Loan Repayment - Nasty Phone Call

crysta1010

hi
we have a loan with abbey for £130.00 a month which we can't make the full payments on. We offered them £50.00 a month which they accepted for 2 months. They have now passed this debt onto 1st Credit who have just phoned my husband at work and threatened to take the house from us. He said the man asked if his parents could pay the loan off !!! (yeah right). The amount we still owe is £11,000 and can still only afford £50.00 per month.
Have been on the National Debtline website but not sure what to do.......

Please can anyone help ..........

~Beanie~

Is it a secured loan or unsecured? How long have you had it for / how long is left?

crysta1010

hi

it is an unsecured loan which my husband took out in his name only 2 years ago, and it was over 8 years payment.

crysta1010

ANY HELP WOULD BE APPRECIATED

alwaysonthego_2

Hi, first thing do you bank with the Abbey i.e personal accounts?

You need to do a monthly expenditure sheet, listing your incomings and outgoings and send it on to the DCA with your offer of payment. Make sure you offer them what you can afford to pay otherwise if you miss any payments negotations are harder to reach

Auzelia

how can they threaten to take your house if its an unsecured loan?

Tell them what you can pay and send them a list of your incomings and outgoings

terryw

Auzelia wrote: »

how can they threaten to take your house if its an unsecured loan?

Tell them what you can pay and send them a list of your incomings and outgoings

If a court judgment is obtained, it is a straightforward task to obtain a charging order on property owned by the debtor. As you suggest, far better to come to some agreement about repayment.

terryw

Auzelia

terryw wrote: »

If a court judgment is obtained, it is a straightforward task to obtain a charging order on property owned by the debtor. As you suggest, far better to come to some agreement about repayment.

terryw

I see thank you.

Still getting used to all the legal stuff they can do.

crysta1010

terryw wrote: »

If a court judgment is obtained, it is a straightforward task to obtain a charging order on property owned by the debtor. As you suggest, far better to come to some agreement about repayment.

terryw

I have sent 1st credit a personal budget sheet and offered them £60 per month today, also offering 1st payment on friday by debit card. I only received their first letter yesterday asking me to come to some payment arrangement with them, then they phoned my husband today asking for full payment or court proceedings will commence.

I can't believe this is happening........

What do i do if they don't accept this offer....

punked

crysta1010 wrote: »

I have sent 1st credit a personal budget sheet and offered them £60 per month today, also offering 1st payment on friday by debit card. I only received their first letter yesterday asking me to come to some payment arrangement with them, then they phoned my husband today asking for full payment or court proceedings will commence.

I can't believe this is happening........

What do i do if they don't accept this offer....

Hi, this is my first post

I have an on going thing with 1st Credit for a Lloyds loan for which i will post up about in a minute. There first phone call to me was all or nothing, pay the money or go to court. This (in most cases) is a tester to see if you're able to pay. They then phoned back a week later with an offer of a semi sizeable lump sum (multiple hundreds) and repayments to which i phoned back and told them it wouldn't be possible. They then phoned me onece again with two offers, one for a smaller sum of money up front (which i still cant afford) and repayments or repayments over two years which is multiple hundreds and no lump sum.

The initial call (in most cases, but please don't take my word for it) are scare tactics.

I havn't a clue what to do next, but good luck!

punked

Hi,

I've just got off the phone with the nationaldebt helpline, all they basically told me to do was to send them my balance sheet and get there bank details (just phoned them and asked, they gave me a reference for the payments) and also send them your offer and start paying, regardless if they accept it or not, they will try and send you letters saying it's not enough etc etc but just keep up with the payments you outlined in the offer.

1st credit are the same as any other loan company and have no special legal powers, all they can do is file for a CCJ which isn't your best option as you have a house.

They threatened to make me bankrupt which is a load of rubbish as I have next to no assets and if they did would cost them the best part of £500 to do so and would also write off the debt I owe to them.

Them taking me to court would be useless too (again I have no assets) and the balance sheet will outline the same costs as the one I sent them.

I hope this helps you somewhat and eases your worries.