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Jaffaboy

Natwest business account - need urgent help !!!

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I currently have a natwest business account that is currently roughly ( not had statement for quite some time)15000 overdrawn.

 

Since dec 2011 I have been paying 1 pound token payments to my other unsecured creditors and they have all stopped interest.

 

I have wrote a few times to natwest offering the same terms few times over past 12 months ,and this has been rejected , aswell as my request to stop interest accruing on account which is around 500 every 2.5 months.

 

I have also in writing and over phone asked for sar and also copies of guarantee I signed back in 2008 , as I have documentation stating 10000 but natwest are saying 25000.

 

In latest phone conversation (dec 2012)they mentioned debt will go to recovery agent as is ltd company and no longer trading. Am thinking this is better as no way can ever pay it back due to circumstances same as other debts on token payments , and at least interest may stop.

 

Was thinking bankruptcy an option , but am currently managing other debts through my own efforts and advice from Cccs , am not with any debt management company or dmp , and are all accepting the pound at moment apart from natwest.

 

I would very much like any help or advice regarding what you think my next course of action shoud be to resolve this.

 

Best regards

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Hi Jaffaboy - what is the total amount outstanding roughly with all your creditors ?

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36000 and separate joint unsecured loan of 18000 with wife on a northern rock together mortgage. All debt is unsecured apart frm mortgage , have arranged token payments off own back to all unsecured creditors since roughly feb last year and got interest stopped. Natwest being the exception.

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If there wasn't a house involved I would say bankruptcy, but not with a mortgage. Have you looked at an IVA ?

 

Have a read of this - http://www.telegraph.co.uk/finance/personalfinance/consumertips/8302975/Whats-best-an-IVA-or-a-Bankruptcy-Order.html

 

Business debt is so much different from business debt.

 

Whatever you decide, don't go with a paid company, if you do you can easily add 50% onto the outstanding amount.

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But surely bankruptcy would be ok , as no equity in house ?

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But surely bankruptcy would be ok , as no equity in house ?

 

Plus I would keep paying secured mortgage as that up to date , the unsecured debt could not affect house apart frm a charging order , and have no intention of moving for some time and as I said no equity. Unless I'm not understanding things correctly?

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No equity doesn't guarantee you won't lose it. That would be up to the OR. He will hold on to it while he checked the likelihood of future value increases and a potential profit.

 

You must decide the way ahead, what you will do for income to keep up the mortgage payments. It would be very disappointing to continue with the payments only to lose it a couple of years down the line. There is also the publication of the bankruptcy in the London Gazette which can be picked up by local papers.

 

It doesn't have the stigma attached to it as it used to, but there is still a lot to talk over with your wife as it will affect her as well. Your first thoughts should be, 'if we lose everything, can we start our life again', then anything you don't lose will be a bonus.

 

As for the Natwest, you can write, (recorded) and ask them to remove all the charges that have been added and to cease adding interest and mention your thinking of bankruptcy as the debt is increasing to an amount you will not be able to repay.

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No equity doesn't guarantee you won't lose it. That would be up to the OR. He will hold on to it while he checked the likelihood of future value increases and a potential profit.

 

You must decide the way ahead, what you will do for income to keep up the mortgage payments. It would be very disappointing to continue with the payments only to lose it a couple of years down the line. There is also the publication of the bankruptcy in the London Gazette which can be picked up by local papers.

 

It doesn't have the stigma attached to it as it used to, but there is still a lot to talk over with your wife as it will affect her as well. Your first thoughts should be, 'if we lose everything, can we start our life again', then anything you don't lose will be a bonus.

 

As for the Natwest, you can write, (recorded) and ask them to remove all the charges that have been added and to cease adding interest and mention your thinking of bankruptcy as the debt is increasing to an amount you will not be able to repay.

 

 

Thank you for your help and advice.

 

Another question , when spoke to business collections they said I had a pg for 25000.

 

But I have paperwork which came through to me me nov 11 to confirm renewal of overdraft of 10000.

 

On back it states pg they have on record for me , but am confused which one is correct . It says the bank has the following security:-

 

A) guarantee dated 7/10/08 limited to 11000

 

b)guarantee dated 16/09/08 limited to 10000

 

Just first of all checking which ones are valid or are both , even though I'm certain I only signed paperwork once.?

 

Also would this official paperwork be enough to counteract there claim heat there records say I have guarantee for 25000 ?

 

Many thanks again

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Any help appreciated

Edited by Jaffaboy

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