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Hi if anyone has some experience with this I'd appreciate some guidance.
20 years ago I took out a loan for £5000 credit card debt which had spiralled out of control.
I recall the chap saying something about insurance should I get cancer or lose my job etc, and I did agree.
I made regular monthly payments until 6 months later when I was made redundant.
I continued paying but as I didn't find another job for sometime, I couldn't make the payments.
I went into the bank explained that I'd lost my job and hadn't found another, so needed to claim the release of payment for for a time.
At the time of taking out the loan I was promised that I'd be safe for a year.
He asked me questions and filled out a form.
He wanted to know when I found out about the redundancy I told him it was office gossip in April but I'd heard officially in July.
I was contacted a week or so later and was told the cover didn't apply to me as I'd taken out the loan in February and heard about the redundancy
in April. They said their was a 3 month period of grace when the protection didn't apply and I fell within it. I challenged that I did not know for sure
until 6 months later but my appeal was rejected.
Still not able to make my payment I went to a different branch of Nat Wes and asked to see the manager.
He was very helpful. I explained all the above to him. He said leave it with me I'll deal with it. I did.
I expected to hear about a one year grace in repayments but didn't. I didn't hear anything. And I forgot about it completely until about four years later.
When I tried to get a new mobile phone contract. I was refused due to outstanding debt. I didn't think I had any debt at that time. I'd completely
forgotten about the loan. So went on a credit check website and there it was 4 years and 9 months old.
That was 20+ years ago
Recently I did a PPI check. This came up as mis sold PPI.
I was told for a considerable amount.
Will the bank take it all - I'm pretty sure it's not as much as £5,000
Sorry this so longwinded. Thanks for your time
20 years ago I took out a loan for £5000 credit card debt which had spiralled out of control.
I recall the chap saying something about insurance should I get cancer or lose my job etc, and I did agree.
I made regular monthly payments until 6 months later when I was made redundant.
I continued paying but as I didn't find another job for sometime, I couldn't make the payments.
I went into the bank explained that I'd lost my job and hadn't found another, so needed to claim the release of payment for for a time.
At the time of taking out the loan I was promised that I'd be safe for a year.
He asked me questions and filled out a form.
He wanted to know when I found out about the redundancy I told him it was office gossip in April but I'd heard officially in July.
I was contacted a week or so later and was told the cover didn't apply to me as I'd taken out the loan in February and heard about the redundancy
in April. They said their was a 3 month period of grace when the protection didn't apply and I fell within it. I challenged that I did not know for sure
until 6 months later but my appeal was rejected.
Still not able to make my payment I went to a different branch of Nat Wes and asked to see the manager.
He was very helpful. I explained all the above to him. He said leave it with me I'll deal with it. I did.
I expected to hear about a one year grace in repayments but didn't. I didn't hear anything. And I forgot about it completely until about four years later.
When I tried to get a new mobile phone contract. I was refused due to outstanding debt. I didn't think I had any debt at that time. I'd completely
forgotten about the loan. So went on a credit check website and there it was 4 years and 9 months old.
That was 20+ years ago
Recently I did a PPI check. This came up as mis sold PPI.
I was told for a considerable amount.
Will the bank take it all - I'm pretty sure it's not as much as £5,000
Sorry this so longwinded. Thanks for your time
