Paragon - Default Notice issued

[FTB]

Hello all,

I have reviewed and used this site in the past - a lot of useful information and very supportive people like myself in a poor financial situation. Often through no fault of their own - limited understanding or poor financial advice, work, health, life and many many others.

So we are in a pretty poor situation financially after redundancy and 6 months on unemployment benefits. I have secured a new job beginning of the year and was optimistic finally turning a corner and seeing a way forward.

No surprises our debts of previous 6 months developed but just 1 creditor have escalated in an extremely serious manner - both myself and my wife have been issued a Default Notice by Paragon for a loan secured on the family home. Prior to this and throughout unemployment a very good PPI (thank god!) made monthly payments to Paragon in full.

Registered with an officially recognised debt counsellor, Paragon have repeatedly ignored his requests or to acknowledge or confirm many attempts made on our behalf.

We have repeatedly given notice of income/outgoings that under present circumstances we cannot afford. Without any agreement or dialogue we have maintained payments as our counsellor has notified Paragon are affordable.

 

Paragon have been requested by letter to stop (high) rate of interest, they alone have neither agreed or declined to consider this action. Other creditors have already agreed to do this. All around a pretty poor level of communication, only threats of action unless debts or arrears are cleared in full.

 

We have confidence in our counsellor but its actually happening to us, so very concerned as to the implications for us both and as a family coupled with our existing difficult financial situation. I am quite obviously concerned hearing of charging orders and specifics of DN make it quite clear our home can be sold to fund payment of this debt.

We are maintaining our mortgage at a lower rate with the building society (interest only) as agreed, but I am really concerned.

 

Any help advice support is all welcome....what should I do...or should I just leave it to the counsellor?

 

Thanks FTB

[rebel11]

Hi FTB

 

Welcome to CAG

 

The guys will advise as soon as they are available.