Secured loan query

LostCause_2

Hi there everyone,
Total newbie here, and I would appreciate any advice regarding a problem I'm having with my secured loan provider. Due to horrendous bank charges and my husband's recent redundancy, we've missed the past two payments on our secured loan, and the company is threatening all sorts of horrible stuff if I don't come up with one month's payment by close of business tomorrow. Strictly speaking, the payment has to be made by Monday (31st), but as the company is on holiday they are demanding payment by tomorrow. They have an automated payment system, but say that they can't wait to check receipt of payment on Tuesday (1st) before sending out a default notice. The person I spoke to was quite abrupt, which made the experience less than enjoyable, it has to be said. This person also referred to two missed payments back last year (!) and asked me to explain them (??). When I suggested that if these payments were missed then, why hadn't we had a similar 'memory jog' then, at which point this person became quite verbally aggressive, stating that it wasn't their job to remind customers to pay their instalments. For the record, payments have been made faithfully every month up until July this year - how is it then, that if your payments are made, you're left thinking that everything's peachy, then if you miss, suddenly these 'missed payments' from God knows how long ago are dredged up to further condemn you?

halifax71

Whose the loan with?

The general rule with any FSA approved lender is that "the lender must use reasonable efforts to agree a way for you to continue paying your mortgage and give you reasonable time to repay any arrears you have built up. The lender should only start repossession proceedings if there is no reasonable way for you to continue paying your mortgage or you cannot repay any arrears within a reasonable time."

The same rules apply to secured loans.

If they continue being rude, insist that all future communication be in writing and that if they contact you again you will put in a harrassment complaint.

Just some additional thoughts, have you got Payment Protection Insurance with the loan - if so reclaim it as it WAS missold. See PPI threads on this forum.

If your really worried get some impartial advice from the Citizens Advice Bureau. It's free.

halifax71

Might be worth you keeping the following text by the phone.

''TO BE KEPT BY THE PHONE AT ALL TIMES''


I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

In addition to this, if you continue to harass me by telephone, you will also be in breach of the Wireless Telegraphy Act (1949) and I will report you to both Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine.



If you should continue to phone me again I will consider it as harassment. Please now remove this number from your records and keep all correspondence in writing.

Harassment of people in debt by creditors or their agents is a criminal offence under the Administration of Justice Act 1970.

In case you are not aware of the laws in question you may wish to study the following:

1 ) Communications Act 2003, Section 127.

2 ) Human Rights Act 1990, Article 8 - Right to respect for private and family life.

3 ) Administration of Justice Act 1970, Section 40 onwards.

4 ) Wireless Telegraphy Act 1949, misuse.

I NOW BID YOU GOOD DAY!!

LostCause_2

Thaks for that advice, Halifax71. Yes, we do have PPI on this loan - it's with Welcome finance by the way. Will need to look into this reclaiming PPI thing, as I really don't want to pay them a penny more than I have to.

jonesMUFCforever

I know OP said MY loan and then said partner was made redundant but is it a joint loan could the PPI cover the partner?

PNPSUKNET

If its a joint agreement and your still working ppi would not kick in, if its welcome send a recorded del letter asking them not to call and I they need to send a letter advicing you of how to rectify the problem prior to issuing a default notice. Its most prob the person dealing with your acc is under bonus target.