NatWest Unsecured Loan Help

[Daley0]

In 2010 we ran into financial difficulties. The banks advise at the time , which we were told was the only option available to us was to take out an unsecured Loan
of £36,500 with a variable interest rate. We agreed it as we felt we had no alternative, but expressed concern to the bank as to our ability to repay as we were self employed with health problems and already in arrears with priority debts.

We have managed to just about pay the loan for three years, until September this year and we have fallen into difficulties again. Our I&E shows that we will have £63 per month to offer the bank based on our current situation although this is not set in stone as we are self employed.

My worry is that should we enter into an arrangement with them of £62 per month , if they agreed to it, what is the likelihood of them issuing us with a CCJ or putting a charging order on our house ? This has been mentioned to us as a possibility. The loan currently stands at £29,500 . I am really worried about the charging order but have been unable to find much information as to what this entails and how much of a possibility it is. Could the bank make us sell our house ? The loan is unsecured.

Any advise or knowledge would be greatly appreciated please.

Thankyou in advance.

[teaboy2]

Re: NatWest Unsecured Loan Help

If they were to agree to the repayment plan you offer them, then it is very unlikely a court would allow them to get a charging order and may likely view the banks agreement to the repayment plan as a variation of the loan agreements terms. If they did try for charging order or CCJ, the court would probably just order you (CCJ) to continue to pay what was agreed anyway as the court will take your I+E into account and are not keen on issuing charging orders on your property when your willing to agree or already an agreed repayment plan.