Natwest Credit card

[Adrasteia]

hello you fine folk

I had a NatWest credit card that due to unfortunate circumstances I had to stop paying in mid 2012. Since then I received a barrage of letters , all of which I replied to saying I could not afford any payments but when I could I would be in touch. As far as I know it is still with NatWest and I have looked on Noodle and can't find anything. I have not heard about it for over a year now. I will shortly be getting a lump sum, maybe 4-5K that would easily pay off the debt but I was wondering if they would know about it and if I can get away without paying it.
What is the best and worst that can happen?

[Berniethebolt]

Re: Natwest Credit card

Hi
Well the worst that can happen depends on the amount and I think your situation.

How much do you owe?
Do you have any assets?

It could range from nothing depending on what details they have to a CCJ with you paying £1 per month to bankruptcy .
Try not to worry, if you are on benefits with no assets they would IMHO be mad to go for BR as they would never regain the fees let alone any money you owe

[FlamingParrot]

Re: Natwest Credit card

hello you fine folk

I had a NatWest credit card that due to unfortunate circumstances I had to stop paying in mid 2012. Since then I received a barrage of letters , all f which I replied to saying I could not afford any payments but when I could I would be in touch. As far as I know it is still with NatWest and I have looked on Noodle and can't find anything. I have not heard about it for over a year now. I will shortly be getting a lump sum, maybe 4-5K that would easily pay off the debt but I was wondering if they would know about it

Hello
NatWest wouldn't know about any lump sum you received, however, you should make sure the money is not paid into any account held by a bank that could be part of the same group due to the risk of set off. :scared:

and if I can get away without paying it.

Without a crystal ball, it's hard to guess what the future could bring. It could well be possible to hold off court action until it goes statute barred, I've got an RBS card (I believe RBS and NatWest are part of the same group) which I've not paid since Jan 2010 so not long to go. ray: ray: ray:

As far as I know, it's never been sold (no notice of assignment received and I've not moved since 2007). Not hear a peep about this card since Jan 2012. :tape: :tape2:

I remember someone on here used to tell me I shouldn't be counting my chickens for another two years, that was two years ago! :grin: :grin: :grin:

It would appear that nowadays, banks do not issue court claims, they'd rather sell the debts for peanuts and write them off as bad debts for tax purposes and leave debt purchasers to do the dirty work. I can't remember when was the last time I saw a claim issued by a bank! :noidea: I wouldn't worry until you get a notice of assignment.

What is the best and worst that can happen?

Best = like me, you don't hear a peep and it just quietly goes SBd. :whoo:
Worst = they could issue a statutory demand, :scared: although banks are not doing that these days either and it would depend on how much you owe on the card.
Second worst = they could sell it to a litigious debt purchaser who could issue a claim. If you failed to defend it, you'd end up with a CCJ and possibly a charge on your property to follow (if you are a homeowner).

[Debt Camel]

Re: Natwest Credit card

I wrote an article about a similar situation earlier this week: http://debtcamel.co.uk/no-calls-or-letters-about-debt/

As you have this lump sum coming in, your two sensible options are:

1) to contact them ,say you have been offered some money if this will settle the debt and make a full & final settlement offer. I would be surprised if they don't accept 50%

2) save up the money somewhere you aren't going to dip into it and wait and see if they do get in touch before it becomes statute barred.

[Adrasteia]

Re: Natwest Credit card

Thank you Debt Camel and FlamingParrot

I tried to do the sensible thing when I stop working so am less inclined to do that now. I will probably try to save some of the lump sum. I have read that when they sell debts they only get between 5 and 10% of the value so if I were to make an offer wouldn't a cheeky 10-15% be better than 50%

- - - Updated - - -



Oh sorry I should have said, I do not own a house , only a bicycle :notworking2" . I really could do with a small car but I am not even sure I could afford to run that

[Debt Camel]

Re: Natwest Credit card

I tried to do the sensible thing when I stop working so am less inclined to do that now.

So you are going to do something which isn't sensible?

so if I were to make an offer wouldn't a cheeky 10-15% be better than 50%

well yes, if it is accepted...

The problem is that although debts are bought for low amounts, a debt collector need to get as much as possible back on the debts which are settled, as they will receive little or nothing on many of the debts they buy.

If you offer them 50% they will probably settle. If you offer 10% they will probably say No. If you offer somewhere in between, they may ask you to supply details of where the money is coming from, an Income & Expenditure statement, or come back with a much higher counter-offer.

If you aren't working for health reasons, then tell them about these in your F&F offer.

[Adrasteia]

Re: Natwest Credit card

Thanks
The debt is still with NatWest so was thinking if I offered them more than a debt collection firm they might take it