My northern rock loan took over by marlin Europe !!!

alfie10

Got a letter today saying marlin Europe have took over my 20k unsecured loan from Northern rock,..... I have had the loan for about 5-6 years, but have only been paying £2 per month due to being in financial bedlam !!!!!

In the letter it says I must contact them in the next 5 days!!!

When I took the loan, it was in the days when the banks were chucking money at you, I would be lucky to get £200 now!!!! Looking back , I had no way of paying back the money I borrowed , I was younger and silly for taking the loan.......

And now my life has been turned upside down with two young children, one who is disabled, and to be honest I don't have a penny spare to pay more of the loan back....

Are marlin Europe going to send the bailiffs round, take me to court etc,???what can they actually do????

Not sure what to do next!!!! Should I ring them?

Hope someone can help

Apples2

They will want to review your financial position.

How long have you been repaying £2 per month?
It seems reasonable that they should discuss this with you to see if you can pay more.

They won't send bailiffs around (not yet anyway).
they could go to court and issue a CCJ against you but if all you have is genuinely £2 per month, that is all the court will instruct you to pay anyway.
It makes the whole CCJ process pointless.

Regretting your past mistakes is of no consequence, you requested it and you spent it. Now you need to deal with it.

They can't take more than you can reasonably afford so it isn't worth getting stressed about.

alfie10

Hi , thank you for your reply,

I have been paying £2 for 4-5 years, morthern rock even offered me a chance to clear the loan for £5k when I asked... But it would seem that even if I had done this they could had sold the other 15k on, !!!!!! Which I didn't realise they could do!!!

I've been reading a few horror stories about marlin Europe on the Internet !!!!

alfie10

Is the first job to ask for a CCA?

Apples2

You mean a SAR (a breakdown of everything you have paid and they have charged).

If you had paid the £5k in Full & Final settlement of the debt, that would be the end of it, there is no additional £15k to sell on.
It is only if you make a partial payment of £5k that you would be chased for the rest. The key term is Full & Final (the offer will be in writing and valid for no more than 30days)

fermi

alfie10 wrote: »

Is the first job to ask for a CCA?

---> Getting information about your credit agreement

Tommytt

I have had the same letter and having spoken to Marlin my once secured loan of £24 per month over 20 odd years will be subject to being reviewed as it is now effectively unsecured and I will probably have to pay more. So basically I make a contract with a company who then they can't run their business properly so sell my debt to someone else and I am punished as a result!
Also no warning letter from NRAM

bargainbetty

If a loan is assigned, the new owner of the agreement is entitled to request a review of any repayment arrangements. Provide them with a statement of affairs demonstrating that you are paying them a fair proportion of your disposable income (use the forms on the National Debt Helpline) and make sure that you continue paying. They might ask for more, but as long as you communicate with them and are honest about the numbers, they can't do a lot more.

They cannot take money you do not have, but you must communicate with them.

Tommytt: you don't have to receive a warning letter, just a notice of assignment.

alfie10

I will give them a ring tomorrow , and see what they have to say