Need advice....

slenderkitten

Sorry i don't know where to put this.

I was made redundant in 2004, i had two credit cards one is for Natwest and this is the one i want advice on.

I have been paying £1.50 token payments (less than £1500 owed) to NatWest for 8 years by standing order for the credit card, its never been sold on they have kept it in-house, they have frozen interest rates/charges.

I recently moved and have my post from my last place on redirect there was a few days where the redirect had stopped it is now back on. i received the latest monthly statement asking me for more which normally happens after they send me a letter to review my payments i had been ignoring these as i am not in a job. so they put minimum payments back to £1.50 after one or two more statements.

I had not received a response to my letter of three weeks ago, whether one was posted to my old address and the new tenant had put it in the bin etc i dont know.

I know that if i had entered into a formal IVA arrangement that my debts would have been wiped off after 6 years anyway and that any amounts they get would be significantly less payments, seeing as this has gone beyond this, my defaults are spent.

I am sick to death of paying it i get the statement and have kept ALL of them i have a folder of them.

I want to know what i should do I really want to get on my life, i have had alot of trauma. I had hoped that they would have agreed to wiping off the debt, they haven't had reason to contact me for late payments etc so can see that i have kept my word about paying the token amounts.

Could I ignore it and not acknowledge it, i know after 6 years of not acknowledging the debt that they would stop pursuing, i really don't want to give my new address, though they could check and find out on my credit file. I want to point out that i haven't cancelled my payments as i want it in writing from them that they will write it off.

I have heard that there is a government scheme where people could have 70% or more wiped off their debt for debts of £1500 or more.

By the way i haven't called them for about two years and have no ccj just the two defaults which should have gone by now.

What should I do...?

Bravehearted_2

And why would they wipe it off?

If you stop paying, they could get a CCJ.

It's over £750, so they could make you bankrupt in theory.

There is no such government scheme to get debt that you got into by the way wiped.

I doubt you're going to get advice on how to get out of your debt.

slenderkitten

Bravehearted wrote: »

And why would they wipe it off?

If you stop paying, they could get a CCJ.

It's over £750, so they could make you bankrupt in theory.

There is no such government scheme to get debt that you got into by the way wiped.

I doubt you're going to get advice on how to get out of your debt.

i think you are being abrupt with your response.

because some do get it wiped off of after 6 years people on iva do get theirs wiped and they owe significantly more than i to even get an IVA agreement, seeing as mine is 8 years and that i have been responsible in paying it all this time. the other company havent chased me for payment for nearly 2 years as they know that my situation hasn't changed in all these years. i have had information from a person who ran his own busines writing to these companies which is why i say what i said above. I just wanted a public perspective on this.

Bravehearted_2

No they don't just get wiped off after 6 years.

What you are referring to is statute barring, whereby lenders cannot legally enforce a debt if you haven't paid or acknowledged a debt in 6 years or do not have a CCJ.

You have been paying for 8 years as you should, so this is not statute barred.

Your only legal option to stop paying is bankruptcy. The word of mouth you heard from your friend is inaccurate.

meer53

Why not just contact them to negotiate a settlement figure ? It won't be written off. I think you misunderstood the information you have been given.