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Northern Rock - What will they do?


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I came to this board with a shed full of debts and have received some brill advice. Anyway my most stressful prob - just wondered how Northern Rock were likely to proceed with me...Got a 25k loan with them (6 months old). Anyway cut a long story short personal circumstance (massive unforeseen expense etc etc) meant a missed a payment on 1 Sept.

 

Anyway I did write to them (used template off here) and asked for a 28 day stay of execution whilst sort my finances out. In a 10 day period, I have had 4 letters (2 the same from 3 different people) and more than one call - only one I answered anyway, told the operator to get stuffed and deal with me in writing - she tried to pump me for info about my mobi no, workplace etc !!

 

What I told them in my original letter still stands - for Sept I cannot pay. I am looking to remortgage so by 1 Oct may be able to settle or at least send them a payment (may only be a token payment).

 

Anyway enough droning on my KEY QUESTION - what timescale they operated by how long till I get the bully boy legal threats? Last letter (13/9) acknowledged mine (but clearly had not been read) and asked me for a budget and to carry on making payments in the meantime. I clearly told them for Sept I had no money, though was not yet looking at a DMP essentially I wanted what they termed a 'payment holiday' (hardly a holiday for me).

 

So essentially, I am asking from day one of missed payment how much time have I got? With a 2007 debt is there much point in a CCA? How much affect does 1 missed payment have on your credit rating - Northern Rock term it 'very serious' - I would have thought more 'mildly disruptive' in the bigger scheme of things.

 

For info I am loathed to avoid any long term DMP or IVA as, Because of my profession, it could have an affect on my long term employment shall we say! I have secured a very good remortgage deal which should solve all my probs but is taking a while to get.

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I have a similar if not identical problem which was not quite answered - useful to know what the timeline is? NR really are bunch of t*ss*rs - seems they have done the same as people like us - borrowed more than we can afford!!. My missed paymnet only a couple of weeks old - yet already they are breathing down my neck - hardly a day goes by without a letter. Somene suggested a CCA request - not sure if this is the right answer???????????

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It's difficult to be precise to be honest in terms of timescale but Northern Rock are fairly well known to be quite an agressive creditor ie they are quite quick to go the county court route if they aren't happy. This is more likely if they are aware you own a property.

 

Is this a secured or unsecured loan? If it's unsecured think v carefully before you secure it against your home as at the moment if you don't pay your home isn't directly at risk. If you remortgage to pay this you are effectively turning a 'non priority' debt in to a 'priority' debt.

 

If it is secured and you've got a better rate by remortgaging then great, see what settlement figure you can get. But if it's secured don't let any arrears get above the 2 month mark as this may be the stage that repossession action can start.

 

I would be very surprised if there was a CCA issue on such a new agreement. That isn't to say you can't send the CCAequest as they still have to abide by the law.

 

And you are right - a single missed payment on your cred ref file will not have a major impact - it's usually defaults, CCJs, bankruptcy / IVAs which have a more serious effect although if you have multiple debts with one missed payment they will mount up. Bear in mind any reduced repayment plan eg a DMP will effect your cred ref file as well.

 

Best of luck :)

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Anyway enough droning on my KEY QUESTION - what timescale they operated by how long till I get the bully boy legal threats? Last letter (13/9) acknowledged mine (but clearly had not been read) and asked me for a budget and to carry on making payments in the meantime. I clearly told them for Sept I had no money, though was not yet looking at a DMP essentially I wanted what they termed a 'payment holiday' (hardly a holiday for me).

 

The minimum time before they can default you is 14 days after a default notice. There is no legal recourse until that time period elapses.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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