final notice

roddie1524

i have recieved a final notice letter this morning from yorkshire bank collections centre with a legal proceeding threat,i have sent them a letter previously with a £1 postal order, as a token payment ( recorded delivery) explaining i cannot pay my loan of £14,240 and am seeking help.i am on jobseekers allowance after being made redundant 16 montha ago. i have also recieved a DRO pack that i am considering.do i ignore the letter or send them an e/mail. thanks for any advice.

Tixy

Hi roddie.

How long ago did you send your token payment?
Is this your loan your only debt? If not are all your debts under £15k in total?
How far are you into looking into a DRO? if they are still adding interest & charges then this debt will be increasing and getting nearer to the £15k limit.

roddie1524

hi! i sent the token payment last saturday,with a letter asking them to freeze the charges and yes this is my only debt. they have not responded to that letter but sent the final notice one.

fatbelly

Sounds like a nice simple DRO, then.

Either that or 14,240 payments of £1 over 1186 years (and 8 months).

roddie1524

what happen's if i get a job while the DRO is going through,

fatbelly

If your situation changes during the 12-month morotorium period, so that your surplus income becomes greater than £50 per month, you should tell the DRO unit.

Unless you definitely know that you are about to start a high-paying job, I wouldn't let it stop you from going for the DRO.

DarkConvict

I agree, DRO sounds like the way to go. Under £15k debts and less than £50 surplus with no assets.