Interest has me gobsmacked (is it right)?

dfh

Report him to the police.

geoffky

you must act and get GOOD legal advice..do not admit the debt or offer them a penny..if you do the clock resets for time barred ..

[Deleted User]

overlander wrote: »

I think the company has a lot of explaining to do as they left the debt unchallenged for nearly 4 years. That stinks of deliberately letting the interest build up.

surely the borrower has responsibilities as well?
can only assume the balance includes alot of late payment fees plus what was originally a high apr,but the loan wasnt forced on anyone

mjm3346

ferraribabe1964 wrote: »

.This loan company were asked by CAB to write the debt off because of this and chose to ignore the letter.They were contacted again and told that if no reply were received it would be taken that they no longer had an interest in it.

You/CAB cannot impose a condition on the lender, they do not have to reply or do anything you ask outside their legal obligations.


As has already been said seek proper advice and do not acknowlege the debt.

Hax

geoffky wrote: »

if you do the clock resets for time barred ..

Just out of curiosity, does the CAB contacting the lender on behalf of the borrower count as acknowledgement of the debt and reset the clock?

aimingforadebtfreelife

Get the local press involved, cab, trading standards, police etc. Until he provides paperwork the debt is in dispute and he cant do a thing!!

JasX

EDIT... scratch that

why is some idiot digging up posts from 2009 that the OP never returned to to offer yet more advice???!?

Apples2

JasX wrote: »

why is some idiot digging up posts from 2009 that the OP never returned to to offer yet more advice???!?

ferraribabe1964 resurrected the thread with more information to her oringial post made in 2009.

There are a lot of old posts resurrected they way you say, but this isn't one of them. :beer:

JasX

ahh kk, the new user account and 01 post count OP id threw me

in that case I just suggest if you are going the over 6 years old / statute barred route sit down shut up and don't go publically achknowledging the debt in the local press or sending CAB / other agents off to talk to the company as thats a very easy way to get the 6 year clock reset.

If the debt is over 6 years old since last paid/achknowledged keep all responses to a simple 'I don't acknowledge this debt -please send any signed paperwork relating to it" if its under 6 years or "I don;t achknowledge this debt and even if it did exist would be statute barred under xxxxx" (find a template letter on here somewhere)

going off contacting the company in any other guise or havign people representing you do so is a good way to go only if you're planning to settle this by paying off the 40k owed (or alot in solicitors fees challenging it) ...probably with the equity in your house

JasX

Hax wrote: »

Just out of curiosity, does the CAB contacting the lender on behalf of the borrower count as acknowledgement of the debt and reset the clock?

depends what they say and in what capacity but if they're acting as your 'agent' and making repayment offers it can certainly muddy the waters on a clear cut statute barred case