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Making offer to clear loan - Natwest Loan poss irresponsible Lending?


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Hi guys

 

I am new here so please don't bite!

 

I will cut a very long saga very short.

 

In a nutshell I have a non secured loan taken our with a large high street bank for £15k.

 

Shortly after taking out said loan in 2008

- for which they did no checks to verify my declared income

- I became ill with cancer and was unable to pay them or anyone else.

I have been paying £1 a month for 3 years.

 

I asked the bank to write off the debt as the stress and worry of this debt was making me even more ill, but the said NO.

They have however given me a glimmer of hope and asked me to make a formal offer to settle the debt.

 

Having never been in this position before, I don't know what to offer them,

but it will mean selling my car in order to raise any money but I would rather do that if this debt can go away.

 

2 questions.

 

Is the bank in any way at fault for lending me the money without asking for any proof of income?

(I was self employed at the time and just had to guess what I might earn that year)

 

Lastly, of an outstanding debt of £13k still, what would a bank deem acceptable by way of a settlement figure to clear.

I was hoping to offer them £3k as that is what my car is worth, but I don't want to do that if they just say no again.

 

Many thanks for any help in advance.

 

Very depressed and recovering from cancer still.

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I will send out some S.O.S for you.

 

Did they not ask for proof of income ?

 

Is this the only debt you have ?

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi

 

They asked me for absolutely nothing at all regarding my income.

One look at my statement with them would have told them I had next to no income at the time

- this was to start my small business that subsequently folded when I got ill.

 

I have several other debts, totaling £25k, credit cards etc. But this is the only loan.

It was unsecured,

15k over 5 years. I

 

paid the first few months no trouble, but then stopped working due to illness.

 

I have not been great at dealing with the debts to be honest, but had in my mind more important things to worry about. I told the bank this.

 

I sent them the requested letter from my GP thinking they might actually write off the debt (I have no realistic prospect of EVER clearing it).

 

They just stick their heels in and want me to increase my £1 a month or make them an offer to settle.

I don't have a clue how much that magic figure would be.

 

ps. I did 'exagerate' my income like many probably do as I wanted the loan.

I knew I could make the business work, I didn't know I would get cancer.

 

All the same, I would have thought they have some responsibility to verify my declared income somehow.

If they had they would have refused the loand as I now think they should have and I would not be in this mess.

 

Thanks

Edited by cancerdebt
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It does appear to be rather irresponsible of them for sure. I am sure someone will look in over the weekend with some advice.

 

I understand it cant be helping with your health, and it is easier said than done, however, I would concentrate on you and try not to let this stress you out. One way or another, there will be a solution :)

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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any chance you could name names here

 

might give us a better picture on the reality of the situation.

and who we are dealing with

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi CD,

 

The original thread title suggests this is a NatWest case.

 

Regarding your illness, am I right to assume there is no form DS1500 involved.

 

:-)

We could do with some help from you

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Thanks !:-)

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Hi

 

Yes, this is a Natwest case - silly me, I forgot I said in the title.

 

No, there is no DS1500 involved I am pleased to say. I am in remission having had surgery to remove the tumor last year. I do however have other health related issues - I am as I was when I took out the loan, disabled. So generating an income is very hard for me as you can imagine. I have both physical and mental disabilities - I am classified as an adult with learning difficulties.

 

It takes me quite a long time to type these replies.

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just to let you know you are not going gaga

- I added the NatWest to the title

and yu are in the NatWest forum as well.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi CD,

 

Two things occur to me :-

 

1. Approach one of the debt counselling services like National Debtline or CCCS. See what advice they can offer you. Also, the bank may pay more attention if they are approached by one of the recognised debt counselling bodies.

 

2. Speak to one or more of the cancer charities and see if any of them can offer help or advise about approaching the bank.

 

:-)

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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National debtline would not help me as they said because I am self employed, I must go through business debtline. I am not a business, so gave up on that one.

 

I am thinking of talking to the banking ombudsman, as I feel the bank must take some blame for lending someone money who could not AT THE TIME OF THE LOAN afford it.

 

The first few payments were made from the very loan itself, not money I made.

Had the bank asked for proof of my income, I could not provide it as I effectively had none at the time.

They made no such checks, which would in my view suggest irresponsible lending.

 

I have invited the bank on several occasions to take the matter to court, but they just won't.

They just want me to pay as much as possible.

 

I would be ok with paying them off a certain amount, but going back to my original question,

I was hoping someone in 'the know' would suggest a figure that I should offer the bank that would be likely to accept.

I was hoping to get some idea of how much they would get if they sold my debt on,

 

I have been told that it is somewhere round 30% of the debt, ie a £10k loan is sold on for £3k then the new company seeks the original £10k from me.

I don't know how true/accurate this might be.

But if the bank would acecpt say the £3k I could sell the car for I would frankly be happy to do nthat even though

it would leave me without transport, but would remove a huge worry as well and end the matter so I can move on.

 

Obviously I would be happier for the bank to put its hands up and say that they were wrong to agree to the loan, which I strongly believe they were, and write off THEIR mistake.

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I'll see if I can get some further input on this for you.

 

Please bear with us ................

 

:-)

We could do with some help from you

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Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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Is there a reason that you are only concerned about this debt? It's usual to pay creditors pro rata.

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Who said that I was only concerned about this one loan? I didn't. What makes you think I am not paying all my creditors?

 

I was asking here because I was of the view that someone here may have the knowledge I was looking for. It seems I may have been wrong about that.

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Hi CD,

 

I have asked for input from someone who may be able to offer their advice.

 

However, as the Site Team are all volunteers, they are not here all day, every day, which is why I asked that you bear with us.

 

:-)

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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Who said that I was only concerned about this one loan? I didn't. What makes you think I am not paying all my creditors?

 

I was asking here because I was of the view that someone here may have the knowledge I was looking for. It seems I may have been wrong about that.

 

I didn't mean to suggest that you weren't paying your other debtors. I simply wondered why you would sell your car to pay this particular debt but would still have others to pay off at whatever rate and over whatever period.

 

If you could get a lump sum together why not spread it around and see if you can clear some others too. If you wrote to them all, told them you had £x,000, but other debts of £y,000, so offer them a full and final settlement of whatever proportion the debt is to your lump sum, you may be able to get rid of more than the one debt.

 

£3k won't get rid of all your debt, but it might be worth considering if you can get more of your creditors off your back if you can scrape more together.

 

This thread may help. http://www.consumeractiongroup.co.uk/forum/showthread.php?289378-How-Much-Have-You-Had-Accepted-as-a-Full-and-Final-Settlement&highlight=final

Edited by caro
The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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National debtline would not help me as they said because I am self employed, I must go through business debtline.

I am not a business, so gave up on that one.

 

Business Debtline help and advise those that are self-employed as much as they do who run businesses and partnerships etc.

 

The advisers have all of the training that the NDL advisers have + further business-specific training.

 

The reason why they suggested that you call BDL is that you will need to complete a special budget sheet which is slightly more complex than the one on the NDL systems.

 

There could also be potential issues specific to being a sole-trader that might get picked up.

 

In short they are well placed to provide you with the help and advice you need for consumer debt issues just as much as stuff that is business-based :)

 

It's worth calling them: 0800 197 6026.

 

As regards to your situation, apart from the car do you have other assets? Can you see your financial situation changing in the next 12 months or so?

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I did. They were of no help at all.

 

I am grateful to those who took the trouble to reply, but with respect I may as well have joined the Timmy Mallet fan club and asked them. they would not have had any answers either, but at least I could have shouted that it was UTTERLY BRILLIANT. This experience on here has not been.

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