unenforceable loans.

sam_wells

wow stebiz thats great. thanks for your help. feeling a little more confident now. can i ask if you have had any dealings with hfc bank or halifax bank and if so, what was the outcome. thanks again. sam

stebiz

sam_wells wrote: »

wow stebiz thats great. thanks for your help. feeling a little more confident now. can i ask if you have had any dealings with hfc bank or halifax bank and if so, what was the outcome. thanks again. sam

Hi Sam,

HFC were the first bank to accept 25% of the outstanding amount. So this never went any further. However it doesn't really matter who the lender is if you have an unenforceable agreement.

Cheers
Stebiz

sam_wells

we have been making reduced payments to hfc bank of £40 per month instead of £220 per month for the last 18 months. when i wrote to them and asked for credit agreement they wrote and offered me 50% reduction on loan. should i wait a little longer and hope they go to 75% reduction like they did with you. thanks again. u have been really helpful

stebiz

Hi Sam,

Is the loan pre April 2007?

sam_wells

yes stebiz, the loan was june 2006

stebiz

sam_wells wrote: »

yes stebiz, the loan was june 2006

Did you follow the correct procedure in sending the £1 PO off by recorded delivery? Or did you just ask for it by letter/phone?

Cheers
Stebiz

sam_wells

yes did it all correctly and sent £1 popstal order. sent it on 23rd april and had no reply regarding credit agreement. but recieved a letter saying if the balance was paid off in full by 8th july could have a reduction of 50%.

sam_wells

oops. meant postal order

sam_wells

don't really know what the next step is and how long to wait for a response. there is mixed advice on here on how long they have to respond. the letter i sent which i downloaded from a website said it had 14 days to respond.it has passed the 12 days now.

stebiz

sam_wells wrote: »

yes did it all correctly and sent £1 popstal order. sent it on 23rd april and had no reply regarding credit agreement. but recieved a letter saying if the balance was paid off in full by 8th july could have a reduction of 50%.

Sam,

I can't give you any advice on this because I am not qualified to do so, and would be hung drawn and quartered on here. What I will do is tell you what I would do if I was in your position. The other blah......contact Solicitor etc for advice is upto you.

I would consider myself in a good position. The big questions I would be asking myself is.....Have they got the credit agreement? Has the credit agreement all the prescribed terms? Was the credit agreement executed correctly?

I would wait for the 30 days to finish and then send another letter. In my letter I would tell them that I was still awaiting a copy of an agreement and at this moment in time I was in no position to pay any monthly money or agree to pay a final sum, because I have not received any information in order to decide what is, if any, due.

Of course in the back of my mind would be that they could produce a fully enforceable agreement.

I'll continue this view in about 30 mins time.........just having a bite to eat.

Stebiz