Debt repayment advice please

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My husband is paying back a loan he took out jointly with his ex many years ago. It was sold to a debt agency and he pays back a certain amount each month.

However, this debt agency keep contacting him every 3 months for a review, my husband is a born worrier and this makes him feel physically ill to the point he suffers bad headaches and a bad stomach which doesn't settle until they write back to him to confirm if the payment amount he has offered is acceptable.

We have told him not to worry and that they can only have what he can afford as long as he continues to be honest but he says he knows this and still can't understand why it makes him feel so bad.

My question is, can the debt agency legally keep doing this to him every 3 months as i think it is bang out of order.

Any advice appreciated and sorry for the long post

Comments

  • sammy115
    sammy115 Posts: 15,267 Forumite
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    Call them and ask for all contact to be done by way of letter. Then send them a list of incomings and outgoings and tell them that a review once a year is sufficient.

    OR you could wait till they ring again and tell them that due to the credit crunch - as petrol, cost of living, fuel and food has gone up you will unfortunately have to lower the payments.

    Don't let them worry you, they are like children. If they get away with something once they do it again and again until you put your foot down.
    Quality is doing something right when no one is looking - Henry Ford
  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
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    Technically a phonecall once every 3 months is not harrassment but they should respect your wishes with regards your preferred method of communication. As sammy says, you can inform them that all communication should be in writing only - and that's good advice about telling them an annual review is sufficient.

    I'm not sure if you would do this, but you could request a copy of the credit agreement (cost £1). You are legaly entitled to request this at any time but if they are unable to produce this then the debt is unenforcable. If hubby worries alot about this type of thing then he may not wish to do so, but if he wants to push back a little, this should get their attention.

    If he were to do this, he could put part of that payment aside in a savings account for perhaps 6 years (if they hadn't received any payments by then, the debt would be statute barred - if on speaking terms with ex, possibly notify her about what you are doing). If they did come up with a valid CCA with all the prescribed terms before then, he may be able to make them a "full and final" settlement offer (not a partial one).
    After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91

    Dad Gift 6k ¦ Savings & Inv Tst: £2,500
    Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0

    Total Owed: £2,270 (+6k) 11/08/2011
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