Natwest bounce back loan

[scrunter]

I took out a bbls bounce back loan

 

after making some payments the business and myself ran into bad times Financially and also had lots of personal problems

 

 for want of a explanation i buried my head in the sand. i didnt contact the bank for 6 month .and didnt make any payments.

 

after 6 months i contacted my bank to try to negotiate payment only to be told the loan has now been passed onto a DCA.

 

i have not heard from the DCA as yet but i know I will soon.

 

what i need to know is am i now required to deal with the dca or can i refuse  and deal with the bank?

 

just need a heads up before i write a letter to the dca.

[dx100uk]

unless you get a notice of assignment you can always totally ignore a DCA.

 

they are not bailiffs

and have zero legal powers on any debt

no matter what it's type

 

when did you take this loan out?

are you a sole trader or a ltd co.?

who's the original creditor?

 

dx

 

[scrunter]

Thanks for the reply.

I took the loan out round 2 years ago.

Original creditor is nat west.

And i am a sole trader.

 

I Had the usual bbls interest holidays then started payments. i still had one interest only 6 month payment left. but couldnt cope at time

 

i didnt pay for 6 months.

got the banks letters then received last letter asking for total amount.

 

called bank to try negotiate a payment  plan to be told its been passed on to the DCA.

also told the dca will contact me in due course.

 

I know these bbls loans are different to consumer loans.

also know this BBLS is Unsecured.

 

But being a sole trader i may be Personally liable.

 

 

 

[dx100uk]

please try and add blank lines and sentences.

 

yes you are liable as a sole trader.

 

yes its unsecured

no ignore the dca.

 

how much did you get?

 

how much is left to pay?

 

dx

 

[scrunter]

I got £15k only paid interest payments of which there was 2x6 months.

I used one of those 6 months Interest free payments.

 Then i missed 6 payments.

So full amount still left to pay 

Ignore the DCA.

I will ignore the dca

But Should i go back to natwest again and tell them i will pay them a pre arranged payment due to to mine and the Companies present situation?reviewable after 6 months.

or even ask the Bank if we the company can go back on the contracted remaining 6 monthly interest only payment.to see if my situation improves?

Should I also Keep any contact with Bank by means of letters?

 

 

[dx100uk]

yes simply write to natwest

tell them you are having personal and business issues (not their business what they are)

 

state your proposals and then PAY THEM when you say.

 

[scrunter]

Thanks for your rapid reply.

I will write to natwest.

ignore the dca unless they send me a notice of assignment which i doubt they will as banks will not To the best of my knowledge be selling these bbls loans off to DCAs.

[scrunter]

Thanks for your rapid reply.

I will write to natwest.

ignore the dca unless they send me a notice of assignment which i doubt they will as banks will not To the best of my knowledge be selling these bbls loans off to DCAs.

 

Should i wait for a reply to the letter i sent nat west advising them i would start a monthy payment?

or just go pay the amount i sugested into the account without hearing back from them?

[dx100uk]

you dont need their permission

 

 

On 17/02/2023 at 16:00, dx100uk said:

yes simply write to natwest

tell them you are having personal and business issues (not their business what they are)

 

state your proposals and then PAY THEM when you say.

 

 

[AndyOrch]

Nat West do not assign debts.....if you have on line banking check you still have access to the account and that you can make payment to it.

[scrunter]

 just checked and was able to make payment into account.

 

And will hopefully be able to continue to make future payments into the account monthly.

 

 

 

 

[dx100uk]