debt Recovery Agencies

putty71

Hi All

I need some advice please. A month or so ago I sent to all me creditors my CCCS report basically saying that I did not have enough coming in and too much going out. So far the response has been as follows-

B Card - PPI reclaim completed and debt wiped out
Amex - Need to ring them as they have offered help
MBNA - Rand and agreed £10 month for 6 months, then it will be referred to agency. I have PPI claim and charges claim in with them right now so hoepfully this will help
Cap One - Sent form to complete and return
Tesco & Mint - Letter received saying in default and being referred to DR agency.

With all of the above I have a claim in of some sort, but Tesco and Mint have offered no help. Can someone please advise me what I can expect from a DRA? I have thought of ringing tesco and mint, but will a recovery agency treat me fair and allow me to reach a payment agreement? If so what can I expect or what else can I do. If they want the money in full what happens as there is no way I can afford to pay.

I felt confident after the BCard sucess, but this has knocked me and I am now worried, struggling to sleep, the usaul through my own ignorance.

Please help.

Putty

RAS

Hi

They all vary. Ringing is genrally an opportiunity to buly/push you.

When did you take these cards out?

putty71

I have had the cards on and off for years now, but with one income used them wrongly and I'm now suffering. Xmas coming and need to keep littleuns happy

fermi

Did you take them out before April 2007?

putty71

Yes all of them. Why does this make a difference?

Deep_In_Debt

On the plus side (if there is one!) DCA's buy the debts for peanuts - literally pennies in the pound and tend to freeze interest and accept lower payments.

You just have to deal with their bullying first.

Don't ring them. National Debtline website has a good template letter you can use to send to your creditors offering payments. You'll have to include an I&E so that they can see what's going on.

Good luck.

putty71

I have already sent an I & E form to all of them. It does need adjusting now after the BC sucess but I still offered all £10 via direct debit and offered them to come up with a solution if it would help. Would more letters do it? Has anyone sucessfully dealt with DRA's?

fermi

putty71 wrote: »

Yes all of them. Why does this make a difference?

BIG difference.

Request a copy of the original agreement. If the debt account was taken out before April 2007 and they don't have an enforceable copy of the agreement, then they can't enforce it through the courts.

Gives you some extra bargaining power.

Link: Factsheet | Getting a copy of your credit agreement, account details and a statement of account.

If you send that, make sure you do it recorded delivery.

putty71

fermi wrote: »

BIG difference.

Request a copy of the original agreement. If the debt account was taken out before April 2007 and they don't have an enforceable copy of the agreement, then they can't enforce it through the courts.

Gives you some extra bargaining power.

Link: Factsheet | Getting a copy of your credit agreement, account details and a statement of account.

If you send that, make sure you do it recorded delivery.

Please excuse my ignorance , but what do you mean by enforceable agreement?

fermi

To be legally enforceable through the courts, a pre April 2007 consumer credit agreement must be.......

a) Signed by you.
b) Contain certain terms prescribed by legislation. Particulary:

- A term stating the credit limit or the manner in which it will be determined or that there is no credit limit;

- A term stating the rate of any interest on the credit to be provided under the agreement and;

- A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following--

(a)Number of repayments;
(b)Amount of repayments;
(c)Frequency and timing of repayments;
(d)Dates of repayments;
(e)The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

Should that not be the case, then under section 127(3) of the Consumer Credit Act 1974 any court is prohibited from making an order to enforce the debt.

putty71

fermi wrote: »

To be legally enforceable through the courts, a pre April 2007 consumer credit agreement must be.......

a) Signed by you.
b) Contain certain terms prescribed by legislation. Particulary:

- A term stating the credit limit or the manner in which it will be determined or that there is no credit limit;

- A term stating the rate of any interest on the credit to be provided under the agreement and;

- A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following--

(a)Number of repayments;
(b)Amount of repayments;
(c)Frequency and timing of repayments;
(d)Dates of repayments;
(e)The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

Should that not be the case, then under section 127(3) of the Consumer Credit Act 1974 any court is prohibited from making an order to enforce the debt.

I do apologise but you must think I'm totally thick, but please explain the court process and enforcing the debt. Do you mean that they have to accept my offer and cannot sell it on to a DRA?

Thanks for being patient!