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Natwest loan with own home will they bankrupt me
Mar 12th, 2008, 9:05pm
Hi All, I have taken out a personal loan of 9,000 from Natwest bank back in last August. Since then I have lost my job and were not making any payments for last two months. Apart from the loan I have an overdraft balance of 4200 with the bank. All together I have an outstanding balance of 15000 that I need to pay back to the bank. The monthly payments towards the loan suppose to be 127 on top of that I need to make payment towards the OD.
I have recently found a job but I can not keep up the normal monthly payment but I can pay something like 50 towards the loan and the OD. Would the bank accept the payment that I will be offering or would it make me bankrupt? The bank has called me once and I have explained my situation. They havent called me since then or written to me. I have a feeling that they are planning behind door for my bankruptcy or planning to attach the loan to my home. I am not sure if I should contact them or keep quit for the time being. I do have a home and I dont want to loose it or have anything attached to my mortgage (mortgage is with different bank). Please advice me on this any help would be greatly appreciated Regards Tangosix
Sue
Gold Member
Re: Natwest loan with own home will they bankrup
Reply #1 - Mar 13th, 2008, 12:23am
It's incredibly rare for a cred to make someone bankrupt so dont worry about that. To attach the debt to your house they would need to obtain a CCJ then go for a charging order both are a long way off.
It would be advisable for you to open a current account with another bank just in case they start trying to take more than you can afford or suddenly withdraw the overdraft facility and snatch all your wages.
At the moment I would just write to them via recorded delivery explaining the problem, showing your I&E and an affordable monthly repayment offer. If they then start playing funny and do take court action you can show that they are being unreasonable.
Did you have any payment protection insurance with the loan?
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