Need help with letter wording

moosemazz

Hi Im new on here and just wonder if anyone can help with the wording of a letter to send with a Staute of Limitations letter .
The upshot is that our endowment has matured but the company are saying that we took a loan out in 1999 with Northern Rock and that they will withhold the bulk of the money to pay NR . After speaking to NationalDebtline , Ive been told that they cannot do this as the loan is statute barred because the first time we ever had any correspondence from NR was in2008 and according to NR as we had never acknowledged or serviced the loan it was already statute barred at that date .

We need the money to pay off our mortgage arrears l. like yesterday , as the policy matured on the 4th of this month we had already made arrangemnts with the mortgagees to make a hefty payment before the 16th to prevent us being repossesd.

National Debtline say they CANNOT pay any of our money out to someone without our consent and that they are beinng unreasonable and causing us undue stress by their actions and that we will pursue them for compensation in the event that we do get into difficulty and possibly lose our home .

I know I should have asked them for the wording but Id been on the phone for nearly an hour and my head was spinning
Can anyone assist please

Willing2Learn

Hi moosemazz,

There is a letter template at the bottom of the National Debtline Factsheet "Liability for debts and the Limitation Act".

You will have to tweak it a little to fit your exact requirements

fatbelly

Who is the company that you had your endowmwnt policy with and what connection do they have to Northern Rock?

Was this a secured loan and was the endowment linked to it?

Trying to get my head around this and not sure how the Limitation Act relates to it.

You're not in Scotland?

moosemazz

Willing2Learn wrote: »

Hi moosemazz,


You will have to tweak it a little to fit your exact requirements

I have that one , I just need help with the wording about how they are causing us stress and possible financial hardship (loss of home) with their actions

moosemazz

fatbelly wrote: »

Who is the company that you had your endowmwnt policy with and what connection do they have to Northern Rock?

Was this a secured loan and was the endowment linked to it? I havent got a clue , as the only paper work that has been sent to us is an enquiry form .

No payments ahve ever been made on this neither has any correspondence from LG ever been sent to us regarding anything .

Trying to get my head around this and not sure how the Limitation Act relates to it.

You're not in Scotland?

L &G , I havent got a clue how they are connected to Northern Rock , but having gone through everything with ND , they assure me that as the alleged debt relates to 1999 it is Statute Barred
Plz dont tell me different

Willing2Learn

fatbelly wrote: »

Who is the company that you had your endowment policy with and what connection do they have to Northern Rock?

I was wondering that too, but assumed National Debtline have all information during the hour-long phone call before advising the account would be statute barred. Are they part of the same financial group perhaps? If so, are they trying to set off the debit balance?

moosemazz

I should clarify this , it is actually NRAM , Northern Rock was the part bought by Virgin

fermi

http://en.wikipedia.org/wiki/Legal_%26_General#2000_to_present

In 2003, Northern Rock bought the Legal & General Bank and Legal & General Mortgage Services.

Willing2Learn

moosemazz wrote: »

L &G , I havent got a clue how they are connected to Northern Rock , but having gone through everything with ND , they assure me that as the alleged debt relates to 1999 it is Statute Barred
Plz dont tell me different

If the debt is statute barred, the debit balance would still exist even if though the debt is not legally enforceable.

I believe Northern Rock bought Legal & General banking and mortgage services about 10 years ago. Don't know if that remains the same or if it was sold or anything.

Edit: Fermi has linked to an entry in Wikipedia but Wikipedia is not a trusted source and may well be wrong or out of date. I recommend contacting National Debtline for further advice, guidance and clarification.

fatbelly

If you're in England/Wales, the debt still exists. It may be unenforceable in court under the Limitation Act but it's still a debt.

This was just a personal loan? not secured by a charge on the property.

moosemazz

fatbelly wrote: »

If you're in England/Wales, the debt still exists. It may be unenforceable in court under the Limitation Act but it's still a debt.

This was just a personal loan? not secured by a charge on the property.

Its alittle more complicated than that
In 1988 my partner and I took out the endowment in 1989 we married and informed LG and building society of situation

In 1998 we moved and rented out the property between then an 2007 when we sold it .
In 2008 I recall a letter arriving from Northern Rock saying we owed ££££ interest on a mortgage asking for a cheque to be attached to the letter and sent to them . As we had never had any business or accounts with NR we thought it was a scam as it was addressed to my maiden name . This being some 20 years after my marriage .

We didnt get any more letters as far as I can recall .

Our policy matured at the start of this month and I contacted LG to see what we should do .
Speaking to them , they still had me down in my maiden
name ?
The woman then mentions that a loan for £3600 had been taken out in 1999 at our old address . First I new about it .
Maturity pack arrives and the £3600 ;loan had suddenly jumped to £10500 ?????????

I rang them immediately and freaked out , I asked them to provide paperwork relating to it . What they have sent to me is what appears to be an enquiry form from our old address but nowhere on it does it say anything about a loan being agreed or the like .

We vehemently dispute this . But the craziness goes on , I spoke to another person and they are quite happy to verify us over the phone for payment of any money to Us . If thats how lax they are then Im not surprised by anything