dca threatening letter

jessy1

Please can some knowledgible person help me with some worrying scary letters. A dca have sent me a statutory demand letter for an outstanding debt I have. Another letter has now come saying "they could shortly be in a position to present a bankruptcy petition against me" then go on to say they could then put my name in the paper for all to see and several more things they could do to me!! Can anyone tell me what exactly can they do to me and what is a statutory demand?? Does anyone know how do I proceed with dealing with this debt from here please.

10past6

Who is the DCA?

What type of debt is it?

How old is the debt?

KIM2801

The Stat Demand is simply a "calling up" notice that a lender or their agent must serve before issuing a petition for bankruptcy.

Many DCA's serve Stat Demand knowing that not all cases will be followed through to bankruptcy. They will select cases where they know there are assets that would become available to repay unsecured creditors to ensure they are compliant with OFT guidelines. Very few personal bankruptcy petitions are made by creditors.

Bottom line is you know your personal circumstances do you have assets that could be liquidated upon bankruptcy to repay your debt? if not they can't get blood out of a stone and will not incur costs they cannot recover.

10past6

KIM2801 wrote: »

The Stat Demand is simply a "calling up" notice that a lender or their agent must serve before issuing a petition for bankruptcy

You missed out:

PROVIDING THE DEBT IS ENFORCEABLE

KIM2801

Sorry, also mean't to say. If you beleive the DCA will follow the threat through then I suggest you seek advice from a3rd part such as CCCS or Payplan.

10past6

KIM2801 wrote: »

If you beleive the DCA will follow the threat through

That's all it is at this stage, a threat

Remember, the onus is ALWAYS on them to prove you owe the money, never, ever give them any information they don't have.

KIM2801

Whether the stat demand is a threat or notice of intent depends on the lender. Most reputable lenders will not issue unless they intend to follow through - through fear of compliance with OFT guidelines. I accept other lenders use as a scatter gun approach but still have to be able to evidence follow through on some cases to remain OFT compliant. Hence my comment re careful selection and OP considers the lender may consider the action worthwhile.

10past6

KIM2801 wrote: »

Most reputable lenders will not issue unless they intend to follow through - through fear of compliance with OFT guidelines.

The give away is highlighted in red above, guidelines, that's all they are, spend a little time on this board researching the hundreds and hunders of posts from members who've received letters worded by threats / intimidation.

Oh, btw, please confirm when OFT last rebuked a DCAs credit licence?

jessy1

the dca is Red and the original debt for a loan from a leading high street bank taken out in 2002/3. I did make small repayments though up to late 2007 after freezing the interest.

10past6

jessy1 wrote: »

the dca is Red and the original debt for a loan from a leading high street bank taken out in 2002/3. I did make small repayments though up to late 2007 after freezing the interest.

Have you requested your CCA?

10past6

Don't bother with the CCA at this stage, amend and send the following letter by recorded delivery, remember what I said, the onus is on them to prove you owe the monet:

Creditor / DCA
Address


Your Details


Date

Dear Sir/Madam

Account no: xxxxxxxx

You have contacted me/us regarding the account with the above reference number, which you claim is owed by myself/ourselves.

I/we would point out that I/we have no knowledge of any such debt being owed to (insert company name).
I am/we are familiar with the Office of Fair Trading Debt Collection Guidance which states that it unfair to send demands for payment to an individual when it is uncertain that they are the debtor in question.

I/we would also point out that the OFT say under the Guidance that it is unfair to pursue third parties for payment when they are not liable.

In not ceasing collection activity whilst investigating a reasonably queried or disputed debt you are using deceptive/and or unfair methods.

Furthermore ignoring and/or disregarding claims that debts have been settled or are disputed and continuing to make unjustified demands for payment amounts to physical/psychological harassment.

I/we would ask that no further contact be made concerning the above account unless you can provide evidence as to my/our liability for the debt in question.

I/we await your written confirmation that this matter is now closed.

Otherwise I will have no option but to make a complaint to the trading standards department and consider informing the OFT of your actions.

I/we look forward to your reply.

Yours faithfully

ONLY PRINT – NEVER SIGN YOUR NAME