Nat West Secured Loan/Overdrafts and Ascent Legal

[j9jdm]

Please Help

 

Since the credit crunch and its effects on my business (Insurance), over the last couple of years my finances have nose dived to their current problems.

 

I had taken a Nat West "Secured Loan" (£90k) to help the business, which I now can not afford the monthly payments and Nat West have passed to Ascent Legal to commence possession proceedings. We current live in the property with 9yr old son.

 

I have also defaulted on my Nat West "Overdraft" (£10k) which has also been passed to Ascent Legal, who in turn are demanding full payment or "Court Proceedings"

 

Nat West terminated my banking facilities.

 

I also have a couple of credit card companies chasing for settlement, but it is the Nat West that I am concerned about.

 

The Secured Loan is in joint names and the Overdrafts in my name only.

 

Currently my earnings are not guaranteed, preventing a repayment plan.

 

After discussion, we intend to sell our property in order to clear the debts and move to a smaller property. With the "Secured Loan" attached to our residence, surely the bank know they will be paid.

 

At present our home , mobiles and work telephones are being rung repeatedly by Ascent 7 days a week.

 

In what is a stressful situation, I am not denying the debt, just looking for the correct way to handle the situation.

 

I have had a spell in hospital recently and Work/Business is struggling resulting in lack of cash.

 

Do I request a SAR from Ascent ? or Nat West ?

 

Do I acknowledge the Ascent Legal letters ?

 

Where do I start ?

[dx100uk]

urm...asset legal are Irwin Mitchell are NatWest or at least their favourite litigator.

 

an sar [if you want all the statements etc] should always go to the original creditor.

 

unless you mean a cca because you are trying to see if they hold the agreement & its enforceable.

 

dx

[j9jdm]

I am under the impression that Nat West have appointed Ascent Legal to handle the case and chase the debt.

 

Do I send the SAR to Ascent Legal, Sorry for not understanding, I have sent the holding letter already.

 

In their last letter (Ascent Legal) they say they are acting on behalf of the Bank, whom I owe the debt and that if I do not pay in full, further action will be taken. This could be a "Money Judgement" or "Charging Order" against my property.

 

Thank you again for your guidance.

JDM

[dx100uk]

sar goes to the original creditor as I stated above

 

may.if.but.could.instructed.minded

 

I doubt the letter says will anywhere.

 

dx

[j9jdm]

Thanks for your quick response DX

 

The paragraph says:-

 

Unless the monies owed are paid in full within 14 days, further action "will" be taken against you to recover the amount outstanding which "may" include seeking a Money Judgement through the County Court and applying for a Charging Order against the property you own.

 

The word "will" was used, however followed by a "may" comply's with your comment.

 

Is it worth my while sending a SAR to the Original Creditor (Nat West) knowing I owe the debt ?

 

Thank you for your help.

 

JDM

[dx100uk]

yes

 

scan up the letter

i'll explain what it actually means.

 

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc

but leave all monetary figures and dates.

.

*********************************************************

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

*************************************************************

.

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or use www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice dd-mm-yyyy TSB

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx

[j9jdm]

Sorry.

[dx100uk]

its certainly not a good situation

 

however not un-redeemable as you've indicated a way out.

 

the letter is cleverly worded 11/10/13

 

it says you have 14 days to pay 'the money owed' [which refers to the sum on the prev letter - the arrears, not the whole 90k]

 

they will take 'further action'

 

what that action IS they don't quantify.

 

but state that it MAY include seeking a CCJ & then going for cO ...[IF they are successful with the CCJ & IF they go thru with it.]

 

..........................

 

the 9/9/13 letter just indicates they are willy waving....

 

they have been instructed to go for possession proceedings....

 

well there's no CCJ

so they have no CO

 

so they can't seek possession.

 

.......................

 

have you written to NatWest outlining what you are intending to do regarding selling the house?

 

have you a normal mortgage on the property?

 

dx

[j9jdm]

Thank you for the clarification and explanation.

 

We have not written to Nat West with regards selling the house and the mortgage is a normal Interest Only Mortgage.

[dx100uk]

ok well that makes your situation even better

 

your mortgage co. have first shout on your property

so

any '2nd charge' these people MIGHT get via a CO will have to be with their consent I believe.

 

..........

 

I take it the mortgage is not within the NatWest group?

 

dx

[j9jdm]

No, the mortgage is with Birmingham Midshires.

[dx100uk]

well they wont be happy with them if they try and seek possession over them that's for sure.!!!

 

are you coping with the mortgage?

 

that's your no.1. priority.

 

dx

[j9jdm]

No not really - Struggling, hence selling the property.

[dx100uk]

are they aware of your difficulties?

are you talking to them?

 

whats your plans for paying the capital of the interest only mortgage?

 

same - sale of the house?

 

dx

[j9jdm]

No, they are not aware as we are TRYING to keep up with our payments. One payment down as we speak.

 

We are not in communication with them so far.

 

Yes, sale of house.

[dx100uk]

ok

 

Are you confident there's enough equity in the house to meet these three if sold?

 

p's sri for all the questions, nothing meant by it just taking things step by step from pers experience

of how I dealt with a similar situation local to me.

 

dx

[j9jdm]

There is plenty of equity to cover everything, it will just be how long till sale agreed.

 

JDM

[dx100uk]

hey that's great

 

puts you in control

 

I would seriously recommend you contact midshires & NatWest.

 

get them upto speed

 

certainly calls regarding mortgage arrears are recorded and kept.

 

it would be better to get them on board

 

they are there to help & MUST do so.

 

as for NatWest do them second once you've got BM on board.

 

inform them of your plans

ask for a reduced payment plan for 6mts [ this can be reviewed every 6mts]

 

on both at this moment in time I would not go too deeply into other debts.

 

dx

[j9jdm]

Thank you, I will keep you informed.

 

JDM