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| The independent answer to your debt problems | login join |
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jabba
| 14-08-2008 03:06 PM |
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Joined: 14 Aug 2008 Posts: 2 | Up until recently i had a debt management loan with Natwest, which i paid without problems for over 4 years! i have a bank account with HSBC, but recently they decided to cancel all my direct debits without warning, because i was over my agreed overdraft limit ( a problem caused by charges to the amount of £1100) i had to then find a new account. Most of my direct debits were re set up and i thought i had set up the Natwest loan also, wrong!! i know its my fault for not checking that the amounts were going out of my account. However Natwest in their infinite wisdom have asked for the full amount to be paid in full? I called them to explain the situation, and they offerd a new payment figure £100 pound a month more which i cannot afford. It has since been passed to a solicitors who have told me that they are now taking it to court and applying for a charging order/ccj. When i offered a figure that i could afford they told me that they now wanted £280.00 more than my original payment over the next 2 years? i understand that if a charging order is placed on the house they can ask for reposession at any time to reclaim the debt of £16000? i'm getting sick with worry. The mortgage is in my name, if i were to put my wife on the deeds would that stop them being able to put on a charge? i have had nothing but problems with the 2 banks in question, when i transfered my account from Natwest to HSBC they managed to totally mess up all my direct debits, neither accepted liability for thec harges incurred then! really need some advice on this one please !!!! |
| DW George | 14-08-2008 04:27 PM |
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Joined: 01 May 2007 Posts: 189 My Profile | Hi jabba Have you submitted a statement of affairs to either your creditor or the solicitors. If not then I think you should submit one as a matter of urgency. In your statement of affairs you should detail your income and any reasonable essential expenditure. From that you have proof of what you can reasonably afford to pay towards the outstanding amount. This is what a court would do. It can go in your favour in court if you have proof that you have tried to make arrangements with the creditors to pay the outstanding sum. Should you go to court they will assess your income and look at what you can afford to pay towards the outstanding debt. If a charging order is placed on your property it means that you cannot sell your house until all your debts have been satisfied. Repossessions are very rare and usually the creditors are happy to sit tight until they get all their money back. However, you cannot move the the title of the into your wifes name to avoid it being repossessed. I think you should speak to either your CAB or local Money Advice Centre (check with your local authority) for free help and assurance about your financial situation. If you can provide evidence about your financial standing and show that you are motivated to pay off the debts and that your creditors are being unreasonable, the court might not grant them a charging order. I have provided these links for more information about your situation. Hope this helps George What can a creditor can do in England and Wales Risking your house over debt |
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jabba
| 12-09-2008 02:54 AM |
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Joined: 14 Aug 2008 Posts: 2 | Hi George, Many thanks, i have sent the income and expenditure form back to the Solicitors and i'm waiting for their response. Seems that Natwest are refusing to take installments and want the full amount? They have offered a 10% reduction ( very generous of them!!!) I have offered to pay in full when my mortgage fixed term comes to an end in September ( also with Natwest) and tag it onto my mortgage.I would think it would be in their interest to do this rather than go forward with the ccj as it would surely effect my chances of getting another fixed term? i have also offered a monthly payment that i can afford. lets wait and see? I have contacted Debt line and they supplied some very useful info sheets and advice. Natwest seem to be on a lot of debt forums! kind regards |
