Creditwrench teaches the secrets of the debt collection industry and how to defeat their abusive practices without lawyers. We know how to win!
Sunday, October 28, 2007
Name: Adam

Subject: Loans & Insurance

Question: About 2 years ago i took out a £5000 loan with Nationwide to use towards purchasing my car, about 6 months later i took a smaller loan £2350 to pay for an instructors course i was doing.I have loan insurance with the smaller one but was advised that i was not eligible for insurance with the Nationwide loan because i had not been employed with my present employer for at least 6 months. Then in march 2006 i had an accident and broke my spine. This left me unable to work and the so called loan insurance didn't pay the loan as they state they would. This left me with arrears on the loan which before time spiraled out of control. I have have number of letters all the time from collection agencies requesting all the money or they will proceed with legal action. It's all very intimidating but I'm not really sure how to go about it. I'm working now but the money i ow and my outgoings amount to more than i earn. Is there any way I can get a loan to consolidate all and just have one monthly payment?

Answer: I would imagine that it would be most difficult to obtain a loan to consolidate all the debt(s) since your credit is probably wrecked due to their adverse reports to the credit bureaus. That is usually the case. You may have a cause of action for a lawsuit against the loan insurance company if you have a copy of the loan insurance agreement or can get a copy of it. What you will need to watch out for is they file a lawsuit against you and in order to properly defend against that you will need to keep all those letters and a careful record of all phone calls including the phone number they called from, date, time and what was said and even if you didn't answer the phone what messages were left on your answering machine or what the caller said when you answered the phone. You need to get active and demand that they validate the debt and inform them that you dispute the debt as well if you have not already done so. You can learn more about this type of problem and how to combat it properly by visiting my web site and my message board. You can also call me at 405-616-7901 for personal consultation.
Links to this post:
Create a Link