Hello everyone I am at my wits end, glad to of found you all.

[ringodyle]

Hi there, I have never used this site before so please excuse me if i get anything wrong. Basically i do not know what to do? I had a loan with NatWest up until 2002. I was taken ill and had to stop work, the PPI was heartily unrealiable but the speed at which the premiums were taken remained the same, in a nut shell with only benefit as an income i was forced to default the loan to bring it to a close. Since then i have been tranferred through every debt recovery unit they have and finally with a company called Shoesmiths. I have battled ever since 2002 and am well again and working. However my income is hugely different. With charges and interest the bank claim i owe them £19000. I have no means of payment and currently give them £25 per month. The pressure is relentless and can see only bankruptcy as a way to bring this to close. I once offered the bank £15000 as a settlement, they refused and i no longer have acces to the money and to limit damage i sold my house and used the equity to settle £31000 with various other companies. Only Natwest refused and they are my single remaining debt. To Avoid repossesion threats i have moved into rental accomodation. I am not financially minded and simply do not know what to do as i feel constantly on the back foot.

I would be so grateful to anyone who has any ideas, as the threat of baliffs is on me again.

 

Hoping someone knows what to do

 

Nathan

[rory32]

Did they pay out on the PPI while you were ill?

 

With charges and interest the bank claim i owe them £19000.

Well the charges are unlawful so you can claim these back.

 

Try not to panic and take some time to have a look around the site.

 

Here are some links to help you around:

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/69359-cant-find-what-youre.html

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

You may also wish to have a look at the PPI forum if you feel this has been missold. The link is here http://www.consumeractiongroup.co.uk/forum/ppi/

[ringodyle]

Goodness that was quick, thank you.

 

The PPI was paid but very erratically. Basically i would submit the medical information requested then wait for payment. This lead to premiums being deducted from account whilst there were no funds to cover them. All the usual penalities were then applied. The PPI would finally payout but by then i had racked up charges which were added to the debt. Tis pattern repeated over an over, until i stopped paying anything and cancelled the PPI as it was making the debt worse not better. The bank then removed some £3600 from the loan as they said this was a refund of the PPI. I felt i had no option as due to its unrealiabilty, the action i took brough the escalation of debt to a close. All correspondance i recieve up to this day warns me "interest contiunes to accrue but is not applied", so i feel i jumped out ot frying pan and into the fire.

[vandermerwe]

Hi Ringodyle

 

You've obviously been through the mill and treated scandalously by our unethical banking community and others. That's the bad news of which I am sure you are only too well aware.

 

Now for the good news.

 

You've posted on this site and have, literally, thousands of people willing to help you.

 

Most will be excellent, but at the end of the day it will be up to you to decide what to do and how to do it.

 

Me? I've been there, in one case at least I'm still there but I want you to do two things which will not cost you one red cent - and I ain't selling anything.

 

First thing tomorrow I want you to telephone two free numbers:

 

0800 138-1111

0808 808-4000

 

Try from 08.00 onwards as the lines are busy.

 

You'll find yourself talking to the Consumer Credit Counselling Service and then National Debtline.

 

Be completely honest with them and one or the other - the choice is yours - WILL help you and it will cost you nothing as they are registered charities.

 

The first (CCCS) has proved to be a lifeline to me.

 

All I ask in return is that you post your experience on here (a moderator may move you to the Natwest site) and then try and help someone else in need of advice.

[rory32]

What year did you take the loan out?

[ringodyle]

Hi there,

the original loan was 1998 but as i was a self employed building contractor i renewed it several times, the last being 2000.

[ringodyle]

Thank you, i will give them a call tomorrow. I will post where it leads. I cannot tell you how appreciative i am for the advice given.

 

ringodyle

[rory32]

It would be worth finding out if they have a copy of the credit agreement. They need this to enforce the account. If they don't have a copy or the copy does not conform with the Consumer Credit Act they can not enforce the account even in a court of law. This would make negotiating a settlement on the account a lot easier as you would be in a very strong position.

 

A template for the CCA request is here http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html template N. Send it recorded with a one pound crossed postal order and don't sign the letter.

 

They then have 12 working days to produce a copy of the agreement. If they can't then after this time they default on supplying the agreement and can not lawfully take any action on the account until a copy of the agreement is produced.

[ringodyle]

Hi, on all the income and expenditure forms it requests my partners income. Thats fine but the debt is mine alone and she never has been part of it. I do not take any of her income and we share 50/50 on costs. Is it necessary to declare her income on these forms?

[ringodyle]

Hi, have got the letter, and i will be sending my version tomorrow. Will keep you informed what i get back. thanks

 

ringodyle

[rory32]

Is it necessary to declare her income on these forms?

No, it certainly is not. As you have rightly concluded the debt is yours and yours alone. Her income is irrelevant as it has nothing to do with her. It is only your disposable income that is relevant.

[rory32]

I've moved your thread to the Debt Collection Forum where you will be able to receive a lot more help and advice when needed.