Rockwell 20k Loan Update Query

Kalinikta

I posted another thread recently about a 20k loan I have with Santander, ive fallen way behind with the repayments and they passed it to Rockwell Debt Collection Agency to "collect on their behalf".

I phoned Santander today, and in actual fact they have sold the entire loan to Rockwell.

So, my question is for all the knowledgable ones here, what do I do next?

I have had two letter from them asking for payment in ten days, but nothing more than that.

I have no intention of paying Rockwell.

Over to you...

(Thanks in advance )

nottoolate

Kalinikta wrote: »

I have no intention of paying Rockwell.

they now own the loan. so you pay them.

DarkConvict

If Rockwell own the loan, they must send you a notice of assignment, this is proof they are now the legal owners. Generally you get one from the old and new owners. This NOA is a written letter.

If Rockwell are the owners, then the terms of your agreement are still the same as with santandar, however since you have defaulted the terms generally are they will ask for the full repayment. This is generally done so they can get a CCJ for the full amount.

If you do not pay, it is possible that rockwell will obtain a CCJ against you for failure to pay. If they win and you do not keep up CCJ repayments, or fail to attend the CCJ hearing at all. Bailiffs will be issued. Bailiffs will add their own charges for the visits and removal of goods. It would be in your interest not to let it get to the CCJ stage, although since it is defaulted it is rockwells choice if they apply for a CCJ, you can't stop that. The only options you have now are to either make payments and (maybe get a CCJ but) avoid getting the bailiffs, or still don't pay and get a CCJ + Bailiffs.

If you are really worried, i urge you to ring CCCS or National debtline for professional advice or at least some moral support on how to handle it. Debt collectors are not nice, they are highly driven by profit and use illegal and immoral tactics to get you to pay. So long as you know what they can do, and how things can proceed you can at least be prepared.
If you are massively behind on payments, i.e. your income is just not high enough then a DMP maybe a suitable option. However if repayment would take exceeding 6 years and bankcruptcy would not affect your job/career that could be an option. But as above you need to get the free professional advice from here - https://forums.moneysavingexpert.com/discussion/2077631