Northern Rock unsecured NRAM debt

[polarbear123]

Hi,

I took out an unsecured loan with Northern Rock Sept 2004 and kept payments up until I had to leave my job due to illness March 2007.

 

I paid over £6000 off the loan which was £25,904 including interest,I refused protection insurance so there is no ppi.

 

Although when I refused insurance NR put up the interest rate before the loan was agreed.

I could not afford to pay an extra £90 pcm for insurance that I thought I would never need (how wrong was I lol).

 

I still owe over £19,000 which is more than I borrowed without interest.

I currently pay £3.00 pcm through a standing order which was set up April 2007 no interest is being added.

I have not contacted them since June 2007 and not acknowledged any correspondence from them either.

 

I will never be able to pay this debt off and hate it hanging over my head.

If I stopped payments late 2013 would the debt be statue barred (I think that's the right term).

In 2013 it will be over 6 years since I contacted them or acknowledge any correspondence from them.

 

I have other much smaller debts and pay token payments to them and again have not contacted or acknowledge contact since 2007.

 

Some of the debts have been sold on and I don't have a clue who I originally owed the money too.

I do get letters (to old address) but ignore them they cannot phone because I changed my number and have moved house.

 

We really are struggling with money as my health has deteriorated and I am now registered disabled.

My wife cannot work as she cares for me so all we have coming in is benefit money and that will not change as my conditions are progressive.

 

One of conditions can be triggered by stress so I do not want to cause problems with the debts unless I am sure we are over the 6 years.

 

We are just trying to find ways to save money as we are now getting behind with utility bills.

Any advice would be appreciated.

[BRIGADIER2JCS]

Hi, I'm confused you paying this debt at present then it cannot

become statute barred the clock is restarted by each payment

you make.

 

Not contacting them in this case does not count.

[polarbear123]

Thank you for the reply. That's what I was asking if non contact would count. I thought the payments would count did not know the clock restarted each time. Oh well we will just have to keep paying for as long as we can.

 

Your advice is appreciated thank you.

[BRIGADIER2JCS]

Sorry it's no what you wanted to hear!!!

[BRIGADIER2JCS]

May I suugest that you review your income and expenditure

to see if you can really afford any payment on this debt.

Take all your priority debt into consderation.

Rent/mortagage.

Council Tax/and any arrears

Uitilites and any arrears

CCJs (if any)

Food/ clothing

Insurances

Travel

TV licence

Car Tax

ALL loans/cards/over draft.

Regular payments Catalogues etc.

 

Assess your total household income

and set it against you expenditure from

that amout deduct say £20 pcm for contingencies

then you will have a realistic picture of what

you can afford to pay on the debts.

Even if it's only £1 per mont the creditors would

not be awarded more by a court.

[sequenci]

Hello there, we've a very good guide to dealing with debts which you can find by clicking on the link below; hope you find it useful!

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?327930-Getting-Started-With-Your-Debts-*****-PLEASE-READ!-*****

[polarbear123]

Thank you all for your advice. At the moment my daughter is about to attend secondary school her uniform is going to cost over £150. I have no idea where we will find the money. I am on contribution based ESA support group problem is unless you are on income based benefits there is no help available (apart from a crisis loan). I will have to find something to sell the wife said she is worth a fiver lol.

[BRIGADIER2JCS]

I think you could get a budgetting loan for the school uniform

get the app form from Job centre +.

[polarbear123]

Thanks for the suggestion. We don't get any benefits that qualify because I worked for 30 years I get contribution ESA, you cannot get budgeting loans on contribution based benefits only income based. I pay tax on my benefit as well but you don't pay tax on income based.