Thanks for the heads up guys. Luckily we have a lloyds basic account setup and the wifes wages go into that so theres nothing in our personal account now with Natwest as i expected they would do something like that. Im just trying to work out what the process is gonna be if they remove the overdraft. Will they be demanding a lump sum payment or will they negotiate a monthly payment plan. Just trying to plan in my head whether my house is gonna be up fo grabs or not.

Thanks for the reply. We get quarterly charges on the overdraft and have been getting charges on the personal loan. My main concern is the house. how easy is it for them to take it? and would they negotiate a payment plan for the overdraft or just demand the full amount? I could go back to taking a wage to cover the personal loan but then it would slow down the cashflow increase and hit the profits. I would rather run my household finances tighter with the partners wage and have my £1k per month wage left in the business as that will effectively clear the over draft in a year.

Hi Guys, I have a business overdraft of £13k. We have been sat at the deep end of it for about 2 years now. However business has started to a bit more profitable and we are slowly starting to eat at it. Natwest usually renews the overdraft every september for a cost of £250. They renewed it last year but because of things being tight back then i stopped taking a wage to help boost cashflow. This meant i couldnt pay my personal unsecured loan i have with natwest. I have a personal guarantee on the overdraft and they have now sent me a letter saying they are only renewing it till march 1st. They want my lastest company accounts which wont be finalised until june and are demanding i start repaying my personal loan as it is linked to my business account. I wasnt under the impression that the two accounts could be linked together. Its a limited company if that makes a difference. They are talking about possibly turning the overdraft into a loan. But they want something sorting or they will turn it over to the debt collection department. I just wanted to get some advice as to how i should proceed. If they remove the overdraft will they persue me for the full amount in one payment which i cant pay. Also can they take my house? or will they try and arrange a payment plan to pay the money back? Im hoping you guys can help me.

Hi guys sorry to go on but wanted to try and confirm if natwest don't renew the overdraft for the business and i have a personal guarantee in place then will they demand the total amount up front. If they do and i cant pay does that mean my house is gone? what steps would they take to enforce it? i'm assuming i would have to go bankrupt. I'm just trying to get straight in my head what they will actually do to get their money back.

Yeah. That's the next Hurdle as the overdraft is up for renewal and I don't think they will continue it as the business has kinda been ticking over and not making a dent in the overdraft. This is why ive dropped my wages back to free up cashflow and start getting it paid off. If they pull the overdraft will they demand total payment or will they arrange a payment plan to help us clear it.

Does it make a difference that the business is in its overdraft and I am the guarantor?

I'm guessing then that they won't agree to a payment plan then to help me out. I've opened up a new account with Lloyds to start moving my.money away from these idiots. They don't have no interest in helping me

I have a personal loan with natwest and my business account. The business is a ltd company and I have a business partner. I have had to go part time to keep the business going and boost cashflow. This has meant I am a bit tighter with my finances at the moment. I have just missed a payment on my personal loan but I will be paying half tomorrow. They have said in the past that if I don't pay my loan they will take money from my other account to pay for it. Are they allowed to do this?

Getting fed up with Very, we tried to agree a payment plan with them and they come back with this response: "Thank you for your email about an offer of a possible payment. Unfortunately we are unable to accept your offer. Alternatively, we can provide you with the opportunity to reschedule your outstanding balance on your account for up to 3 years, which will provide you with a more manageable monthly payment. Below is an illustration of what your new monthly payments could look like. Please note, these figures are based on your current balance as of today. This may change with any recent transactions. Current Balance - 4856.61 Credit Charge - 2950.19 APR - 39.9% Total Balance - 7806.80 4 weekly Payments - 200.20 Number of Weeks - 156 If you would like to accept this offer you must contact us to discuss further so that we can confirm all your details and provide accurate figures. Please telephone us on 0844 8224090. If we do not hear from you within 14 days, we will assume you no longer require our assistance in this matter and we will expect normal payments to resume. Please note that failure to bring your account up to date will lead to administration charges being added to your account and could affect your ability to obtain future credit. Your account may ultimately be passed to external collection agencies." Im getting really p***ed off with them not helping in anyway. My wife is getting stressed out because she wants to get the debt paid off which is why we looked at a payment plan. There just seems to no light at the end of the tunnel for getting this debt paid.

yeah, plus in the grand scheme of things I can see us having a few more marks against our credit file till these debts are paid off. With regards to mortgage do they accept someone else as a guarantor for the loan? I know once we are on top of things we could afford the repayments but obviously our credit history isn't going to get us anywhere and with my kids at 7 & 5 they will be getting to the age of wanting own rooms etc so 6 years seems like a long stretch

i have got a credit report from Experian and the only one i have late payments against is my Barclaycard. Very is marked as up to date as of 03/11/13.

i understand they will default me, we just want to try and get the debt paid and 3 years seems like a fair target. We want to move house eventually and i want to get these unsecured debts gone. I dont see why they cant agree to freeze the interest to help us get it paid. christ they still make profits off the items sold [edit] . Just gets me angry. i would rather the debt moved to someone else if the interest stopped. Is this what will happen if i tell em to stick it?

