Wallers/Northern Rock vs Me

[Cristal]

Stornoway, thank you and will do. 'Zubo' has also made some good recommendations. Again, huge thanks for your input.

[gizmo111]

But it is entirely possible that I will soon be in a position to maintain the debt. i know it's not ideal, but I prefer to deter bankruptcy rather than embrace it. But I acknowledge it may be inevitable.

 

Very commendable cristla and if we can help let us know- but I am concerned how long you can maintain this fight - it's not easy and your health and well being must come first.

[Cristal]

Thank you, Gizmo 111. I will fight to the bitter end. I am an MD and, if bankrupt, would lose that position - among other problems that bankruptcy brings. I know it is as not as appealing as the media make it out to be. And, yes, your advice is invaluable. CX

[gizmo111]

Thank you, Gizmo 111. I will fight to the bitter end. I am an MD and, if bankrupt, would lose that position - among other problems that bankruptcy brings. I know it is as not as appealing as the media make it out to be. And, yes, your advice is invaluable. CX

 

Good lUck cristal - speak soon

[Cristal]

I've been dithering on NR (not on any of the others, which I am full stream ahead on). Have to reply to Court before 9/3. Have just asked for a copy of my statement from the NR litigation team and they've promised it by this Weds. When I asked for a copy of our 'executed agreement', they had no idea what I was talking about. They are referring to their lawyers, Wallers and will call me later today. I am now in a position to clear the arrears and confident I can pay regularly for the next few months. I just don't know if I can face a battle w/NR, especially since it's progressed to court stage. If I do clear the arrears now and promise to pay, will that prejudice me if in the future I decide to go the SAR route? Many thanks in advance for your help!

 

Have rec'd a faxed copy of the agreement - it looks legit, signed by No Rock and myself, Credit Agreement Regulated by the CCA 1974. I assume this quailifes as an 'executed agreement'? Also, the charges on the statement look right.

[lookinforinfo]

Cristal, if you pay the arrears, that should halt the Court case. Ask Wallers

what it needs to stop the case in case they will agree to a lesser payment

than the full arrears to cancel the suit.

 

You can ask for a sar at any time, and that will confirm the amount of unlawful charges that have been added to your account that can be reclaimed.

 

In addition to both lots of signatures on the agreement, how much is the

loan in the amount of loan box, and how much is the total amount of credit,

which should be a different amount. Was PPI included, and if so, was it

included in amount of loan or amount of credit boxes as well? Was their a

document fee, or any extra costs that have been added to the loan-and

were they recorded in the agreement. Is the amount of loan, the actual

amount you asked for, or did NR add other sums to it?

[Stornoway]

Good advice from lookingforinfo - my tuppence worth though is that it might be best to wait until they have confirmed that the court action is stopped before sending SAR - you want to keep on their good side until you have this confirmation (get it in writing by the way)

[Cristal]

thanks so much for the good advice, LFI & Stornoway! Will not SAR until this hurdle is resolved.

 

Is it best to call the lawyers to negotiate - time is of the essence, but I loathe speaking to them! Will I still have to submit a Defence to the court?

Also, will making a payment now prejudice a future situation when I might challenge the debt?

 

I only have a faxed, smudgy copy of the agreement - should be receiving a hard copy on Weds and will scrutinise it and report back then.

 

Again, enormous thanks for all your advice & support.

[lookinforinfo]

As you still have about a couple of weeks to respond to the Court, a letter

to the solicitors would be fine if you don't want to talk to them.

[Cristal]

Hiya - well Wallers referred me to No Rock's Legal Dept. (Wallers also told me that No Rock will not stop proceedings and will go for a lien on the property). Spoke w/No Rock and asked what I could do to prevent this from going to court. Reply: Nothing, categorically. Unless I cleared the whole debt. When I asked if clearing the arrears and resuming monthly payments would stop the court proceedings, they said it would show 'good will' but not stop proceedings. They seem determined to put a lien on the property or garnish my (non existent at the moment) wages. Should I write a letter to the solicitors with my proposal, or to No Rock or to the court? I am desperate to avoid a legal entanglement but they seem unstoppable.

 

I rec'd the hard copy of the agreement and it looks okay. No PPI and the numbers add up - though it is quite confronting to see that £15,360 is the interest on a £25,000 loan!! What else should I be looking for on this agreement? The statement also looks fine. I started having trouble repaying in August, though have made 6 payments, totalling almost £300 since then. I also wrote to No Rock last November, proposing to pay £20 per month until January, when I hoped I could resume normal payments. They just kept insisting on 'Income & Expenditure' forms, which did not complete. I also stayed in touch with them over the phone. Is any of this relevant and should it be included in my defence? I have to file with the court by 9/3, which means I must post it, overnight delivery, by 7/3.

 

Many thanks in advance for any and all advice!

[lookinforinfo]

Write a letter now to Wallers, and add "CC The Law Society"at the top of the letter.

Then confirm thei statement that they made over the phone that the Court case would not

be halted if you paid off the arrears. Then ask them under what law they

would use to take you to Court when there were no arrears. Keep copies.

