Thanks, G. Pretty scary when put like that. So, I assume I should stress there is no equity on the property - is it worth one last letter like that to No Rock? Also, should I pay the arrears tomorrow or leave it as a proposal to the Court? It's such a minefield......maybe i should speak to a lawyer tomorrow? Again, huge thanks for your invaluable input. You sound v. savvy about it all.

Can I ask a stupid question? Does an executed agreement need to be signned by an authorised signatory of the creditor in order to be valid?

I'm so pleased that things are progressing in your favor! I'm interested in hearing more about having your defaults removed. Do you think I should actually pay the arrears now or wait until the Court sees my proposal to pay? And, I agree, this site is unbelievably empowering!

Phew!! And I thought the purpose of the charge would be to secure the loan and lower any monthly payments and that the charge would sit there until the property is sold or I remortgage and redeem it. Should i let the court/No Rock know that it's a negative equity situation?

That's interesting!! I'lll ask my acc't aboout it! Enormous thanks for your help! Cx

Well, despite my offer to clear the arrears, No Rock is continuing with the court action. I have to file my defence by Friday. What a nightmare. hope things are okay with you!

Thanks, B. I really thought No Rock would accept my payment of arrears. Thanks for the reference to CAB and CCCS - I've had success with Payplan, 0800 716239. My problem is that I need to deal with this ASAP, as I need to file a defence by Friday. The calls and threats by other creditors has stopped, as I've CCA'd the debt collectors. Seems to work! and, yes, everyone should be wary of companies offering 'debt management'. It often seems that they benefit more from the arrangement than the client does!

Thank you so much for your thorough response. It is much appreciated.

Just got a fax from Wallers, advising me that presently their client is unwilling to accept my offer. They then refer to their letter to me, 1/3, in which the strict liability arising from the breach of the CCA regulated loan was explained to me. That letter was actually a reply to one of mine. I don't know why my reference to their letter to me, dated 15/2, is overlooked. I have to file my defence by 9/3 - preusmably, I can send it overnight post on Thursday. Gingerheid has suggested I let them know there's no equity left in the property. Any advice?

Fascinating thread....I'm trying to determine the vaiidity of an application form as an 'executed agreement'. It's from Amex, it's my application form, w/very fine print describing the CCA 1974, signed by me but NOT by 'authorised by Amex' signature.....I apologise if I've missed the definition on this thread. It doesn't look right to me. Amex aslo enclosed a 13 page T&C, unsigned. Am exhausted!

Hi Zubo - Looks like this thread is really expanding! As you know, I've also rec'd an application form from Newman and Amex as an 'executed agreement'. there is no authorised Amex signature, so am assuming this negates its validity. Amex also conveniently sent 13 pages of T&C, unsigned. I do wish you luck with your letter. It appears ultra logical, though that means nothing when dealing with these people.

Thank you soooo much, L. Was concerned it wasn't quite grovelling enough. Am wondering if i should also offerf to pay two months in advance as well as the arrears. Will whizz it off to Wallers Monday and not cc No Rock. Enormous thanks! Cx

Gizmo, thanks for directing me to that link. I've read it and it appears to me that each bankruptcy is completely and utterly individual - there are too many variables for me to decide based on the info here. Perhaps a DMP is a good option for me. In any event, as each case is special, I think it best if I seek direct legal advice re my particular situation. I'll keep you posted. If anyone has any comments on my letter to Wallers/Northern Rock, I'd be so very grateful. Again, huge thanks for your input.

Thanks for you honest post. I am constantly re-evaluating my options. Bankruptcy is tempting but it is my absolute final option. I have investigated it but there is no way to determine how long it will take to be discharged or what the true financial remifications will be. I know a number of people that opted for bankruptcy and are still being pursued by creditors after being discharged. I am also not keen on losing my property, where I have resided for 2 1/2 decades. *Sorry - I've just re read your post....how is it possible to keep my property and go bankrupt? Won't the mortgage co. force the sale of the property? Who establishes the value of the property? I thought i couldn't have any credit, so how could i have a mortgage? I'm v. interested in exploring this!* So, I intend to fight to the last and only go bankrupt if I absolutely have to. In the end, I accept I may have to but I am on the verge of a major leap in income and will wait it out. I would hate to go bankrupt only to find a month or so later that I could have avoided it. Again, thanks so much for your considered advice. It is much appreciated.

