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how long do i wait


crinanjon
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Have a loan with Northern Rock. Got laid off work so couldnt pay for a few months. I wrote to NR and told them and said that I would start paying again when I was back on my feet.

Anyhow, received a letter from them saying that as I hadnt made any payment for three months they had terminated my contract with them.

As far as I know, my contract was that I paid them. So if they have terminated this contract does this mean that technically I dont have to pay them anymore???

 

It means that the agreement to pay in instalments has been terminated which means the remainder of the loan is due and payable in one instalment.

 

don't get concerned though, you should fill in a financial statement and make a reasonable offer of repayment that you can afford.

 

have you any other debts?

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Yes, I have one with mastercard for £1750 and they have accepted £5 per month.

I have already offered NR £10 per month. They have turned this down. So I am happy for them to take this to court as £10 per month is the maximum i can pay.

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Yes, I have one with mastercard for £1750 and they have accepted £5 per month.

I have already offered NR £10 per month. They have turned this down. So I am happy for them to take this to court as £10 per month is the maximum i can pay.

 

you only need pay what you can afford, keep paying the amount you offered them each month regardless of whether they declined it or not. Should it go to court you will have demonstrated to the judge you are not trying to avoid your responsibilities and have made a commitment to pay.

 

regards,

shane

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All advice is offered freely & without prejudice

 

 

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totally agree with shane :D

 

 

pay them the £10 per month and wait for any other corres

 

 

Idax

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sorry for got to add

 

 

totally agree with sequenchi.......

send them and income and exp with the first £10

http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html can use a budget planner or make up your own

 

 

idax

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