[Cristal]

Wow. Okay.....Wallers told me it was unlikely that No Rock would agree. this was confirmed in my conversation w/No Rock. So:

 

Should I first send a written proposal to Wallers and cc No Rock (or other way around), outlining my proposal and enclosing a cheque? This would trigger a written response from them, declining my proposal. And should it be 'Without Prejudice'? Am just concerned about the time frame. Otherwise, I can call again tomorrow and be able to quote directly.

 

Huge thanks, L.

[lookinforinfo]

Send it to Wallers and do not include the "without Prejudice"-you want to be

able to show that letter to the Judge should it continue to Court.

[Cristal]

As ever, fab advice. I'll fax/post to Wallers sans 'WP' - presumably I should leave out the history (i.e., that I've maintained contact and showed willing over the last few months) and skip cc-ing No Rock.

 

You are a brick!

[Cristal]

Send it to Wallers and do not include the "without Prejudice"-you want to be

able to show that letter to the Judge should it continue to Court.

 

So I sent an urgent fax to Wallers, as directed, yesterday. I called yesterday to confirm its arrival and they implied a reply was in the post to me. Nothing today, so I called and was told it's been sent to their senior solicitor, who is very busy and will reply when she can. I reiterated that the matter was extremely urgent, that I had to file my defence by 9/3 (they was advised to do so anyway (!)) and that the question in my fax is a simple one requiring a simple answer - i.e., what law will they use if there are no arrears? Shall I send another urgent fax to the senior solicitor tomorrow? I would prefer not to file a defence. Your advice, I think, has 'put the cat amongst the pigeons'!! many thanks

[Cristal]

Send it to Wallers and do not include the "without Prejudice"-you want to be

able to show that letter to the Judge should it continue to Court.

 

JUST rec'd a fax from Wallers NOT answering my question - just repeating that the loan is regulated by the CCA 1974 and their client is entitled to the full balance once the formal demand ('served' upon me 22/12) etc. And finally advising me to seek independent legal advice.

 

I'd prefer you advice!

[lookinforinfo]

I've just checked back to your first thread Cristal, and you don't appear to have mentioned their letter of the 22nd December. Could you give an idea at

least of what it said.

[gizmo111]

JUST rec'd a fax from Wallers NOT answering my question - just repeating that the loan is regulated by the CCA 1974 and their client is entitled to the full balance once the formal demand ('served' upon me 22/12) etc. And finally advising me to seek independent legal advice.

 

I'd prefer you advice!

 

Payment of the full amount is payable if you don't comply with the demands in their default notice - not sure what part of the CCA - but I suspect they are right.

[Cristal]

I've just checked back to your first thread Cristal, and you don't appear to have mentioned their letter of the 22nd December. Could you give an idea at

least of what it said.

&

Gizmo 111

 

I never mentioned it because I don't have one. I keep meticulous records and have re-searched them - no sign of a default notice. No Rock has a habit of sending incredibly important documents thru normal post (that is, not recorded). should I ask them to fax me a copy? what terms could be on it that could be so potentially negative?

 

Many, many thanks!

[gizmo111]

A default notice will usually say that you have x amount of days usually 28 days to bring the account back into order by paying off xx amount =arrears or the full amount will become due. If you don't comply with this then the yare quite withing their rights to claim the whole amount, paying after the 28 days doesn't afaik void the default - but you would ahve to check the CCA for the exact wording.

A letter is deemed to be delivered 2 days after it is sent.

[Cristal]

Stornaway posted on 18/2 a similar experience - but w/different lawyers. There MUST be a way to negotiate this. I've looked at the original agreement and it looks legit - but maybe i should CCA No Rock to buy more time. It just seems excessively punitive and unreasonable for an unsecured loan to be secured so quickly. As I've stated, I stayed in contact with them and made payments, wrote them a letter in November asking for time until January. I've now (in February) offered to pay the arrears.

 

the post is also notoriously terrible here - anything posted Dec 22nd could be anywhere. I just rec'd a package posted to me Dec 15th!!

 

Will ask for a copy of the default notice to be faxed to me.

[gizmo111]

I've looked at the original agreement and it looks legit - but maybe i should CCA No Rock to buy more time. It just seems excessively punitive and unreasonable for an unsecured loan to be secured so quickly. As I've stated, I stayed in contact with them and made payments, wrote them a letter in November asking for time until January. I've now (in February) offered to pay the arrears.

 

Is this the agreement that you ahve kept or they have sent you?

Once the loan is secured and you ahve agreed a repayment paln that you can afford - then nothing will ahppen as long as you continue making the payments.

[Cristal]

It's the agreement they've just sent me (at my request). I'm really trying to avoid securing the loan - it will eat up what little equity I have in the property, with interest ticking over madly, presumably in addition to the SHOCKING £15,000 already charged on a £25,000 loan. i was hoping that paying the arrears might stop this.

[gizmo111]

but maybe i should CCA No Rock to buy more time

 

If they have already sent it what is the point of this then?

[Cristal]

True. It's just that I didn't ask for it as a formal CCA, which could buy more time. Please remember that I'm new to all this.....and how can I tell that it's an executed agreement? Am really determined to avoid a lien....