I hope it's ok to paste this draf letter here? Thank you for your rapid reply to my fax to you, dated 28th February 2007. Northern Rock has now provided me with a faxed template letter of the ‘Formal Demand’ that you refer to in your fax to me, dated 1st March 2007. Though Northern Rock maintains that a similar letter was sent to me on 22nd December 2006, I can assure you it has yet to arrive at my address. I would have been quick to respond to it had I seen it. As you know from previous conversations and correspondence, other letters from yourself and the Court have also suffered delays in delivery. I have always maintained contact with Northern Rock regarding my recent payment difficulties. I wrote to Northern rock in November 2006, proposing an interim monthly payment of £20 with a view to resuming normal payments in January. In fact, I have paid more than that, a total of £296 between September 2006 and January 2007. I spoke with a number of Northern Rock representatives in the last six months and made three payments over the telephone after the Default Notice was posted to me, though it was never mentioned to the best of my knowledge during these calls. Given my behaviour patterns up to this time, it is safe to assume that I would certainly have responded rapidly to any mention of a Default Notice, In any event, I would very much like to avoid this matter going to court and, as such, refer to your letter to me, dated 15th February 2007 and specifically to your second paragraph: “….our client is always willing to at least consider firm proposals to compromise the litigation should you wish to formally make some. However, unless these involve a substantial reduction in the arrears which led to the breach together with ongoing payments in the region of the original monthly instalment, these are unlikely to be accepted” I have indeed offered to pay the arrears and resume normal payments but both you and Mr. Wilkinson at Northern Rock rejected this proposal. In light of the above, I hope you will reconsider my proposal and I look forward to hearing from you soonest.

Thanks, L! have just rec'd a faxed version of the No Rock template letter. I am positive I never rec'd the one they posted on 22/12 - I'm sure it's lost in the Xmas post (I just rec'd something else posted on 15/12!). I did, however, make 3 payments w/my Switch card over the phone subsequent to 22/12 - on 27/12, 15/01 and 19/01/07, totalling £121. Why was the default not mentioned to me then? I have to think this proposal thru to No Rock....unfortunately, i won't be able to do so until over the w/end.....may run the salient point past you then, if that's ok? many thanks!

Thanks, Zubo and ODC....I was literally just going to post the SARs, so will now add the cover letter. Huge thanks! Also, rec'd in the post today a letter from Amex, thanking me for my letter (which were copies of my correspondence w/DCA). They have 'referred' my account to Newman, who they find to be 'an extremely reputable company'. Really? What type of companies are they used to dealing with? The Sopranos? The letter encloses, again, a copy of my Application Form (same as Newman did), not an executed agreement, and 13 page 'Agreement' (basically T&C), unsigned. Apparently, newman will be sending me statements. Am posting the CCA default letter to both today and the SAR. Any comments welcome! Cx

I agree. I will fax them my proposal today.....presumably sans 'Without Prejudice'? thanks for you input

I have not sent an SAR -I (stupidly) thought I could deal with the matter without it and also didn't want to aggravate No Rock. Seems like I've been too sensitive. I would happily SAR them tomorrow if that would trigger a 'set aside'. Yes, Wallers' first letter to me, 30/1 (just days after I made a payment of £100) does refer to the Default Notice. Said letter arrived long after its 7 day deadline to respond. As this seems to be heading to court, I'd love advice on a letter to court as and when. I'm just looking at their letter to me, 15/2. It says "..our client is always willing to at least consider firm proposals to compromise the litigation should you wish to formally make some. However, unless these involve a substantial reduction in the arrears which led to the breach together with ongoing payments in the region of the original monthly instalment, these are unlikely to be accepted." They also refer to me 'unfortuante tenor' (!). Again, thanks for you support.

Hiya - i've offered to pay the arrears but No Rock is determined to progress to court (See the recent posts on the thread). Did you actually send in your Defence to Court? Or did you manage to avoid that? I'm so determinned to avoid a lien but the date for my defence to be filed is looming (9/3). No Rock claim to have sent me a default notice on 22/12 but I have no record of it. This is consistent with one of Wallers' letters arriving AFTER the 7 day limit had expired. I can't decide whether to pay the arrears or just offer to. Many thanks!

Yes, both signatures. Should I actually pay the arrears, or offer to? Also, will need advice re my reply to court. should I include a letter, describin the history and my offer? Maybe I should ask Stornaway about how he finessed avoiding court?

True. It's just that I didn't ask for it as a formal CCA, which could buy more time. Please remember that I'm new to all this.....and how can I tell that it's an executed agreement? Am really determined to avoid a lien....

It's the agreement they've just sent me (at my request). I'm really trying to avoid securing the loan - it will eat up what little equity I have in the property, with interest ticking over madly, presumably in addition to the SHOCKING £15,000 already charged on a £25,000 loan. i was hoping that paying the arrears might stop this.

Stornaway posted on 18/2 a similar experience - but w/different lawyers. There MUST be a way to negotiate this. I've looked at the original agreement and it looks legit - but maybe i should CCA No Rock to buy more time. It just seems excessively punitive and unreasonable for an unsecured loan to be secured so quickly. As I've stated, I stayed in contact with them and made payments, wrote them a letter in November asking for time until January. I've now (in February) offered to pay the arrears. the post is also notoriously terrible here - anything posted Dec 22nd could be anywhere. I just rec'd a package posted to me Dec 15th!! Will ask for a copy of the default notice to be faxed to me.

& Gizmo 111 I never mentioned it because I don't have one. I keep meticulous records and have re-searched them - no sign of a default notice. No Rock has a habit of sending incredibly important documents thru normal post (that is, not recorded). should I ask them to fax me a copy? what terms could be on it that could be so potentially negative? Many, many thanks!