HELP!! Egg/Natwest Debt Collection

[Spanrob]

I am hoping you can help me with an ongoing issue i have had over outstanding debts to both Egg and National Westminster Bank.

 

Some years ago i got into some financial difficulty and

found myself unable to pay outstanding monies due to Egg/Natwest.

 

 

Eventually i got taken to county court and in both instances the debts were frozen

with no further interest being added but both took a lien on my property.

 

As a result of this situation i had to take some drastic measures and went to work overseas which proved to be less than satisfactory

and helped to virtually destroy my marriage and send me into a deep depression.

 

 

The debts still remain unpaid but

 

 

i have received demands over the years from various companies

- most recently Arrow Global/Wilkin Chapman Grange for Egg and Drysden Fairfax for Natwest.

 

In the past couple of days I have received a demand from WCG acting on behalf of Arrow Global

threatening court proceedings to force the sale of my property.

Is this kind of letter legal?

My property is owned jointly by my wife and myself.

 

As my original contract was with Egg and not with Arrow Global

can they legally force the sale of my property or indeed repayment of the loan to them?

 

I am new to these forums but have found some very interesting posts and hope that you might be able to assist me.

 

Many thanks

 

Spanrob

[AndyOrch]

Hi Spanrob and a warm welcome to CAG

 

By lien I assume you mean a CCJ and charging order?

 

Was the debts/judgments in your name only ?

 

Regards

Andy

[Spanrob]

Hi Spanrob and a warm welcome to CAG

 

By lien I assume you mean a CCJ and charging order?

 

Was the debts/judgments in your name only ?

 

Regards

Andy

 

Yes. The accounts and the judgements were in my name only and all correspondence received subsequently has been direct to myself only.

 

Thank you

 

Spanrob

[AndyOrch]

Then the charging order is a restriction placed against your share of the equity (as the property is jointly owned) ie 50% of the equity.

 

The restriction sits as security against the judgment only and is very rare a forced sale happens...subject to the value and circumstances of the judgment.

 

Was Arrow and Drysden not the original claimants?

[Spanrob]

The Natwest account was moved from Ascent Legal to Drysden Fairfax in a letter from Natwest (which looks photocopied)

with an attached letter from DF in August this year.

 

 

I cannot remember if Arrow has always held the account for Egg.

 

 

Unfortunately during the time I was overseas any correspondence of this nature was binned.

Very foolish I know but at the time I had too much on my plate.

 

I have also just found some old paperwork that shows Irwin Mitchell were involved prior to that.

Edited October 10, 2014 by Spanrob
Additional Info

[AndyOrch]

Okay so it sounds like they are the legal judgment creditors now...you can confirm this by checking on line at ...

 

http://www.trustonline.org.uk/ there is a small fee to register.

 

Once you are happy and they are listed it would be advisable to engage with them now to try to agree some kind of payment arrangement plan in view of their recent threats.

 

There is no law that states you must make payment (the charge is security and therefore the judgment has been executed)...but some creditors are not happy to sit and wait to see if you sell the house before they get paid...hence your recent letter.

 

Andy

[Spanrob]

Ok thank you for that Andy.

 

 

My main concern here is that if I make a direct response that they will come after me for more money than I can afford to realistically pay.

 

 

I am also aware that these companies use the fact that they are the newly appointed solicitors to restate any scaring tactics

that might not have previously worked (this has been going on for 8 years).

 

 

If I wanted to make an offer for settlement how should i go about that?

[AndyOrch]

They can only demand the judgment amount (unless the judgment was over 5k which allowed further interest post judgment)

 

Ideally all judgments should be executed within 6 years...executing is a means of enforcing the judgment..they have executed by way of the charging order.

You make a realistic affordable offer..whether they accept or decline makes no odds you have made offer..keep this request and response as evidence should this escalate further.

 

Respond to Arrows letter..what do they want you to do?

[Spanrob]

The letter from WCG states:-

 

"We refer to our recent letters and are disappointed that we have not received payment or any proposal for repayment from you.

 

 

We are now considering with our client whether an application should be made to the court

for an order that your property is sold in order to repay the sum outstanding to our client".

 

As mentioned this has been ongoing for 8 years now and i do not see how they can enforce a sale of property that is part owned by my wife.

 

 

They have asked previously for me to complete an income/expenditure form which I am reluctant to do

because I may have to go back overseas which means the information would be worthless.

 

 

Should I consider writing with an offer of settlement as a lump sum.

It is likely to be only 15% of the debt owed but that is about the best I can offer.

[AndyOrch]

The letter from WCG states:-

 

"We refer to our recent letters and are disappointed that we have not received payment

or any proposal for repayment from you.Have they previously asked for any ?

 

 

We are now considering with our client whether an application should be made to the court

for an order that your property is sold in order to repay the sum outstanding to our client".

 

As mentioned this has been ongoing for 8 years now and i do not see how they can enforce a sale of property that is part owned by my wife.They cant

 

 

They have asked previously for me to complete an income/expenditure form which I am reluctant to do

because I may have to go back overseas which means the information would be worthless.

 

 

Should I consider writing with an offer of settlement as a lump sum. Possibly

 

 

It is likely to be only 15% of the debt owed but that is about the best I can offer.

See if they bite otherwise make an arrangement to pay £25 per month by DD

 

The fact is they have judgment and the restriction

..they have the option to sit and wait or push..

.but in all reality you really should be paying something towards the debt as per the initial judgment made over 8 years ago.

..you cant say that they have not been patient:|

[Spanrob]

Thanks for that Andy.

 

I have to say you make a fair point about them being patient!

 

I suppose the fact that I was charged exorbitant fees over the years prior to reaching the point it went to court and, added to the fact that it has caused me so much personal misery, has made me feel very angry and reluctant to pay anything, but I need to deal with it.

 

I will write to each of them and make an offer (made with the help of a good friend of mine) and see what they come back with.

 

Will come back to you.

 

Thank you very much for your assistance.

[AndyOrch]

Your very welcome ...far better to resolve this and then you can go away with a clear mind...keep your thread updated to what transpires as this helps other posters in the same position.

 

Regards

 

Andy