I had problems paying natwets years ago and defaulted on two loans and a current account owing £18000. They agreed to freeze the intrest and accept £150 a month of which i have paid £12000 back. I do not have it in writing that they shoud have stopped the intrest but that is what they said and they have also said it on various occasions over the years when i have phoned but yet they say i still owe £12000 instead of the £6000 i should owe. They say if i dont pay it in full it will remain on my credit file. I need to know how to get this removed and how much i should offer them to clear it. Also where do istand with the intrest payments as they seem to have lied to me all along.
Hi - I'm not sure where you stand with the interest charges. They shouldn't have lied but at the same time they aren't bound to freeze interest. Have you spoken to a debt professional about your options? x
I'd get your friend to speak to an expert via www.iva.com - they will give him some free advice.
The bank isn't obliged to freeze interest but they shouldn't have said they were going to. Has he never had any statements that would show the interest was still being added?
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
He gets statement of them showing intrest is being added and it still show's the full amount owing at around £18000. So every time he gets a statement he ring them up and they say on your account with have stopped the intrest and we need to do a manual calculation to work out what you owe. They then come back with the figure of £12000. He says it's a nightmare to ring them and he has to speak to manager to even get it down to that amount and the statements are always wrong. He just wants to k now where he stands and what he can do about the intrest. His father has offered him so money to clear it and he might be able to around £2000 to £3000 is this possible?
He can make an offer but as to whether it would be accepted I have no idea.
Unfortunately they don't have to freeze the interest so there's nothing he can do about that.
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
Hi - your friend definitely needs to take some advice from a debt expert. If he was told on a nuMber of occasions by different people that interest had been frozen, I'm more inclined to think it is a breakdown in communication rather than a policy of deception. Many moons ago I had a bad debt and the building society stopped interest but continued adding charges every month because i wasn't paying as per contract even though the revised payments were with their agreement. Do you think they may be doing something similar in your friend's case? x
iva.com don't just deal with iva's - there are debt management firms on there as well.
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
Hi
Can I suggest that your friend has a word with Mel Giles, she has said on here in the past that she has done IVA's for solicitors, however you can get free non judgemental advice there on the way forward..
