Natwest Loan

lkman

Hi,

I thought it best to send a final letter to AIC before I cancel the monthly payment to them.

The letter read as follows:



I write with reference to the money which you are claiming on the above account.

This is now the third letter I have written, of which the second letter is included, as you advised me to send to NatWest directly, which they have stated (enclosed) you are dealing with this account.

I have also enclosed correspondence from NatWest from 2009 stating that they are unable to pursue the debt as they do not hold a valid loan agreement, thus rendering this account irredeemably unenforceable. Please can you provide me with the original signed agreement or a recreated agreement with the accuracy needed based on the original agreement and displaying the relevant personal information. I trust that you will consider my offer based on this information I put in front of you and what information you have on file.

I can confirm that I am unable to pay the money which I owe in full and I have been in a Debt Management Plan since 2009 and a contribution of £61.78pm is being credited to this account. My circumstances haven't changed and I can only continue to pay this amount.

However, I can raise £800 via a family gift from my father and I want to offer this as an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.

I also request that, if accepted, you make an entry on my credit reference agency files relating to the above account as having been paid and the account closed.

Payment can be made within 14 days of receiving your written agreement of this offer and method of payment.

I look forward to hearing from you.



This letter was sent on 26th October first class recorded delivery and to this day I have had no reply, nor phone call. Is there a period in which I have to wait for a reply, or can I simply cancel the payment? Would you advise me calling them asking why they haven't replied???

I have obviously already had a default registered from Natwest back in 2009 for the debt, which has now dropped off my file, so from my understanding they cannot do anything else. Please can you confirm?

sourcrates

Ikman,

Why are you doing this to yourself ?

The account is iredeamably unenforceable, yet you persist in keeping it alive.
Your asking the same questions over and over again.

You don't have to pay it, there is nothing they can do about it.
That should be end of story, you might as well just pay them all your money as you seem unable to grasp what unenforceable means.

I'm sorry to sound pedantic but sometimes I just want to bang my head against a wall lol !!!

lkman

I know what you mean and I was just making sure. I didn't want any repercussions. Thank you for your feedback.

On another note, I have a credit card with NatWest with 14k outstanding and I pay £37pm via dmp. I offer them £2,800 last month for F&F but they declined. When do you advise I increase my offer and to how much??

sourcrates

lkman wrote: »

I know what you mean and I was just making sure. I didn't want any repercussions. Thank you for your feedback.

On another note, I have a credit card with NatWest with 14k outstanding and I pay £37pm via dmp. I offer them £2,800 last month for F&F but they declined. When do you advise I increase my offer and to how much??

Depends on a whole lot of different factors, how old the debt is, do they have paperwork, more detail needed on that one.

lkman

debt is in the same period i.e. from 2009. default was registered in 2009 and i have been paying £37pm since then. its a standard credit card debt so yes they have all the paperwork. i worked out it will be 31 years at £37pm in order to pay back the debt lol, thought they may have considered my offer.

swampduck

When you stop paying the 62 quid a month - just put it to your other debt. That will then go down faster! In fact 12 years should do it!! That beats 31 years hands down!!

Swampy

lkman

yeah but this doesnt help as i dont want to be paying it for 12 or 31 years. plus surely if i up the payments the lender will then want a higher F&F as of course the debt would be paid back sooner.

sourcrates

lkman wrote: »

yeah but this doesnt help as i dont want to be paying it for 12 or 31 years. plus surely if i up the payments the lender will then want a higher F&F as of course the debt would be paid back sooner.

How much debt do you have in total, that's enforceable ?

There are other options, such as a DRO, or even Bankrupcy, depends how much you owe, and if you own a house or not, if you don't want to be paying back debt forever, and who does, these two options are, fairly serious, but will get you debt free quicker.

lkman

14k of enforceable debt and that is with this natwest the credit card. Once that is settled then that's it, hence the reason why I would like a F&F.

sourcrates

lkman wrote: »

14k of enforceable debt and that is with this natwest the credit card. Once that is settled then that's it, hence the reason why I would like a F&F.

How much can you afford to put towards it in total ?