Hi I was wondering if anyone can offer some advice.
My partner took out a Northern Rock loan at the end of 2005 for £25,000, with agreed payment of around £37400 over 120 months.
As an aside it just shows how badly NR were engaged in unethical lending as she was only on £11k a year at the time.
She made 39 of those payments totalling just under £12200, and additionally she made around £470 in over payments to a grand total of £12670.
After being diagnosed with a long term illness, she lost her job and then found it difficult to repay the loan.
She organised token payments beginning April 2009, and paid an additional £50 before the debt was written off at just under £24700 at the end of November the same year.
She continued to make token payments until the end of July 2013 at which point she could no longer afford to do so, so she stopped.
The debt appears to have been sold on to Cabot in October of the same year (2013) for just under £1400 according to the full transaction statement they have returned, but there is no Notice Of Assignment documentation.
She started receiving letters from Cabot in June 2018, and she wrote asking for a copy of her CCA.
They have complied within the time limit with a full copy (doesn't appear to be reconstituted), including full transaction statements, and they are threatening CCJ action unless payment for the outstanding balance of the loan is made under agreed terms.
Like mentioned however, there was no Notice Of Assignment documentation to say how the debt was transferred to them.
My partner is very stressed by all this (especially due to the nature of her illness) as she has a very limited income from part time work (being unable to work full time), and I pay the rent and all bills so my money is stretched also.
By the way, no debts appear on her credit file, so we are worried that Cabot can also mess with that now.
Anyway, does anyone have advice on next steps to take?
My partner is looking into a (Debt Relief Order) DRO as a possible solution. Does anyone have experience with these?
Any advice would be greatly appreciated.