Is the purpose of a CCA request to reduce your monthly repayments?

rowdyp

Say you send out your requests and receive no CCA within 12+2 days. Should you then send out a letter offering to make a token monthly payment? Such as £1/month for the next 12 months. Or am i day dreaming?

I dont understand the purpose of asking for a CCA and not receiving one. Do you just ignore the debt forever?

I owe money on 4 cc's and one catalogue, all signed up for before 2004. I do not miss payments or make late payments but the interest is swallowing up my min payments and for a long time i have been borrowing money from family to be able to make the payments in the first place. I have practically no possessions and am staying on someones sofa. The only way i can get out of here is to reduce my monthly repayments.

Thats why i am asking if i do not receive my CCA's if it is then possible to set up a new repayment amount or a token payment to close the account.

??

Thanks

Broken_hearted

For us it was to find out what Halifax were up to as they claimed to have sold the debt on,refused payment and left us in Limbo.. We are still in limbo now as Halifax claim not to have to provide a CCA and sent us their current terms and conditions leaflet.

leverton86

I wouldn't say the purpose of requesting a CCA is to reduce monthly payments. This next bit is entirely my opinion and my reasons for requesting CCAs from my creditors.

Firstly, I am about 13K in debt, 2 loans, one credit card and an overdraft (overdraft now written off). I wrote to my creditors requesting CCA firstly to check that the debts they were enforcing was legal - in my opinion if a legal document can't be produced, then how can they make demands about what I have to pay them? I also wanted to get all my paperwork in order so I thought getting copies of CCAs would do that.

I was also having a hard time financially, and was getting hassled a lot by my creditors for payments I couldn't afford. By challenging them I thought it may at least put a hold on their phone calls etc. and at most stop them contacting me indefinitely. I was right, when I sent the initial letters, 2 of three creditors stopped hassling me, and the third was soon to follow. They didn't produce the documents within the required timescales so I stopped payments (mainly to give me some breathing space). However, eventually the documents did turn up and they began enforcing them again, which they are more than entitled to do.

There are rumours that if a company can't give you a CCA then the debt can be abolished - not technically true, the debt is still there and you DID once agree to the terms etc. It does however give you some better grounds for negotiating, arranging payments, freezing interest, final settlements offers etc.

If you simply want to reduce monthly payments then I would recommend contacting your creditors asking them nicely to accept what you can afford (they should, and might even freeze interest), along with a budget sheet. If they refuse then contact your local CAB (this can take a while, but is worth doing, as they generally get better results than unaided people) Hope this helps a little, and good luck!