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  • FIRST POST
    • flenk
    • By flenk 26th May 17, 3:46 PM
    • 14Posts
    • 0Thanks
    flenk
    Debt sold advice please
    • #1
    • 26th May 17, 3:46 PM
    Debt sold advice please 26th May 17 at 3:46 PM
    Advice please?
    Had Credit card from Lloyds.
    Last spent anything on it June 2007.
    Got behind.
    They stopped charging me interest August 2010.
    Made agreement and paid fixed amount since 2009.
    Stopped paying them about Oct 2014.
    Lloyds sold account to Lowell late 2016.
    Court threatened "we intend to take legal action".
    My qusetion is When exactly does the clock start ticking for the 6 years Statute of limitations ?
    Are they in time or out of time ?
    How and why ?
    Sound legal advice very welcome please.
Page 1
    • sourcrates
    • By sourcrates 26th May 17, 3:51 PM
    • 12,473 Posts
    • 11,865 Thanks
    sourcrates
    • #2
    • 26th May 17, 3:51 PM
    • #2
    • 26th May 17, 3:51 PM
    Hi,

    Unfortunately sound legal advice will have to be sought from a solicitor.

    But if you want a layman's view, then the limitations clock started ticking after your last payment in October 2014.
    Last edited by sourcrates; 27-05-2017 at 12:22 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Raven42
    • By Raven42 26th May 17, 3:54 PM
    • 16 Posts
    • 28 Thanks
    Raven42
    • #3
    • 26th May 17, 3:54 PM
    • #3
    • 26th May 17, 3:54 PM
    Quick question, was a default ever placed on your file?
    • sourcrates
    • By sourcrates 26th May 17, 4:07 PM
    • 12,473 Posts
    • 11,865 Thanks
    sourcrates
    • #4
    • 26th May 17, 4:07 PM
    • #4
    • 26th May 17, 4:07 PM
    Oh, and if Lowell say they "intend to take legal action" you had better take the threat seriously, and organise some kind of repayment plan with them, otherwise you will end up with a CCJ.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • flenk
    • By flenk 26th May 17, 9:25 PM
    • 14 Posts
    • 0 Thanks
    flenk
    • #5
    • 26th May 17, 9:25 PM
    • #5
    • 26th May 17, 9:25 PM
    Thanks for your replies.

    To Raven42 - what exactly do you mean by default, what file ?
    • McKneff
    • By McKneff 26th May 17, 9:49 PM
    • 35,657 Posts
    • 45,903 Thanks
    McKneff
    • #6
    • 26th May 17, 9:49 PM
    • #6
    • 26th May 17, 9:49 PM
    Your credit file. A record of your credit history. If you end up in court because you havent paid it a county court judgement on your record means your credit is trashed . You wont be able to even get a mobile phone on credt, let alone a mortgage. Do you want to risk it
    No one can make you feel inferior without your consent
    • fatbelly
    • By fatbelly 26th May 17, 10:24 PM
    • 11,546 Posts
    • 8,680 Thanks
    fatbelly
    • #7
    • 26th May 17, 10:24 PM
    • #7
    • 26th May 17, 10:24 PM
    Thanks for your replies.

    To Raven42 - what exactly do you mean by default, what file ?
    Originally posted by flenk
    The default date on your credit record.

    It's worth checking. Although you made payments (acknowledging the debt) from 2009 - Oct 2014, it is possible that Lowell don't know this as they did not buy the account till late 2016.

    They should have been informed of the default date, as they would normally record the same date on their entry on your credit file.

    Of course if this was earlier than May 2011 the entry will no longer appear.

    Try a check, and let us know what you find
    • flenk
    • By flenk 27th May 17, 11:44 AM
    • 14 Posts
    • 0 Thanks
    flenk
    • #8
    • 27th May 17, 11:44 AM
    • #8
    • 27th May 17, 11:44 AM
    Thanks all.
    To McKneff - no I certainly don't want to risk a CCJ.
    To fatbelly - I don't know and would have to find this out.
    I have to respond with something by their monday deadline though !
    Would sending them a subject access request both a) give me more breathing space/time and b) give me more relevant info ?
    Should I also ask for a copy of the original CCA ?
    When these companies buy these debts what sort of percentage have they paid for them ?
    Should I make them an offer ?
    What does anyone know of the behaviour of Lowell ?
    • sourcrates
    • By sourcrates 27th May 17, 12:21 PM
    • 12,473 Posts
    • 11,865 Thanks
    sourcrates
    • #9
    • 27th May 17, 12:21 PM
    • #9
    • 27th May 17, 12:21 PM
    Thanks all.
    To McKneff - no I certainly don't want to risk a CCJ.
    To fatbelly - I don't know and would have to find this out.
    I have to respond with something by their monday deadline though !
    Would sending them a subject access request both a) give me more breathing space/time and b) give me more relevant info ?
    Should I also ask for a copy of the original CCA ?
    When these companies buy these debts what sort of percentage have they paid for them ?
    Should I make them an offer ?
    What does anyone know of the behaviour of Lowell ?
    Originally posted by flenk
    A CCA request would buy you some time, as it has the effect of putting the account "on hold" until its complied with.

    But if Lowell produce a compliant CCA, you would be well advised to make an arrangement with them, if they say they will go to court, they usually do.

