old debt advice please? CCA?

Shelldean

Right this is a bit long and complicated but bear with me and i'll try and give you all the facts......

Back in 1991 (yes that long ago) I took out a loan with Lloyds to pay for my wedding and honeymoon (should've known at this point he was no good making me pay half of wedding & honeymoon while he got his mum to pay his share:eek: ).

Can't recall the exact amount borrowed but think i was paying in the region of £123 p/m. This loan included insurance.
Anyway in early 1992 I fell pregnant. Early pregancy was rough and had some time off. While I was off I received redunacy. So until 8 mths, I had to sign on. When I signed on I got a little card stamped and every mth while the card was being stamped ins covered my payments. However upon reaching 8 mths they said I could no longer sign on as I wasn't available for work. So no stamps on the card no payments towards loan. OH helped me keep up the payments as he was working. Daughter born Oct 1992.
The relationship was never going to work so we split in March 1993.
So i was now a single parent, and OH stopped paying towrds loan, in fact he stopped paying towards anything. (told you he was a waste of space)
I seem to recall coming to some agreement with Lloyds with reduced payments etc but not totally sure. I'm guessing at some point I defaulted I was very good at ignoring debt back then!! And they passed me to a DCA.
I have been paying the DCA ever since, tho not very much and not always every mth:exclamati

I currently still owe £2430 and at the rate I'm paying it will still be paying in 20yrs:eek: :eek:
The DCA currently take £10 p/m from my bank account.
I requested a statement from them the other day and it shows payment from Jun 1997 - present.
While I was on the phone i was offered a settlement figure of £1215 so 50% discount, if I paid in full.

So my question is it worth it worth asking DCA if they have a copy of the CCA I orginally signed with Lloyds?
Or will I not be allowed to do this as in thoery I have acknowledged the debt by paying it for so long.
Must add I don't recall ever writing to them concerning the payments just my change of addresses and change of name. I have had loads of letters about missed payments ( thrown away) but I can't recall ever writing to them about them I always called them.

SO do i continue paying my measley £10 and carry on as I've done for several yrs, do I try and come to some agreement with DCA to get a MUCH smaller settlement figure, or do I ask for CCA and hope they've not got one and I can wriggle out of the debt totally? ( feels morally wrong to suggest wriggling ouot of a debt I know is mine but cna't think of another way to describe)

fermi

Shelldean wrote: »

So my question is it worth it worth asking DCA if they have a copy of the CCA I orginally signed with Lloyds?

Yes.

Shelldean wrote: »

Or will I not be allowed to do this as in thoery I have acknowledged the debt by paying it for so long.

Doesn't matter one jot.

Shelldean wrote: »

( feels morally wrong to suggest wriggling ouot of a debt I know is mine but cna't think of another way to describe)

Why? The DCA probably bought the debt for a very low percentage of it's face value, which they have no doubt had back from you many times over by now. Your payments to them are as good to them as printing money. :rolleyes:

Request the CCA and see what they have got.

Shelldean

Ok thanks for that will do that now.
Is there a letter template for this sort of letter?
My head all over palce at moment and this needs to be right LOL

fermi

Here:

---

> CCA request - Getting a copy of your credit agreement and account details.

Shelldean

Why? The DCA probably bought the debt for a very low percentage of it's face value, which they have no doubt had back from you many times over by now. Your payments to them are as good to them as printing money. :rolleyes:

Request the CCA and see what they have got. [/quote]


feels wrong cos I've never done it before I guess LOL

And how much would they buy the debt for?

Opening balance in june 1997 £3360.50 balance in Jan 09 £2430 so I've paid 930.50 in 11 1/2 yrs

fermi

Typically between 5 - 30 % of the face value.

You also have to remember that the creditor that you originally borrowed from decided to do that. It doesn't matter how much you pay the DCA, they will get nothing more than they already have.

Shelldean

fermi wrote: »

Typically between 5 - 30 % of the face value.

You also have to remember that the creditor that you originally borrowed from decided to do that. It doesn't matter how much you pay the DCA, they will get nothing more than they already have.

Sorry for being thibk but I don't get that???

Letter printed - thanks.
I should send it recorded delivery shouldn't I?
And should I enc a PO or will a chq be ok?

Soz to be a pain, but this is all new to me.

fermi

Think about it. You originally borrowed from Lloyds.

Rather than accept a reduced payment, they decided to "sell" the debt to a third party for a small fraction of it's face value.

Lloyds, who you actually borrowed that money from, have received all they will ever get.

It doesn't matter how much you pay the DCA. Lloyds will get nothing more.

The DCA bought the debt for a tiny fraction of it's face value. You have paid that, even in the worst case scenario. They are now milking you for pure profit.

Postal order rather than cheque is best. Must go recorded delivery.

Shelldean

Thanks Fermi,

All ready to go to post office tomorrow.

Get your drift now, in worse case scenario I've not actually paid 30% of the debt yet!!! but I doubt they paid 30% so you're right they're onto a winner with me aren't they?
Hopefully they wont' have the CCA and I can finally get rid of my last connection with my ex and finally be free of it all !!!

Thanks again for all your help much appricated will update when/if I hear back.

fermi

Shelldean wrote: »

but I doubt they paid 30% so you're right they're onto a winner with me aren't they?

Indeed they are. If the debt was still with the original creditor then I may have some sympathy. But here, no.

Shelldean

Please may i ask for advice again?

I setn request for CCA on 22 Jan, sent it recorded so i know they signed for it on 23 Jan. I work it out that they have had their 12+2 to reply, but i've heard nothing. I think there is a second letter that should now be sent is that correct??? and i do have to allow for the fact we had no post for the first 3 days of this week?

so what do i do next???