Debtors lawyer offered to file complaint against bank they were representing?

ColdPizza

I finally plucked the courage to call and reply the letter before action... I emailed and was sent an email with the file to fill and send.  Today I called. 

They refused my offer of £50 per month, stating it would take to long to clear the 25k debt, my hope was that they would accept and I could overpay when possible, and ideally my situation improves and we increase in several months. 

They also said that based comments I wrote about how I got into debt etc they could raise a complain against Natwest, but Natwest would be investigating itself as they can't.. Long story short my first ever loan was 12.5k while I was on JSA in 2019, I managed to pay it off, stopped JSA, but then became loan dependent and started using high margin day trading to fund my life, and resorting to loans whenever I lost. My grudge with Natwest is that 1) they offered me 12.5k when I was on JSA, and then once my loan was paid off, they constantly kept offering me another loan I kept seeing the "want another loan" on the app, and "you're pre-approved for a loan" 

Anyways, if the guy is right. Would I be better off going to Omsbundman? 

Also he said next action for my debt is likely court, where they would look to put a charge on my property. I don't own a property. Although I do have a 25% share in my parents property can they touch that?

born_again

ColdPizza said:

I finally plucked the courage to call and reply the letter before action... I emailed and was sent an email with the file to fill and send.  Today I called. 

They refused my offer of £50 per month, stating it would take to long to clear the 25k debt, my hope was that they would accept and I could overpay when possible, and ideally my situation improves and we increase in several months. 

They also said that based comments I wrote about how I got into debt etc they could raise a complain against Natwest, but Natwest would be investigating itself as they can't.. Long story short my first ever loan was 12.5k while I was on JSA in 2019, I managed to pay it off, stopped JSA, but then became loan dependent and started using high margin day trading to fund my life, and resorting to loans whenever I lost. My grudge with Natwest is that 1) they offered me 12.5k when I was on JSA, and then once my loan was paid off, they constantly kept offering me another loan I kept seeing the "want another loan" on the app, and "you're pre-approved for a loan" 

Anyways, if the guy is right. Would I be better off going to Omsbundman? 

Also he said next action for my debt is likely court, where they would look to put a charge on my property. I don't own a property. Although I do have a 25% share in my parents property can they touch that?

You would have to log a complaint with Natwest before doing anything else for unaffordable lending. If they decline that, then you could go to FOS.

ColdPizza

Realistically how screwed is my situation? 
25K Natwest
1.6K Amex
3.8K Lendable
5k Nouvono 
2k MBMA 
5K PLUS Maddison 
4k Paypal 

1K Council tax 
4.6k two months rent arrears from a place I moved out of

I was making money for 6 years. But since last year everything has gone wrong and now my money is literally £300 a month. 

sourcrates

Let them take legal action, the monthly installment order is set by the court, not the creditor, so if your budget shows you only have £50 available, then £50 it is, ignore what the lender says.

If you want to make affordability complaints, there is a full guide here:

Debt Camel · Answers to questions about debts and credit ratings - in plain English!

You might be better off filling in a complete statement of affairs so we can see the bigger picture, I`m not certain how your 25% share in your parents home will affect which debt solutions are available to you, otherwise I would advise you go bankrupt and start afresh.

Others will be along to comment on that hopefully.

SOA calculator is in my signature stoozing.com.

ColdPizza

sourcrates said:

Let them take legal action, the monthly installment order is set by the court, not the creditor, so if your budget shows you only have £50 available, then £50 it is, ignore what the lender says.

If you want to make affordability complaints, there is a full guide here:

Debt Camel · Answers to questions about debts and credit ratings - in plain English!

You might be better off filling in a complete statement of affairs so we can see the bigger picture, I`m not certain how your 25% share in your parents home will affect which debt solutions are available to you, otherwise I would advise you go bankrupt and start afresh.

Others will be along to comment on that hopefully.

SOA calculator is in my signature stoozing.com.

My situation in perilous at present. But I am an optimist. 

I moved back with my parents, I am both incredibly grateful and fortunate but also feel ashamed. 

I make about £300 a month. Costs are low as I dont have much of a social life anymore   
Phone £20, Netflix £12, Prime £8, Netflix and Prime I would get rid of but my dad watches and it's the least I can contribute. 
Travel around £20, 
Haircut £15-20
coffee during long walks £30 a month 
Rest goes on cigarets, uber taking parents to appointments etc 

ManyWays

sourcrates said:

You might be better off filling in a complete statement of affairs so we can see the bigger picture, I`m not certain how your 25% share in your parents home will affect which debt solutions are available to you,

It would rule out bankruptcy and a DRO. 
Could we see an SOA? Listing your share of your parents' house as an asset and with a note saying which debts you have made affordability complaints about and what has happened to them? Also your thoughts on your future income and housing situation going forwards.

ColdPizza

Income: £300 a month.   
Phone £20,
Internet Services: Netflix £12, Prime £8,
Travel around £20, 
Haircut £15-20
Entertainment, £50 
Groceries, £50

Nothing else owned 

Debts unsecured 

25K Natwest  
1.6K Amex
3.8K Lendable
5k Nouvono 
2k MBMA 
5K PLUS Maddison 
4k Paypal 

1K Council tax 
4.6k two months rent arrears ( not living there any more)

I took on a lot of debt and was stupid but was paying it off easily until July last year. Then personal things happened and I lost control of life. This year it just seems every thing is going against me and every time I try to get back on my feet something goes wrong. 

ColdPizza

Just one point would I have been better off dealing with Natwest or one of their debt collectors, because I have read cases of Natwest accepting £1 to £5 repayment plans for loans of around £12k, so for Ascent to decline my offer of £50 a month on the grounds that it would take too long to pay off seems like maybe its more about them being lawyers? Can I still contact Natwest or have they fully washed their hands of this?

ManyWays

Nothing else owned 
except 25% of your parents house???

why is your income so low? are you looking for a job?

which of the debts have you made affordability complaints about and what is the statuts of those complaints? 

Altior

It seems pretty implausible that a mainstream lender would support a loan application for a £12.5K loan based on a total income of less than £400 pcm. 

What did you declare your income on the original application as, and the purpose of the loan? What was the interest rate and monthly repayment amount?

I'm sure that others will confirm that your council tax arrears are very much a priority. 

ColdPizza

Altior said:

It seems pretty implausible that a mainstream lender would support a loan application for a £12.5K loan based on a total income of less than £400 pcm. 

What did you declare your income on the original application as, and the purpose of the loan? What was the interest rate and monthly repayment amount?

I'm sure that others will confirm that your council tax arrears are very much a priority. 

The 2019 loan, which is paid off, was I think 16%, monthly repayment was around £275.