Wf threat for wage arrestment-help please!

[jollyjojo]

Hi

 

Looking for some urgent advice please.

I have a secured loan with WF and have now missed last 3 month payments. I have received a letter this morning serving me a "Default Notice served under section 87(1) of the Consumer Credit Act 1974. It states that i must pay the outstanding balance in 14 days or they will enforce any security given in connection with this agreement (which i assume is equity??) and apply for an Attachment/ Arrestment of earnings!!

There is no way i can afford to pay the outstanding balance.

I have spoken to the branch manager and he would not discuss any options available to me over the phone, so I have agreed to meet him today and he has requested a copy of my recent wage slip and bank statement. I suppose I have nothing to hide, my income and outgoings show that i can no longer make the original repayment of £379 a month.

Also I have no equity due to the decrease in value of the property market.

This whole situation is making me ill.

 

Is there anything I can do?? Or anyone I could contact? Would it be useful to conatct a lawyer?

 

Many thanks!!!

 

Jo

[dx100uk]

i would not trust him as far as i would kick him.

 

you should not be discussign things inprivate either

 

do not let them re-write the agreement either

 

have you got a copy of the current one/

 

tell us the complete history please too

 

i bet you've got allmanner of insurance you can reclaim

and loads of unlawfull fees [phone/late/cats died etc etc]

 

do some readign in this forum too.

[Crocdoc]

If there is no equity in the property, then it is not as serious as it appears as there would be no purpose in calling up the security as only the firts security is likely to be paid. As for Wage Arrestment the amount deducted is dependant on the level of salary. At this stage I would not employ a solicitor as this may well add further costs.

 

In addition, I would not provide payslips or bank statements as this mob will simply try and force you to make payments that you can't afford.

 

I would suggest that you speak to CAB who will provide an accurate FInancial Statement as a basis for negotiation.

[jollyjojo]

Thanks you guys.

 

I did meet with the branch manager today and he tried to work out an income and expenditure sheet but as I expected we could not get a solution. He suggested I stopped paying everything else except mortgage and council tax, as if!!! It was a long sweaty 45 minute meeting to get nowhere!

He insisted that I will get taken to court to repay the arrears even if i reinstate my original payment of £379 per month. I dont have any savings or any other means of paying the arrears (approx £1500) in a lump sum as they are demanding. I did suggest paying back £20 month until the arrears were paid, he just laughed at me and said the Head Office would nt even think about that!!

He did photocopy my bank statement and wageslip!!!

In the end I said I was going to seek advice and would get in touch. He was insisting that I made the Aug payment today but i politely said no that was impossible!!

These people are ruthless. My mortgage company have been great and allowed me to go interest only and my credit cards have accepted reduced payments but this crowd will just not give any room for negiotation!!!

 

Thanks I will contact my local CAB and keep you posted..

 

Jo

[pdb1980]

Thanks you guys.

 

I did meet with the branch manager today and he tried to work out an income and expenditure sheet but as I expected we could not get a solution. He suggested I stopped paying everything else except mortgage and council tax, as if!!! It was a long sweaty 45 minute meeting to get nowhere!

He insisted that I will get taken to court to repay the arrears even if i reinstate my original payment of £379 per month. I dont have any savings or any other means of paying the arrears (approx £1500) in a lump sum as they are demanding. I did suggest paying back £20 month until the arrears were paid, he just laughed at me and said the Head Office would nt even think about that!!

He did photocopy my bank statement and wageslip!!!

In the end I said I was going to seek advice and would get in touch. He was insisting that I made the Aug payment today but i politely said no that was impossible!!

These people are ruthless. My mortgage company have been great and allowed me to go interest only and my credit cards have accepted reduced payments but this crowd will just not give any room for negiotation!!!

 

Thanks I will contact my local CAB and keep you posted..

 

Jo

 

Don't take this as having a go but,

 

Never ever give you bank statement or wage details for them to copy

 

They have no legal right to see your income and expenditure none what so ever! Only a court can ask for this

 

I would be inclined to open a new account and close your current one because these sharks may just loot your account for the money.

[jollyjojo]

Oh my god, really??? Had NO idea they could this!

 

I am also an absolute EEGIT i signed the income and expenditure form that he made up for me!!!!!!!!!

Iv just been reading a couple of other posts and realised i should have just initialled it or refused! I cant believe i made matters so much worse for myself..there are no words to describe how ruthless these folk are!

[MrZ]

There are ways to deal with this lot. The most important thing for you to know right now is you have rights.

 

As suggested, a little more info would be helpful.

 

In the mean time you might want to ring CAB or CCCS (my personal preference), as they will help you work out a real budget.

 

ALWAYS pay your mortage and council tax first, then any CCJ's and other priority debts. As the loan is secured, it should be considered a priority debt.

 

And regardless of anything they say, before you can be made to pay anything, the court would be involved.

 

Not to build of false hopes, but are you certain there is a charge on your property? Make a free call to the land registry, they can tell you if this is the case or not. Dont assume that because you signed a legal charge when you took the loan that the charge was placed and/or is still in place.

 

You have come to the right place. There are MANY people here who have been victim to this lot and will be quite willing to help you.

[jollyjojo]

Thanks Mr Z will call the land registry and CCCS today.

And just to be on the safe side I have opened a new bank account today (so thanks to pdb for that useful piece of advice also!)

 

I ll post how i get on,

 

Cheers Jo

[pdb1980]

Thanks Mr Z will call the land registry and CCCS today.

And just to be on the safe side I have opened a new bank account today (so thanks to pdb for that useful piece of advice also!)

 

I ll post how i get on,

 

Cheers Jo

 

Definatley advocate the CCCS my partner rang them and it massively helps with working out what you need to do and how you can do it. It was the CCCS who advised her to open a new bank account because some of her creditors may have taken more money than what she could afford

 

Don't worry you are defo in the right place.

 

More info would be great on your situation if possible

 

chers PDB1980

[dx100uk]

have you got the agreement?

 

we need to see it.

 

dx

[RALALU]

Hi Jollyjojo,

 

Sorry to hear about ur predicament but at this point please do not worry too much. Branch managers can no longer offer reduced payments or final settlements however they will hassle you to get as much as you can physically pay to try to continue to meet their targets (as their job role entails!) My advice would be to pay what YOU can afford and the next time the branch phones you flatly refuse to talk to them and tell them that you will only speak to head office going forward. They WILL ring you several times but you must stick to your guns. Once your arrears meet 6moths you will be passed to the head office which is what you want. Head office will then request your income / expenditure off you, i know several people say dont respond and legally at this point u dont have to but i would,if you show you have enough disposable income to pay around 40% of the normal monthly payment they will then accept and amend your payments to match. Now here comes the good part, whilst your account is at head office all interest payments will cease, they will tell you this over the phone but make sure that before you agree that the revised lower payments are acceptable they send you written confirmation to confirm this. Basically this then means that although you are paying less a month, with the frozen interest the term of the loan will not increase by any significant time. (The people at head office realise that anything is better than nothing and to be fair are generally far more sociable creatures than your ickle branch managers.)

[peterdougie]

my wife gets money deducted from her wagws every mont by the couciltax now they have arrested her bank account can they do this as we cant pay the mortgage now

[dx100uk]

my wife gets money deducted from her wagws every mont by the couciltax now they have arrested her bank account can they do this as we cant pay the mortgage now

 

please start your own thread

 

dx