happy to go to court (i think)

Tuscan

was having a count up today, in 2005 i owed natwest £25000, since then ive payed then nearly £5000 as part of a dmp, i now owe them £27000 as they wouldnt freeze the interest:mad:

In_Search_Of_Me

why dont you get in touch with CCCS etc to get some advce & start a formal DMP? Much more likely to get them to freeze interest that way...also post your SOA & pepys here can help you save dosh! Being taken to court should be your last resort if at all poss...

squirrel_pigeon

Getting a CCJ/Charge may be a positive thing in that case cos as long as you read the paperwork carefully the interest should definitely be stopped.

Tuscan

sorry my pc crashed before i finished typing

i am with CCCs and have been on a dmp since 05, ive payed in 14k but only 8k has come off my debt because of natwest

natwest has said either pay them £500 a month (currently £200), or they will take 17k as a settlement. i cant do either without getting into more loans, which they have told me to do..

so they are threating court action and are after a C/O, im thinking this is my best option unless i borrow againts my home which isnt good and my wife who is the joint owner wold'nt want unless we were really forced into it..

my total debt is approx £66000

squirrel_pigeon

I think you posted something about this elsewhere... Speak to CCCS about other options. Depending on how much equity there is in your home, an IVA may be an option, which would stop all interest. Best to give Client Support a call tomorrow though as they will be able to advise you better.

Tuscan

yes i did post asking about charging orders a few days ago.

i have spoken to cccs and they said to wait and see what natwest do next, but its only today that a toted up just how much they have charged me in interest..

squirrel_pigeon

Have they ever discussed other options with you?

Tuscan

no not yet anyway, to be honest im not happy going down the iva route or b/c from what i have read about them, im currently paying £570 on my dmp which is now going upto £640 and originaly was about £450 so have raised my payment each year and dont have a problem meeting the payments..

we do have a fair amount of equity in our home but its not all mine as my wife is the joint owner, we could try to borrow againt the house but we are not keen to do that especialy as i have a baby due in the next few weeks..

the plan was to hang on for another 3-5 yrs them release some equity when we have payed more off the debts and mortage

rayday2

IVA will ruin your credit history more than a CCJ or Charging order. If they don't take you to court have you thought about taking them to court? its an option!

squirrel_pigeon

Ah - if you have a major change in circs coming up then you are best on the DMP anyway.

All Natwest can do is attach the debt to your house. And even then it will only be on your half of the equity if it's a sole debt. Nobody is going to make you sell it. At least then the interest will stop and they will go away. All it means is that when you remortgage to release the equity, you will have to clear that debt in full.

Creditors make Charging Orders sound more scary than they are. It's serious, don't get me wrong, but it could be worse...
xxx

Tuscan

yes thats what i was thinking, and as its my biggest debt and close to half of my total debts then it will be good to get in sorted long term, im not bothered about ccj's as ill never want credit again apart from a mortage, and with a lot of equity that wont be a major issue and we would clear all the debts at the same time. worst ways we are happy to stay in the house we have as its quite nice...

we do have a big change ahead with the baby but money wise will shouldnt be to much differant for about a year, then my wife may have to go back to work partime
we can have a mortage break for upto a year so im hoping to tru to pay some extra off the debts..

i do have my own small ltd company (building trade) which is doing ok as long as work keeps coming in, ive been self employed for over 15yrs so well established, the up side to this is i do from time to time get a little extra money that i try to save for the not so good times.
thanks for the advice its very welcomed

T