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This is my first post on the forum and I'm just after some advice, please? I am awaiting a credit report which should arrive in the next day or two and can then update my post.
I took an unsecured loan out with Northern Rock for around £8000 in July 2007. I paid the monthly instalments of £199.27 for the next 24 months, until I ran into financial difficulty. I was then living in Spain and it took 2 months to arrange repayments, so I made no payments in August and September of 2009. I then paid an agreed rate of £75 a month for the next 20 months up until May 2011 when payments stopped. Now this is where I am a little hazy - I do not recall cancelling my payments (Again I was living abroad and finances were difficult to keep up to as I was in the Middle East) since then I have made no further payments.
During this time mail has been sent to my Mum's Address in the UK where all my post goes (however I haven't lived there for over 8 years) As the mail has had to be sent abroad to wherever I was living it has taken time to reach me. From what I remember it was passed to Marlin, then onto Restons (who I called to say I couldn't afford to pay anything - I did mention something I'd read on a forum years ago about not having an agreement with them) Restons did nothing when I said I was abroad and couldn't pay. SInce then (Around February 2014) I had not heard anything up until the 28th of November when I received a letter from Cabot ( Who I believe are part of Marlin now) saying that
" We have recently confirmed that you live at the above address so we need to make you aware of the information below.
The Cabot Credit Management Group has bought the account you held with NORTHERN ROCK - UNSECURED LOAN and we're now responsible for helping manage your account and receiving your payments. You currently owe £17829.19 "
To be honest I didn't do anything - I haven't called them.
Then on the 13th of December I received a Statement of my accounts saying I don't need to do anything.
The two statements are from 1st of November to 2013 to 31st of October 2014 AND 1st of November 2014 to 31st of October 2015 - Saying there have been no financial transactions in the period. Above this is states - Amount of credit with Northern Rock was £23912.40 and that they were assigned this contractual payment 24th August 2013. However the closing balance says £17829.19.
I know I borrowed money from the bank and should pay it back (I borrowed £24000 from another bank when my father was a guarantor and I paid it all back). However - I borrowed £8000 and have paid £6500 back so far ( I know there is interest on that), but the fact they are asking for £17000 is insane. From what I have read on forums, there is a lot I can do but also a lot of conflicting information.
If I start to pay them at a ridiculous amount of £5 a month/week (just an example) then it will be on my credit record for years no? Then I will find it difficult to get mortgages etc.
I've read something about 6 years and statute barred (forgive my lack of knowledge, but I haven't looked through this yet), as my last payment was almost 5 years ago - would this be an option for me?
What is this CCA letter? Am I correct in reading that it is to request a copy of the agreement between Northern Rock and Marlin/Cabot? Is this a legal requirement and am I supposed to have signed it?
My main concerns are: I have just moved back to the UK after 8 years of living abroad and now have a UK employer. I tried to open a bank account with first direct, but it was rejected (I am still waiting for their letter of why), I'm also waiting for my credit report from Experian which should arrive in the next day or two - I'm guessing the Cabot thing will be the main reasoning.
All my mail goes to my Postal address which is my mum's and I don't want her harassed - Please assure me they cannot do anything to her as the debt has nothing to do with her. I do not currently have a fixed address as I'm waiting for my job to start (I am being paid, but am awaiting my posting)
Any help or advice would be greatly appreciated.
I took an unsecured loan out with Northern Rock for around £8000 in July 2007. I paid the monthly instalments of £199.27 for the next 24 months, until I ran into financial difficulty. I was then living in Spain and it took 2 months to arrange repayments, so I made no payments in August and September of 2009. I then paid an agreed rate of £75 a month for the next 20 months up until May 2011 when payments stopped. Now this is where I am a little hazy - I do not recall cancelling my payments (Again I was living abroad and finances were difficult to keep up to as I was in the Middle East) since then I have made no further payments.
During this time mail has been sent to my Mum's Address in the UK where all my post goes (however I haven't lived there for over 8 years) As the mail has had to be sent abroad to wherever I was living it has taken time to reach me. From what I remember it was passed to Marlin, then onto Restons (who I called to say I couldn't afford to pay anything - I did mention something I'd read on a forum years ago about not having an agreement with them) Restons did nothing when I said I was abroad and couldn't pay. SInce then (Around February 2014) I had not heard anything up until the 28th of November when I received a letter from Cabot ( Who I believe are part of Marlin now) saying that
" We have recently confirmed that you live at the above address so we need to make you aware of the information below.
The Cabot Credit Management Group has bought the account you held with NORTHERN ROCK - UNSECURED LOAN and we're now responsible for helping manage your account and receiving your payments. You currently owe £17829.19 "
To be honest I didn't do anything - I haven't called them.
Then on the 13th of December I received a Statement of my accounts saying I don't need to do anything.
The two statements are from 1st of November to 2013 to 31st of October 2014 AND 1st of November 2014 to 31st of October 2015 - Saying there have been no financial transactions in the period. Above this is states - Amount of credit with Northern Rock was £23912.40 and that they were assigned this contractual payment 24th August 2013. However the closing balance says £17829.19.
I know I borrowed money from the bank and should pay it back (I borrowed £24000 from another bank when my father was a guarantor and I paid it all back). However - I borrowed £8000 and have paid £6500 back so far ( I know there is interest on that), but the fact they are asking for £17000 is insane. From what I have read on forums, there is a lot I can do but also a lot of conflicting information.
If I start to pay them at a ridiculous amount of £5 a month/week (just an example) then it will be on my credit record for years no? Then I will find it difficult to get mortgages etc.
I've read something about 6 years and statute barred (forgive my lack of knowledge, but I haven't looked through this yet), as my last payment was almost 5 years ago - would this be an option for me?
What is this CCA letter? Am I correct in reading that it is to request a copy of the agreement between Northern Rock and Marlin/Cabot? Is this a legal requirement and am I supposed to have signed it?
My main concerns are: I have just moved back to the UK after 8 years of living abroad and now have a UK employer. I tried to open a bank account with first direct, but it was rejected (I am still waiting for their letter of why), I'm also waiting for my credit report from Experian which should arrive in the next day or two - I'm guessing the Cabot thing will be the main reasoning.
All my mail goes to my Postal address which is my mum's and I don't want her harassed - Please assure me they cannot do anything to her as the debt has nothing to do with her. I do not currently have a fixed address as I'm waiting for my job to start (I am being paid, but am awaiting my posting)
Any help or advice would be greatly appreciated.
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