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Formal Demand from Northern Rock


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I was issued with a Default Notice by Northern Rock on 24 Feb 09 regarding an unsececured loan even though I have been paying a little towards the loan albeit not the required amount.

 

Owing to the fact that I cannot pay the whole amount I have today received the Formal Demand for payment in full. This gives me 14 days to pay up in full or legal action may be proceeding with, I assume by way of a Court Claim form whereby they will try to obtain a Charging Order eventually!

 

I have today wrote back to Northern Rock requesting that they stop this action as I am now in a position to pay the required amount per month from Apr 09 onwards.

 

I would be grateful for any advice to ascertain if I should be doing anything else at this venture.

 

Kind regards

Tom

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ok apologies for asking I was just checking they had got the default notice correct...I would certainly get in dialogue with them, and I think if they were to follow this to a legal stage they would be being unreasonable....was there any PPI added to the loan that you might also be able to claim back ?

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No PPI, but here is the text of the letter that I have sent back to them:

 

"Firstly, may I say that you are well aware that we cannot pay the sum required by the Formal Demand as referenced above, and secondly, I do understand that the reasons that you pursue this in such a manner is that you are hoping to obtain a Charging Order on the property for the unsecured element of the loan.

I am now in a position to repay the said monthly amount of £xxx.xx from the month of April 2009. Therefore, I would be grateful if you could cease any potential legal action as surely it would be a total waste of money, time and effort owing to the fact that I am now in a position to pay you the required sum per month. With regards to the arrears accrued on this loan, I do ask that after I have successfully paid 2 months worth of monies that the arrears is then accrued to the final total of the loan payable.

I do hope that you will look at this in a positive manner and consider this request favourably."

I don't think that I can say anymore at this stage, do you concur?

Regards

T

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