’m not really sure what else to say in this case. You are obviously not the only creditor we are dealing with at this difficult time, but you do seem to be the only one who either can’t or doesn’t read my letters – either that or you don’t understand their content. My other creditors have accepted the reduced payments as proposed way back in September, and most have frozen interest and charges – they obviously want to help....
In view of this, I will reiterate my position one more time – we cannot pay you any more than £xxx a month towards the balance. If you keep adding interest etc to the account, it will never be repaid.
I have sent you (several times) a copy of our income & expenditure, which hasn’t (as yet) changed since I wrote to you in September.
I’m at a loss as to what to do next – I know this letter is a waste of my time as you won’t read it, or you’ll ignore it. If that is the case, then perhaps its is best if the case goes before a District Judge who may show more common sense than you seem to possess.
I await your response with interest (although I won’t hold my breath...)
The Golden Rules:
1. No phone calls
2. Keep ALL envelopes
3. Give 'em enough rope & they'll hang themselves!
Hi BL
I hope you are sending it by recorded delivery? I don't think it is too strong, but I would omit "You are obviously not the only creditor we are dealing with" unless they can see this from your i & e info, then I would "respectfully" refer them to this! Good Luck.
T
Hi tedney, I've actually been faxing them, and I know they've had them as they were included in my SAR reply that came last week.
I have provided them with a Breakdown of how we calculated our pro-rata offer, so they are aware of our other creditors. Whether they've read it or not is another matter!!! Thanks for your advice
The Golden Rules:
1. No phone calls
2. Keep ALL envelopes
3. Give 'em enough rope & they'll hang themselves!
NatWest Overdraft - DMP & Default, advice?
of £750. With interest & charges, this now stands at about £900!
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refer them to this! Good Luck.