Advice regarding DMP - court action

Incognito212

Hey all, firstly would like to thank you all for your help and advice, its really appreciated.

My situation now is i have been waiting for my debts to default some have and they have been purchased by a DCA which i have agreed affordable monthly payments to,

My NatWest loan is my largest debt totalling to £65,000, they transferred the debt for collection to Drysden solicitors whom i have been in contact with and are threatening with legal action,

I completed a I&E form with them an they agreed to accept £50 a month on an informal basis for the time being until i can offer more and clear the debt in a reasonable time frame, they are proceeding to legal action with an intention of applying a CO on my home which is jointly owned,

I have read on the thread the CO myths that they cant place a CO and it is more of a restriction as this debt only applies to me,

My question is what should i do now? As its still early and i haven’t received any court letters or pre action letter, Should i possibly look at an IVA to stop court action and a more suitable option to be debt free within 5-6 years,

Any help is much appreciated 

Thanks in advance 

fatbelly

If they want to go down the court route then let them.

A restriction isn't a lot of use to them, though they may feel better with one.

65k is very large for an unsecured loan. I am surprised they let you borrow that much. Have you considered an affordability complaint?

Incognito212

Thanks for your reply fatbelly,

I have made a complaint to NatWest and they have sent me their final response, stating that they agree with there checks etc.

i will now be escalating the complaint to FOS

I was thinking of waiting for the pre action letter and maybe going through courts to get something agreed and see how that plays out