new legislation?

stenvee

Hi
this is my first post on here.
I am currently in a few reduced payment plans and in the process of re nogiating payments with the help of th CAB. one lender has failed to respond to my new offer and as such CAB said to withhold payment until they do.
however i have just had a call from the lender telling me they have no such letter and if i miss a second paymnet new legislation states that 2 missed payments on reduced payment plan will result in them passing it straight to debt collection agencies at which point no offers will be accepted and i will be liable to pay full amount in one go.

is this true or is it just strong arm tactics to get there money.

i am not proud of my situation but circumstances have dictated what is important financially(priority wise) i have kept all my lenders informed of the situation and have a letter attesting to this from on eof them.

immoral_angeluk

It's scare tactics. Debt collection agencies are actually usually more willing to negotiate and accept payment offers (I work for the CAB) so i anything they'll be doing you a favour.

MrMuttley

Write to them and ask them to quote chapter and verse what legislation it is. there isn't any its a contract between two parties how anything gets paid and the law has very little to do with repayments until there is a county court judgement in place.

Creit control departments and debt collectors often threaten mislead and lie to debtors. Always always ask them to put any thing in writing if you think they are strong arming or lieing to you.

chrisj1

Hi just to say your not alone, I am new to this site and new to the whole repayment of debt system.This site has helped me much more than my current debt management company (promise debt solutions)
What i have learnt is things do settle down within 4 months and within yourself with the help of this site you will take control of your finances and not be afraid of the threating letters and out of hours phone calls.you will then control your own debt and it wont be someone else controlling it or you. this is my first posting so sorry if it is a bit emotional
chris j1

Tixy

Hi ChrisJ
I assume promise debt solutions are charging you fees for you debt management plan? - You may want to read this about and switch to a free organisation (especially as you say they are not even helping you much) - http://www.moneysavingexpert.com/loans/debt-help-plan#help

GeorgeUK

Stenvee, you wouldn't want to name and shame these liars would you?

There is definately no legislation that i am aware of that will do what they say. It may be their own company's policy but there is no way they could force you to make a payment like this and no court would demand it either. If they ever make these threats again, ask that they put them in writing so that you have something to show Trading Standards.

stenvee

the company is alliance and leicester/mbna. I have had an agreement with them for reduced payment for 18 months but now my wife has been laid off again we have gone from 2 full time incomes to 1 full time and 1 part time to just my income so CAB negotiating new deals. I have had calls from alliance and leicester and mbna in the past neither one seems to be working together or communicating although they are allegedly the same company.