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Help Please Charging Order???
Useless_with_wonga
Posts: 233 Forumite
Hi Guys,
Just need to pick some brains on this one. We are in a DMP and have been for 6 Months. We are paying RBS £309 PCM to an unsecured loan of 27K.
Loan balance on default was 23K but once they had added interest to the balance came in at over 28K:eek:
Anyway long story short £309 is all we can afford at the moment. Contractual payments were £373 and we had 5 years left at that to clear the loan until we defaulted. So all in all i was pleased that we could "nearly" make the contractual payments. I thought this would keep the wolf from the door as it were.
Had no communication from RBS whatsoever so we thought all was going as well as it could. Turns out that RBS have now sent the matter to their inhouse solicitors with a view to securing the debt aka a Charging Order.
I can't understand it. They have been accepting the £309 without complaint and now this. We can not pay them anymore at the moment end of story. However if they just carried on as is all would be well. I am due a pay rise in September and was hoping to increase the £309 to about £360 thereafter so we could get rid of this millstone as quickly as possible. Chances are that over the next 2 years or so barring any major upsets we could actually increase the amount we pay to them.
Anyone any advice on whats likely to happen now? Don't know if its relevant but the house is currently about £7K in negative equity going on the "ZOOPLA" valuation.
I'm frustrated as we have done everything possible to address this debt. We haven't run, we haven't ignored it, we have been paying and fully intend to continue paying until its paid off
Just need to pick some brains on this one. We are in a DMP and have been for 6 Months. We are paying RBS £309 PCM to an unsecured loan of 27K.
Loan balance on default was 23K but once they had added interest to the balance came in at over 28K:eek:
Anyway long story short £309 is all we can afford at the moment. Contractual payments were £373 and we had 5 years left at that to clear the loan until we defaulted. So all in all i was pleased that we could "nearly" make the contractual payments. I thought this would keep the wolf from the door as it were.
Had no communication from RBS whatsoever so we thought all was going as well as it could. Turns out that RBS have now sent the matter to their inhouse solicitors with a view to securing the debt aka a Charging Order.
I can't understand it. They have been accepting the £309 without complaint and now this. We can not pay them anymore at the moment end of story. However if they just carried on as is all would be well. I am due a pay rise in September and was hoping to increase the £309 to about £360 thereafter so we could get rid of this millstone as quickly as possible. Chances are that over the next 2 years or so barring any major upsets we could actually increase the amount we pay to them.
Anyone any advice on whats likely to happen now? Don't know if its relevant but the house is currently about £7K in negative equity going on the "ZOOPLA" valuation.
I'm frustrated as we have done everything possible to address this debt. We haven't run, we haven't ignored it, we have been paying and fully intend to continue paying until its paid off
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Comments
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If that's the case they were taking payments I would go to court and fight it0
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I thought that might be an option but is it likely to make any difference?Are they just calling my bluff trying to get me to pay more?(Scare tactics?) I can't pay anymore at the minute it really is that simple but if they work with me i'm sure we can sort it.0
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Have they issued you with a default notice?Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Hi 10past6,
Yes they have it was quite a while ago now though.0 -
Can you scan it up, or PM me with it?Useless_with_wonga wrote: »Yes they have it was quite a while ago now though.
Have they terminated your account?Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
I'll have to look for it but should be able to do that. No they have not terminated as far as i know they still have control over it via their CMS department.0
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OK, they have to terminate the account before starting litigation.Useless_with_wonga wrote: »No they have not terminated as far as i know they still have control over it via their CMS department.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Okay thanks. Do you still want to see the default notice? I have found it they sent it last July. Just the usual pay or we will instigate action unless you come to an arrangement to pay blah blah.0
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The default notice will only become relevant when & if they commence litigation, if that happens, let me know either on here, or by PM.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Ok, thanks. What's you gut instinct on what they are actually trying to acheive here? Because I can't figure it out!!!! I'm paying what else can I do?0
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