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Defective Agreement Claim on personal loan - help!
pitythefool
Posts: 10 Forumite
Hello all
I'm new here, and hope I'm posting in the right section.
Was hoping for some advice, suggestions, words of comfort! Anything really as I'm feeling pretty desperate.
In Nov 2008 I began a 'Defective Agreement Claim' to see if my personal loan was unenforceable. It was accepted on the basis that my bank no longer held a copy of the loan agreement with my signature. I was initially told the whole thing won't take very long.
It's now nearly 9 months later and I'm at tipping point after receiving an email from the solicitor dealing with my claim telling me:
"Your claim has been issued at court yesterday so the defendant has 14 days to respond.
If the claim progresses through the courts as per usual then you could be looking at a court date in approximately 6 months."
Now... this is just the court date, I'm guessing whatever happens next could go on for a further few months.
I recently spoke to a friend who told me if I did stop paying there's nothing much they could do but write lots of letters and after 5 yrs it would be written off. Of course my credit rating would be seriously damaged.
I have no assets, own nothing but a 10yr old car which I doubt would be worth taking should the bailiffs pay a visit. I've been totally against the idea as I like to consider myself an honest person and don't like getting into trouble!
Basically my questions are:
I'm paying £280 a month and £18k left to pay. Have tried increasing my payments but they wouldn't allow me, saying I don't earn enough. So I'm stuck for another 5+ yrs.
Thanks in advance
*** sorry I thought this was going into 'Reclaim Bank & Credit Card Charges' but it ended up here... think because I just activated my account it redirected me to this section instead. Can I move it?***
I'm new here, and hope I'm posting in the right section.
Was hoping for some advice, suggestions, words of comfort! Anything really as I'm feeling pretty desperate.
In Nov 2008 I began a 'Defective Agreement Claim' to see if my personal loan was unenforceable. It was accepted on the basis that my bank no longer held a copy of the loan agreement with my signature. I was initially told the whole thing won't take very long.
It's now nearly 9 months later and I'm at tipping point after receiving an email from the solicitor dealing with my claim telling me:
"Your claim has been issued at court yesterday so the defendant has 14 days to respond.
If the claim progresses through the courts as per usual then you could be looking at a court date in approximately 6 months."
Now... this is just the court date, I'm guessing whatever happens next could go on for a further few months.
I recently spoke to a friend who told me if I did stop paying there's nothing much they could do but write lots of letters and after 5 yrs it would be written off. Of course my credit rating would be seriously damaged.
I have no assets, own nothing but a 10yr old car which I doubt would be worth taking should the bailiffs pay a visit. I've been totally against the idea as I like to consider myself an honest person and don't like getting into trouble!
Basically my questions are:
- Do I have a chance if I wait the 6 months.. or am I being shafted by these solicitors?
- If I did stop paying, what's the worst that could happen? and would my address be blacklisted or affected by it? (I want to avoid that as I live with my sister)
- Is there anything I could do with regards to writing to the bank without invalidating my claim?
I'm paying £280 a month and £18k left to pay. Have tried increasing my payments but they wouldn't allow me, saying I don't earn enough. So I'm stuck for another 5+ yrs.
Thanks in advance
*** sorry I thought this was going into 'Reclaim Bank & Credit Card Charges' but it ended up here... think because I just activated my account it redirected me to this section instead. Can I move it?***
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