Bank are threatening, please help

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richie

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Post by richie » Fri Sep 10, 2010 8:48 pm
Part of the debt included in my IVA is Joint debt (Nat West Bank) and my partner is being chased for the entire balance plus "other charges" amounting to about £250 which were apparently added after the date of the IVA. They haven't provided us with a statement of what makes up this balance and no proof of debt was supplied at the creditors meeting. Is this allowed? We have provisionally negotiated a settlement figure with them but we want to make sure they don't end up with more than 100p in the £1. CAB have advised us to let it go to CCJ but the bank are threatening more serious litigation if we don't meet their payment deadline. Please help!
 
 

Shining

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Post by Shining » Fri Sep 10, 2010 8:55 pm
Hi Richard and welcome to the forum.

If it's a joint debt your partner will be chased for the debt. I'm not sure about the advice of the CAB or what to do, I'll keep this bumped up for a professional opinion. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Adam Davies

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Post by Adam Davies » Fri Sep 10, 2010 8:57 pm
Hi
Your partner is liable for this joint debt and will need to come to an arrangement with Natwest regarding payments. The debt will be reduced by the dividends received from your IVA so you and your partner will never pay more than is owed.
Not sure on the CAB advice ???
Regards
Andam Davies
 
 

richie

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Post by richie » Sat Sep 11, 2010 11:27 am
Hello

Thanks for the advice. We are resigned to paying really but the bank are making it so difficult for us as their deadlines expire before their written responses arrive, and their collection agency is the most unhelpful bunch of whatevers.

They have offered us (her) a letter of discharge if we pay them £1,200 now (approximately 40p - iva was proposing a dividend of 60p). This is the only interest free option we could get. The instalment option is at 18% apr variable which on our budget would barely cover the interest. The £1,200 is coming from a family loan, otherwise we would be stuffed.

Regards

Rich
 
 

Adam Davies

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Post by Adam Davies » Sat Sep 11, 2010 11:31 am
Hi
At least that will bring an end to them chasing your partner and seems a reasonable offer from Natwest
Regards
Andam Davies
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