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Formal Demand from Northern Rock - scared please help!!!
catpaws99
Posts: 51 Forumite
Today my oh received a formal demand from Northern Rock for a personal loan he has with them. Basically says his agreement has been cancelled and he must pay the o/s balance of £6548.27 immediatley.
The loan has arrears of £362.67 on it and he has cancelled his DD as each month it bounces and we get charged £35 from NR and £30 from Nationwide as a result of this.
The loan fell into arrears because I lost my (very) part time job in March and my oh has gone from being weekly paid to monthly paid because he changed jobs. His wages have also decreased and his hours have just been cut again to about 35 a week.
My oh had arranged on the phone to pay a reduced payment of £50 a month and this had been accepted by NR but according to the person my oh spoke to on the phone the other day was never set up.
What do we do? Definately can't afford to pay the o/s in one hit. Would we be best to ask to set up a monthly DD for the reduced amount again?
Thanks for all your help
The loan has arrears of £362.67 on it and he has cancelled his DD as each month it bounces and we get charged £35 from NR and £30 from Nationwide as a result of this.
The loan fell into arrears because I lost my (very) part time job in March and my oh has gone from being weekly paid to monthly paid because he changed jobs. His wages have also decreased and his hours have just been cut again to about 35 a week.
My oh had arranged on the phone to pay a reduced payment of £50 a month and this had been accepted by NR but according to the person my oh spoke to on the phone the other day was never set up.
What do we do? Definately can't afford to pay the o/s in one hit. Would we be best to ask to set up a monthly DD for the reduced amount again?
Thanks for all your help
0
Comments
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I would offer to set up the reduced repayment again but I would make the offer in writing so that it can't disappear and not be dealt with again.
He could also go ahead and set up a standing order anyway (SO not DD so he can control the amount paid).
They may ask to see an income & expenditure account before they agree to the reduced payments.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Thanks for your help Tixy. Have today received in post income and expentiture forms for NR to fill in and send back so they can consider our offer. We can also take a payment break on our mortgage so may well take this as it would clear the arrears.
What are consequences if forms not filled in and sent back. My oh is hopeless with paperwork and might take scare tactics to get him moving quickly!0 -
Hi Catspaws
Well you could tell OH that the next action by NR might be to take him to court and get a county court judgement against him (hopefully that might scare him enough to get a move on completing them , and it is a possibility that they would do this).A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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