Jump to content

Help - Northern Rock and Firstplus

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4954 days.

If you need to add something to this thread then


Please click the "Report " link


at the bottom of one of the posts.


If you want to post a new story then


Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 



Recommended Posts

Young and free spending when I started working within London's financial sector led to the purchase of a house, a new car and eating out in restaurants at least a few times a week Life was good and within no time, I had a mortgage with Northern Rock, a second Mortgage with Northern Rock and a third Mortgage with Firstplus


When the bubble burst in Finance, I lost my job and could no longer afford to keep the house. I had to sell the car and move into rented accomodation with my family.


Since leaving my house in 2006, I have been chased by letters from Northern Rock, Firstplus and several DCAs for the remainder of the mortgages. I have no assets and have been burying my head in the sand waiting for it to go away.


- Northern Rock (£55K Owed) - Recently, one of the DCAs has offered a one off settlement of £15K or repay the full amount at £250 per month.


- Firstplus (£20K Owed) - No offers, but chasing letters every couple of months


As I have no assets, I am considering Bankruptcy as I would prefer to start fresh rather than paying £250 for about 20 years, (and that is without even taking into account the Firstplus debt) - I have looked into bankruptcy for £450


Has anyone reading this had the same experiences with Northern Rock / Firstplus? I am wondering whether they would prefer a payment arrangement agreed now to cover a small amount of the loan rather than accepting what they are given when I'm declared Bankrupt - Please let me have your view on this





-- Nothing Claimed --

-- Nothing Reduced --

Link to post
Share on other sites

Hi Scooby,


Can't speak from experience with Northern Rock and Firstplus specifically but in general unless your circumstances are unlikely to change e.g. you are retired, permanently incapacitated etc lenders are unlikely to agree to a substantially discounted sum being paid by instalments. They might accept a reduced lump sum settlement (as Northern Rock have already indicated) but will normally want full payment to be made within a short time frame.


Personally with debts of that level I would seriously consider bankruptcy but if you are still in financial services, or intend to return to that area, you might need to consider whether it would impact your employment prospects. If you are in the FSA regulated environment it could get you into difficulties, but then again, so could the defaults (which are no doubt already registered) and possibly CCJ's if the lenders go down that route. Bankruptcy normally costs £600 in total - £450 for the deposit and £150 for the court fee although if you are in receipt of benefits you may not have to pay the court fee. There's lots more info on the insolvency service website in particular their guidance leaflet on how to submit a petition:-




Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?

  • Create New...