    On the other hand, they have a wide range of payment and discount options, if you ask, everything can be done from there website, no need to speak to anyone.

    They will agree to most offers.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • flenk
    • By flenk 15th Jun 17, 11:34 AM
    • 14 Posts
    • 0 Thanks
    flenk
    Thanks.
    I have asked for the CCA.
    They say they have asked Lloyds for it and "aim" to provide it within 12 working days.
    That date has already expired (from my letter date).
    They go on to say that if they haven't heard from Lloyds after 40 days they will send an update.
    What exactly is this 12+2+30 days thing I hear of ?
    When are they legally out of time ?
    What is my position ?
    • anna_1977
    • By anna_1977 15th Jun 17, 11:42 AM
    • 598 Posts
    • 839 Thanks
    anna_1977
    Thanks.
    I have asked for the CCA.
    They say they have asked Lloyds for it and "aim" to provide it within 12 working days.
    That date has already expired (from my letter date).
    They go on to say that if they haven't heard from Lloyds after 40 days they will send an update.
    What exactly is this 12+2+30 days thing I hear of ?
    When are they legally out of time ?
    What is my position ?
    Originally posted by flenk
    Hi, I had a dealing with Lloyds regarding an old debt - they took in total about 4 months to get back to me, me chasing all the time and could never produce a CCA so I've stopped paying - recently had a letter from Link Financial and sent them copies of paperwork from lloyds saying no CCA.
  • National Debtline
    Hi flenk

    We need to differentiate between the different types of requests you can make.

    A Subject Access Request (SAR) made under the Data Protection Act is where you request information about yourself from a company and they have 40 days to provide it. If they fail to do so you can make a complaint to the Information Commissioner’s Office (ICO).

    A CCA request under sections 77-79 of the Consumer Credit Act 1974 means you are asking for a true copy of your credit agreement and/or a statement of the account. You must send a £1 fee for the request to be valid. The company has 12 working days to provide the information. If 12 days pass and the information has not been provided the debt will become unenforceable until it is provided, assuming the credit agreement was taken out before 6 April 2007.

    You can find links to sample letters here https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • flenk
    • By flenk 15th Jun 17, 12:20 PM
    • 14 Posts
    • 0 Thanks
    flenk
    Thanks anna_1977 and thanks Susie @natdebtline,
    To Susie-
    I made the second of your example requests and did send the £1.
    The card account was from 2002.
    12 working days have passed since the date of my letter sent both by post and as a pdf file by email.
    Are you saying that they have forever to actually produce a proper copy of the CCA and unenforceability only remains in force until they do so ?
  • National Debtline
    Hi again flenk

    Under the CCA request once the 12 days have passed the agreement becomes unenforceable. If at any point after that they were able to provide a true copy of the credit agreement then the debt will revert to being enforceable. If they struggle to provide the information you may be able to use it as a negotiating tool to get them to write the debt off or accept a full & final offer.

    If they take court action before providing the information you should seek legal advice on entering a defence that the debt is unenforceable. Hope this helps.

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • flenk
    • By flenk 1st Sep 17, 10:01 AM
    • 14 Posts
    • 0 Thanks
    flenk
    Please can someone tell me:
    When these debts are purchased what sort of percentage of the original debt are they purchased for ?
    Or put another way, what is the minimum percentage of the original would a debt purchaser accept as settlement ?
    Any advice here would be appreciated.
    • sourcrates
    • By sourcrates 1st Sep 17, 10:40 AM
    • 12,473 Posts
    • 11,865 Thanks
    sourcrates
    Please can someone tell me:
    When these debts are purchased what sort of percentage of the original debt are they purchased for ?
    Or put another way, what is the minimum percentage of the original would a debt purchaser accept as settlement ?
    Any advice here would be appreciated.
    Originally posted by flenk
    That information is never divulged, as its a private business arrangement between the original creditor and the new owner.

    You can only make an educated guess judging by the amount of discount some DCA`s offer.

    A number of other factors also determine this figure, but with discounts ranging from 30% to 60% your looking at pennies in the pound, sometimes you have to be a bit cheeky and try your luck.

    But, dont forget, you are still liable for the full amount outstanding, and any discount is entirely at the creditors discretion.
    Last edited by sourcrates; 01-09-2017 at 10:44 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • luvsmoothies
    • By luvsmoothies 1st Sep 17, 10:43 AM
    • 505 Posts
    • 335 Thanks
    luvsmoothies
    Someone I knew who worked for a DCA said they bought debts for 6% of the value; sounds low to me but maybe it's true. If you're looking to offer a F&F settlement then start low and see what they say.
    • Guest101
    • By Guest101 1st Sep 17, 10:47 AM
    • 15,118 Posts
    • 14,764 Thanks
    Guest101
    Someone I knew who worked for a DCA said they bought debts for 6% of the value; sounds low to me but maybe it's true. If you're looking to offer a F&F settlement then start low and see what they say.
    Originally posted by luvsmoothies
    Depends on the type of debts.


    Something unsecured with only a year left before being statute barred could easily be that value.
    • fatbelly
    • By fatbelly 1st Sep 17, 6:33 PM
    • 11,546 Posts
    • 8,680 Thanks
    fatbelly
    That's what I've heard - between 6 and 16 %
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