Hi Guys, help please. Very have phoned my wife this morning and are trying to get us to go on a payment plan of £190 per month for the next 3 years and then the debt is paid. They have given her no other options i.e. any real help or support. my wife is getting stressed out now with the debt and its causing tensions. We could scrape that amount together but wouldn't leave us much extra to live on. My biggest annoyance is that the debt is just over £4000. in 3 years time they will have made nearly £3,000 extra out of us and it makes my bloody boil. Any suggestions? If it goes to a debt agency will the interest freeze? if i paid them £111 per month with no interest over 3 years the debt would be paid? What do i do

I sent them a reply saying: " Good Morning, As stated in my previous email I cannot afford more than this in our current financial circumstances, I hope that things will change in the near future but currently I cannot afford to pay the minimum, I am showing goodwill by paying what I can at present and if I can in the future I shall pay more. I must say that applying more admin charges to my account will not benefit my situation in trying to get this debt paid off and I would ask again that you help support me in this tough time by freezing interest and stopping any late payment fees so we can work together to get the debt paid off. In the meantime I shall continue to pay the £20 per month as stated. I look forward to hearing from you." I wrote this so that if any 3rd parties get involved they can see that I have tried my best to reason with Very and they have been no help at all.

I had a response from Very this morning with the following: "Thank you for your email regarding your current financial difficulties and your offer of £20.00 every month. We are unable to accept your offer as it does not meet our minimum payments criteria. Alternatively if you are experiencing significant, or potentially long-term financial difficulties it may be appropriate for you to discuss this with the Step Change Debt Charity who will be able to provide free debt advice. They can be contacted on 0800 138 1111 or visit their website at www.stepchange.org Please note that failure to bring your account up to date may lead to administration charges being applied to your account and could affect your ability to obtain future credit. If you have any further questions regarding this, Please don?t hesitate to contact us and we?ll be happy to help you." How should I proceed as they clearly don't want to help us, Shall I just keep paying the £20 per month?

Hi guys. I had an email back from Barclaycard accepting my £20 per month which is great news just got to wait to see what very say now. Question i have is how long do late payments stay on your credit file. I ordered a credit report from experian and i have a fair rating in their terms. A few late payments are on there as well. How long will late payments stay on my file. I would rather have those then defaults.

Hi guys thanks for the replies. All of our debts are still active. Barclaycard, very etc. We have managed to keep on top of them until now. Barclaycard was initially egg and has been Carried over by them and currently stands at just over £4k. We have had no defaults. I will order a credit. check And see what that comes back.with. we aren't fussed about getting future credit. .the only thing we would need is a remortgage as we were hoping to move in the next 4-5 years. The lady in the bank said a mortage is scored differently as we have the house? Don't know if that's true or not

I have received a letter from Barclaycard threatening to pass my over due payment on to Mercers debt agency. They have told me they will send me a default notice. Do i ignore this and stick to.the £20 per month? I still need to resend letters with the ammended amounts.

Thanks for the helpful advice as ever. I logged on today and paid both very and Barclaycard £20 each and will rewrite to them both with the templates you have provided. I don't see a way out moving money away from natwest as nothing would give me more pleasure as we have a loan with them which is £380 per month but that is paying itself off and have 2 years left on it. The only kick is that they changed.the date to the same day as my mortgage every month so I have to make sure I have about £800 in my account on the 28th of every month

Thanks dx. Shall I just rewrite to them with the new amounts?. What would I be looking for on this cca? And what is an sar? sorry to sound dumb

Will they get funny if I now say cant pay what I originally said I could? Just want to get something in place with finances as Xmas round the corner etc

No me and my biz partner set the company up as limited under the advise of the accountants. Very was setup about 2 years ago and Barclaycard was opened originally under egg about 10 years ago. The problem with the business is it fallen on hard times and there's only the 2 of us now and we run it from an indoor market building but were originally trading from a retail shop on high street but when we started getting quiet we moved to the market to save on overheads. Problem is profit is not as good at moment as we rebuild the trade back up so I've gone to the lowest pay possible to try and keep it going as its a great business for one wage at moment but not 2 full time wagess. But with the money we would save from my wages I think we can start to push out of the biz overdraft in next 6 months.

Thought.I would update the thread. I am now on reduced hours and pay for the next 12 months at least. We aren't entitled to any extra Benefits so looks like we are about £600 per month worse off. told Barclaycard that I could pay £100 per month and the same to very. But that doesnt look realistic. Barclaycard have agreed via email but are still sending me letters for the normal monthly amount and very are doing the same. Doing the budget sheet that was shared on here it looks like I'm gonna struggle to even do £50 for both of them. I rewrite to both of them again? We also have a credit card with natwest which is £80 per month but all of our banking is done with natwest. My concern with that is if I tell them o can only pay £10 per month say. Then they will remove our overdraft which is £1000 and we are stuck in at the moment. Does anyone know if they will cause problems? My business does all its banking through natwest so I'm worried they will start trying to interfere with that side.

ok, I shall write to them next week to confirm what I am proposing. I am expecting my credit record to be hit but I don't see any other way of getting out of debt then to just knuckle down and try to pay off the balances. I cant carry on just paying the minimum its crazy

Quick update, I emailed very and Barclaycard and offered them reduced payments and Barclaycard have accepted straight away but very have emailed just to say thanks for letting us know about your financial difficulties and your offer but not an actual answer so I shall i just pay them what i have said?