Natwest Loan=Triton DCA

BarneysBonce

Hello All,
1st time here but over the coming weeks and months it wont be the last.

A bit of my background, self employed tradesman who has basically come to the end of the line me thinks, there is just no work coming in at the moment and things are very bleak.....

18 months ago i took out a Natwest business loan for £9500, now the money was not for all of business, although i did get a new van out of it, the rest went on home improvements and a holiday.

I started the payments at £300 a month, i could afford it, my girlfriend was living here contributing and i had work coming out of my ears.

6 months ago, she left, work started drying up big time, and the mortgage went up.

Natwest did not want to know, full stop....

I am currently not recieving any benefits whatsoever, in the back of my mind i think the phone calls are coming in, i am doing up my loft room and a box room to hopefully rent out, so at least the mortgage will get paid.

Now i have been put in the hands of Triton for about a month, i have had about 5 letters, i am not going to phone them, i cant put off any longer so am about to write to them later today, any advice and help would be massively appreciated, i owe £8000.

Thanks in advance

NorthernLas

I'm not sure if this being a business debt complicates things. Essentially you need to work out a budget and decide what you can pay back (probably easier said than done).

There are several charities that can advise on debt (CCCS , National Debtline) https://forums.moneysavingexpert.com/discussion/2077631

Business Debtline may also be able to help http://www.bdl.org.uk/content.asp?sid=16

National Debtline have lots of sample letters that you can use e.g. to write and offer a token payment while you seek advice.

http://www.nationaldebtline.co.uk/england_wales/

BarneysBonce

Northernlass
Thankyou for taking time out to reply to my post.
I hope you dont think Dont i am being ungrateful, but its not really the reply i was hoping for.

I have heard of them other organisations, and if i really have to,
I will make contact, just for the time being though, a little practical advice off any experienced forum members from moneysavingexpert would be a great start for me....thanks again...

Anybody Please?
I have to write this letter soonish, i was thinking of offering £50 per month, I will struggle with that as well, what do you think?

BarneysBonce

anybody? please

downnotout

Have you done a statement of affairs?

BarneysBonce

downnotout, No.
What is a statement of affairs?

by the sound of it, it sounds like your ingoings and outgoings, is this right?

AGB863

just for your information Triton are Natwest in disguise - it is the name for their in house collectors

yellowmonkey

BarneysBonce wrote: »

downnotout, No.
What is a statement of affairs?

by the sound of it, it sounds like your ingoings and outgoings, is this right?

It is. Find it here

http://www.makesenseofcards.com/soacalc.html

Fill it in and post it and the goodly people will help you cut back where possible.

Had a few dealing's with Triton and they do not have much of a clue really. Offer what you can afford and STICK to it no matter what they try and make you pay. They come around in the end

barbiedoll

If you need to offer reduced payments, they are going to want to know why and they will ask for a Statement Of Affairs (SOA). You can do this yourself or go to one of the debt management services, who will do it for you. But either way, it will affect your credit rating. Try to put all communication in writing, if you call them, they will hassle you for more than you can afford. It wouldn't hurt you to see your financial situation in black and white, it can be an eye-opener. But you sound as though you know that you have a problem and you are clearly trying to improve your situation. You should try to negotiate a payment plan with Triton but many of us have found it easier to ask someone else to speak on our behalf. Of course, if you post a SOA on here, we can suggest ways of helping you to find the money. And if you can't afford to pay £50, don't offer it. Offer what you can genuinely afford and make sure that you pay regularly. Creditors will usually leave you alone if they keep getting their money, it can be hard at first though. Personally, I have found my DMP plan to be a lifesaver. And I've found loads of excellent advice on here, you've come to the right place. Good luck!