Natwest Loan, Mortgage and Payplan.
Hi after yesterdays post payplan (doing DMP with them) confirmed the loan was unsecured. Natwest said that my account was still at branch. So payplan asked if I would contact Natwest and ask for my accounts, loan and O/D to be transferred to the credit management service, so payplan could then contact them and arrange re-payments ect..
Contacted Natwest my accounts had just been sent to the mortgage arrears department, so they transferred me.
Amazed at what they told me, first they couldn't do anything until my Loan account went into arrears and then a specific time frame passes.
Then my loan details, OD details and my mortgage would all be transferred to the credit management service. My Loan and OD are unsecured, mortgage is up to date. I explained I was doing A DMP and trying to get this in place before I start missing payments. (Already sent the bank 2 letters explaining our situation and the on going process)
He said as I was experiencing financial hardship all debts would be delt with together inc my mortgage.
Can they do this without a charging order?
The letter they first sent to payplan said they didnt deal with secured positions.
Are they trying to get this secured with a charging order before the DMP is in place. Not happy with them, as far as I was concerned my Mortgage was separate.
Payplan are looking into this for me and will ring me back in the morning.
Just very worrying. Payplan said that this is a tactic used by Northern Rock they will secure the debt at the first sign of financial hardship.
Sorry minime - I haven't a clue what they can do. Perhaps they just want your borrowings under one roof?
As long as you keep up your mortgage, then that should be ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think many banks operate an 'intensive care unit' and as Jan says all their debts are transferred to it. I do not believe it is anything sinister but if any creditor does move to secure you should give consideration to an IVA as that would stop legal action.
