Natwest/ Capquest Student Loan: Advice needed

[cricketer4567]

Hi there,

 

I’ve been reading these forums for some time now, and find them extremely helpful and informative .

 

I have a long-standing loan for a substantial amount (student loan: over 30k including interest and counting) with Natwest. They’ve recently passed it on to Capquest, who have been inordinately unhelpful and obdurate to say the least. (Listening is not one of their strong points evidently.)

 

I’ve sent the CCA request already, as well as deed of assignment request. The CCA came back already as requested, and the deed of assignment was not provided as they say they are acting on behalf of NatWest.

 

I’ve offered Natwest token payments; offered a full and final settlement amount; and have made clear to them that I am in no position to repay such a vast amount, as I am unemployed. Moreover, Natwest refuse to freeze the interest charges, so the amount just keeps snowballing further.

 

I’m not sure quite what to do at this point, except that I would like to have the matter passed back to Natwest, as CQ are very unreasonable and have already harassed me several times with nuisance calls and doorstep visit threats.

 

Would it be best at this point to:

• Offer token payments to Natwest again?

• Offer a full and final settlement to Natwest again?

• Actively petition for my own bankruptcy? (I am reluctant to do this, as I am afraid it may affect my career chances in the future).

 

Any and all advice would be much appreciated.

Cheers.

[twofoot]

How old is this? When did you stop paying? Do you have assets, property etc?

[cricketer4567]

How old is this? When did you stop paying? Do you have assets, property etc?

 

It's coming up to 4 years now. Stopped paying a couple of months ago as I was in a bit of financial difficulty and couldn't afford repayments at the same amount. No, I have no assets or property whatsoever.

 

It's an unsecured loan btw.

[debbbbsy]

(student loan: over 30k including interest and counting) with Natwest

 

You should consider bankcruptcy as an option, look at all the good points & the negative. If you do it now, you could be discharged within 18/24 months.As you have no assetts, and other financial problems...it is definitely worth looking at. Start afresh. I don't think bankcruptcy has the same stigma it used to, Richard Branson, Peter Jones all did it........

30K is such a large sum to be lumbered with. Why spend the next 10 + years trying to pay it.

 

What you could do is, get everything in place, work it all out. Then offer Natwest a Full & Final, make them aware that you have no assetts, low income & if they refuse they'll get nothing. Do it before they go for a CCJ ( that'll be on your cedit file for 6 years).

 

I had a debt with RBS in 1993 for £25k, I wish I'd gone bankcrupt. But instead tried to reach a resolution, made offers which were rejected.I had no assetts & no income. By the time they got a CCJ it was £59k. I paid them back over £30k.Worked damn hard. As soon as I bought a house in 2007, they went for a charging order for £39k.

 

Hindsight is a wonderful thing.

[Tingy]

I agree with Debs. We were advised to go this way some years ago by CAB. We had a VERY difficult couple of months getting our heads round accepting it, but once we had, what a release. The bizarre thing is that now we openly ask creditors to make us bankrupt and that's the last we hear from them, so we're still waiting three years later.

 

If you don't want to take this route try sending them this:

 

Dear Sir,

 

I acknowledge receipt of your letter of *************** with enclosed form.

 

I have been advised that this 'personal' information is just that - personal. However, following your request, I obtained a Court orientated Income and Expenditure Form which I understand only a Court and/or Judge can legally have access to, and filled in the details required therein.

 

Following the revelations about my financial status that completing this form brought to light, I would like to thank you for pointing me in the right direction.

 

From this information it is obvious that I have no disposable income at this present time. It has been suggested that following discovery of this situation that a county court Judge, would, in all probability Order that I can afford no more that £1 per month to each and all debtors, which of course includes yourselves.

 

If you would now kindly send me details in order that I can set up a Standing Order in this amount, I would be grateful.

[debbbbsy]

The bizarre thing is that now we openly ask creditors to make us bankrupt and that's the last we hear from them, so we're still waiting three years later.

 

Another 3 years & It'll be statute barred.

[Tingy]

Some become SB next year! Its certainly changed our outlook. We never wanted to be in this position, and we never intentionally did not repay a debt, but we've been to hell and back over the yeaars and now I just enjoy fighting back. Three years ago we had a nightmare with the Council and Bailiffs, and I mean a real nightmare. Now, three years on and a lot more knowledge I'm causing them a nightmare and it is costing them dearly! I guess sometimes it's best not to let sleeping dogs lie but take the action to them and see how they like it. So far just over £300 in compensation and still claiming - as one is paid, so I submit the next. Won't put anymore in case they're reading it.