Unenforceable Credit Agreements

PROLIANT

rosemahairy wrote: »

Hi
I wrote to a debt agency who own the debt from many years ago i owed to littlewoods catalogue. I have been paying them a few quid a month to repay the debt for about 8years. I wrote and asked for a copy of the original agreement and details of the final balance. They have replied saying they have lost the original agreement but they sent me what it would have looked like!!! They cannot prove what the balance was or where the balance they say i still owe comes from, they said themselves they have lost paperwork!. I believe it should be well paid off now. What should i reply saying? How can i ensure it doesnt go bad on my credit rating? I dont want to pay them any more it should be all cleared but i cant prove its paid off any they cant prove it isnt. where do i stand?
Please help

I take it you acknowledge that you owe them the money that you borrowed from them?

esmerellda

PROLIANT wrote: »

I take it you acknowledge that you owe them the money that you borrowed from them?

rosmahairy wrote:

I believe it should be well paid off now

...............

rosemahairy

esmerellda wrote: »

Send them a Subject access request for your account history. The Littlewoods default will probably have dropped off your credit file after 8 years.

Who are the debt collectors?

The SAR was basically what was asked for but not in them words. I will request again using the correct wordings. What happens if the reply is the same, they have lost my paperwork? Do i just stop paying or do i notify them of why i am stopping paying? Will i need to write to experian and equifax etc about the problem?
Cheers:rolleyes:

PROLIANT

rosemahairy wrote: »

The SAR was basically what was asked for but not in them words. I will request again using the correct wordings. What happens if the reply is the same, they have lost my paperwork? Do i just stop paying or do i notify them of why i am stopping paying? Will i need to write to experian and equifax etc about the problem?
Cheers:rolleyes:

Have they said that you owe more than you think?

rosemahairy

PROLIANT wrote: »

Have they said that you owe more than you think?

Yeah. I only ever owed couple hundred and started paying ok but then started struggling so went down to 10 month. I have been paying for ages only just realised i still was thus asked them what i owed and copy of agreement because should have been paid up donkeys ago surely

PROLIANT

rosemahairy wrote: »

Yeah. I only ever owed couple hundred and started paying ok but then started struggling so went down to 10 month. I have been paying for ages only just realised i still was thus asked them what i owed and copy of agreement because should have been paid up donkeys ago surely

Have you got access to your credit files?
These should give you an indication of where you are.

rosemahairy

PROLIANT wrote: »

Have you got access to your credit files?
These should give you an indication of where you are.

Thats even stranger the amount on the credit report is around the figure i believed the loan started off approx 8 years ago (400ish) at but its been recently updated. I know it wasn't a lot because i was only given a credit limit of 400-500 tops and i started off paying larger amounts. I wish i had all the documents but chucked it last most things i shouldnt .......women, tidying

cheekymonkey20

Just found a copy of the CCA that i signed when originally took out the loan; as follows

Fixed - Sum Loan Agreement regulated by the Consumer Credit Act 1974

Parties to the Agreement
The Bank - National Westminster & address
The Customer - Myself & OH Plus Address

1. Key Financial Information
A) Amount and Purpose of loan - £15200
Term - 84 months
C) Total amount Payable - £18,806.76
D) Instalment Repayments - Repayments due at monthly intervals starting one month from the date the Loan is drawn but where you elected at the time of your application to nominate a date in the month as your preferred repayment date we will normally comply with that request or offer you another choice. Details of the repayments are as follows:
84 repayments of £223.89
for the loan described in 1(A) in proportion to the amounts drawn down
E) Annual Percentage Rate 6.4%

2. Other Financial Information
A) Total Charge £3,606.76
Annual Rate of Interest The amount of interest payable is calculated at the beginning of the Agreement and is equivelant to a fixed annual rate of 6.25% over the term

3 Key information
A) Charges on Default (the bank has the right to ament the amounts of the default charges detailed below to reflect any change in the cost incurred bu the Bank in dealing with the default.)
£30 each time a payment due under the agreement is not made on time
£30 when a default notice is issued
for the Banks reasonable expenses in enforcing this agreement. These expenses will include (but not limited to (i) exense of taking steps including court action, to obtain payment (ii) tracing the Customer if the Customer changes address without notice and (iii) communicating with the Customer if the Customer breaks the terms of this agreement.
(B) Right to settle early
The customer has the right to repay the loan before the end of the term by making a single payment calculated under a formula which limits the amount of the Total Charge the Customer Pyas. The amount that the Customer would have to pay if for example the customer wanted to settle when a quarter of the Term had passed would be £12,339.03; if half of the term had passed the amount would be etc. If calculating the amounts shown the assumption is made that all instalment repayments due are paid on time and no default interest of charges are incurred. The amounts shown are accordingly only illustrative and do not take account of future changes to the agreement.

Missing payments
Missing payments could have severe consequenses and make obtaining credit more difficult

Important read this carefully to find out about your rights
The consumer credit act 1974 lays down certain requirements for your protection which should have been completed with when this agreement was made. If they were not, we cannot enforce this agreement without getting a court order.
The act also gives you a number of rights. You can settle this agreement at any time by giving notice in writing and paying of the amount you owe under the agreement which may ne reduced by a rebate. Examples indicated the amount you might have to pay appear in the agreement. It you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens Advice Bureau.

Your right to cancel
You have the right to cancel thisagreement. you can do this by sending or taking Written notice of cancellationn to us at our address shown on the first page of this agreement. you have 14 days starting with the day you have recieved this copy. You can use the form provided.
If you cancel this agreement you will shill have to repay any money lent to you. But if you repay all of it before your first installment is due- or if you are not paying by installments within one month after cancellation you will not have to pay interest or other charges any money you have paid must be returned to you

Terms and conditions

Cancellation form


Is this enforcable or not?

esmerellda

It certainly looks that way. APR, illustration, interest, cancellation etc

Can you confirm there was no PPI with the loan?

Have you requested a copy of the original agreement from the lender?

cheekymonkey20

I have requested a copy of the original.
There was no ppi and no mention of this on the form.

By saying it looks that way, do you think i dont have a leg to stand on in getting it made unenforcable????

What happens if they do not provide me with the original withing 12+2+30 days???