Boo hiss to Nationwide

johnno41

Hi there,

I am just recounting my story to say how good CCCS are and how miserable Nationwide have been.
My wife and I have moved to NZ just over a year ago. Our plan was to sell our house and pay off our debts leaving a clean slate. We didn't realise that the world's finances would go belly up and therefore we were unable to sell our house.
We were committed to go by then and for a year we paid our creditors from a rapidly dwindling pot. We made the decision that we would not renege on those who lent us money and we asked for help from CCCS who have been great. We have not ever been behind on payments to anyone.
We are able to make payments of £519 a month to 9 creditors on an outstanding balance of £38k which should take 6 years and 6 months to pay off, from a combination of some excess from the house rent and our earnings.
However, despite us making a payment of £125 a month to Nationwide for the last 4 months, they have decided to take us to court. We realise this is their right to do so, but I cannot for the life of me understand why! We don't have any more money available but they say they want more. Every other creditor we have, to their enormous credit have been very understanding and helpful, as I think they've seen us trying to be proactive and not default/not pay what we owe.
I do not know what Nationwide hope to achieve, maybe a bankruptcy in which no one gets anything as our house has no equity in it.
Boo hiss to Nationwide, who could not lend us enough when it suited them, and may ruin it for every other creditor we owe.

Thanks for reading this.

All the best to all of you trying to get rid of this terrible debt burden.

JS

BringtheStoneshome

Unfortunately the finance people who, seemingly, have no knowledge of finance are now acting like idiots and in a total panic. As such they are acting with no rationality whatsoever. Keep speaking to them and argue if necessary. Point out that if they do carry on you will end up in bankruptcy and when you do you will make sure they get nothing. The greeedy twots might actually get the message.

To my mind there are a lot fo us that have been misold mortgages. If I had been given the full facts from the banking system about what was going on then I would have certainly thought differently about getting a mortgage in 2007. Luckily for me, I am a little cautious about debt and we never took up the £140k offered us, instead taking only £106k and a lesser house. That extra £150/£200 will prove invaluable.

If they do force bankruptcy upon you then please do not pay them a penny and only pay the people who have been decent about things. After all the finance companies have caused the problems, we have all bailed them out and our reward seems to be the goalposts being shifted so we are left in dire straits. I hate them and am paying off debt as fast as I can (never taking it up again). I am also actively promoting the credit union in my area because each new member might be another one not contributing to our diasterous banking 'experts'.

The veyr best of luck to you.

BTSH

dancingfairy

Hopefully they will just get a judgement that says yes you do owe the money but the judge will see you are paying all you can and orders you to contiune doing so.
Hope it goes o.k for you.
df

GeorgeUK

Are they aware that you no longer live in this country and that the house has negative equity?

If they are aware of this and are taking you to court, they're mad in my opinion.

As you live in NZ, they cannot pursue you for debts in the UK. They can try to get the money from your assets in the UK, but if this is only a house that is in negative equity then there is no chance of them getting anything.

Are you able to save any money right now? You may be able to offer reduced full and final settlement on the debts which could clear things quicker - just make sure you get written confirmation and that it is not a partial or short settlement.

johnno41

Hi there,

No chance of extra money so that option is gone I'm afraid. I think they can chase debts here but we don't want to go down that path. To be honest bankruptcy in the UK wouldn't bother me but defaulting would as we may visit family over the years and last thing you want is to be arrested at the airport. I borrowed the money and I will pay it back. I just hope that as dancingfairy said, the court will hopefully see reason and we will just continue as before.

Cheers,

JS

johnno41

Hi again,

Just an update. This is almost beyond belief. We have had our hearing and the court have set our payment at £340 a month- that's £215 more than CCCS have determined and £51 more than the original payment with the Nationwide! They are now to get 2/3 of our monthly excess when we owe them 1/3 of the outstanding debt! As I said, beyond belief. I have no idea where the court thinks we will get another £215 from a month and since we can't, the other creditors will just be getting less.

I don't know who to dislike more, the Nationwide or the Law.

Boo hiss!!!

Regards to all except the above,

JS

danielanthony

Sounds like you got a CCJ, although you 'should' pay this you wont be arrested if you don't. Charging order on your house or deductions from your salary are the weapons of choice for a CCJ. As neither of these apply to you I would suggest carrying on as you are, Nationwide could apply to make you bankrupt but from my reading on here as you are paying £519 per month I don't think they'll have much chance.

Besides, if Nationwide do force you to go bankrupt, all your debt will be wiped off and you can keep the £519.

lemma1968

I am assuming that you did not attend the court hearing?

Did you fill in the means forms and tell them about the DMP etc?

If you did then that was a nasty District Judge who did that to you. Most would only make you pay what you can afford if you can prove your income and expenditure.

Boo Hiss! x 100