The Sub Prime Credit Thread - Part IV

sutton111

kerryberryboo wrote: »

It's getting hazy now! I applied for Aqua first - accepted that was two weeks ago. So within the last week I applied to Capital One - got a 7-10 days message so I gave them a call today and the customer rep told me I was declined.

That's bizarre because Aqua won't touch me, but Capital One and Sygma have both recently given me cards. All very odd.

seeya23

sutton111 wrote: »

That's bizarre because Aqua won't touch me, but Capital One and Sygma have both recently given me cards. All very odd.

sutton your better off without aqua my limit start at £250 and it,s only £600 in 13 months

ElkyElky

Oh good news about my Capital One complaint. I got a phone call from someone who is dealing with the complaint and we went through the details. She said I was only given £100 because she says her system says I currently hold the Progress card.

I told them that is incorrect and I applied for the Plus card so she put me on hold while she was looking for the original application. She came back and said I was right and she'll find out why I was only given that limit. I explained I was given a higher limit when I had the classic card so I wanted my limit increased to something decent.

She called back later and said the people she had to speak to was in a meeting and that she'd have to call back on Tuesday due to the holidays.

spiritual1_2

laney85 wrote: »

how long after you applied did you call them, just curious as i was accepted online but want to just double check and see what limit is if im getting it ?

if uve been accepted should tell u very soon i mean, i applied online gor the 7-10 days get back to you message, so bein super impatient i called the VERY NEXT MORNIN, sayin hello hi anythin else u lot need etc, id be happy to send it in u only have to ask etc, and he said oh its ok uve already been accepted with a WHOPPING £300 limit, although its the progression and apparently with those ones u get an increse on ure FOURTH statement, assumin u play nice

never-in-doubt

dexter55 wrote: »

hello, i just joined. can anybody tell me the legal obligations re. s78? last december a high court judge said signature was NOT essential but address at execution of agreement was essential.

Here: Unenforceability & Template Letters III

Basically it means that the lender can report data to the CRA's and default you, but without the original agreement no legal action can be taken - my signature spells out the actual law.

See here for the recent McGuffick v RBS & Carey v HSBC cases

The judge didn't quite say that but yea, its always been the case that a signature on its own will not render an agreement unenforceable. Look at my thread above to learn the whole process and there is a FAQ section on page 2 as well.

spiritual1_2

oh NID whats ure views on this mate, my ole mother is gettin worried as an get this about 20 years ago she basically bumped a firm known at the time as radio rentals.....and 20 years later theyve started contactin her about it DEMANDS an so forth, shes fair worried about it and in those 20 years her surname has changed marriage etc, so she calls them up pleadin dumb i dont know who this person is my names such an such they then correct the surname to her new married name and are continuing with threats etc

never-in-doubt

plumber2009 wrote: »

I have searched high and low and have been unable to find any specific information regarding the maximum 3 years history of data on credit file.

You asked too soon - on the next page you missed this:

never-in-doubt wrote: »

It will not be retrospective, it will commence at the date of agreement for future proposals... and yes, it would clear all data from the credit file however as for the validity of the CCJ, this is actually not related because a ccj is done through our courts, and the law in the UK is a ccj is indefinite until paid (so long as the ccj issuer obtains extensions every 6 years if unpaid)...

Make sense? A CCJ is done via court - not the lender.

So no, is the answer.

However - it will be a lot harder to obtain a ccj for debt, being the new proposal make it harder for lenders to use underhand tactics, i.e. they should be more forthcoming and understanding so they will be restricted in how they obtain judgement, if any at all.....

plumber2009 wrote: »

do you know if?

1. Does this apply to existing credit agreements

No it will be from the date of action, so if you had an account that was closed and a year old, with the directive agreement date being 1st June 2010, then by the time your account hit 3 years in 2012, it would drop off and not in 2015 as it would normally have done.

That is the same with defaults, I believe.

plumber2009 wrote: »

2. Will all data over 3 years be removed from credit files, if so will this happen between Apr 2009 to Feb 2011 by which time the new legistation needs to become law.

We are unsure, some of the finer points are being argued all the time by the steering groups so don't worry about this too much right now - I cannot answer you. Basically when the new legislation comes into force this summer (we assume) then things click from then, i.e. all accounts that are live/new/closed will fall into the new system so things that would 4 years should just vanish, at the monthly update feed cos the CRA would recognise it is over the required 3 year period.

make sense? :eek:

plumber2009 wrote: »

3.Will adverse data, such as defaults be removed after 3 years and become an unenforable debt.

Not unenforceable no, it will be the same as currently - one debt = one default therefore after the default drops off you still have to sit tight for 6 years until statute barred otherwise they could apply for a CCJ.....

See, its not so simple after all... the only beneficial changes (to you and I) will be the length of time data is stored with the CRA's....

never-in-doubt

spiritual1 wrote: »

oh NID whats ure views on this mate, my ole mother is gettin worried as an get this about 20 years ago she basically bumped a firm known at the time as radio rentals.....and 20 years later theyve started contactin her about it DEMANDS an so forth, shes fair worried about it and in those 20 years her surname has changed marriage etc, so she calls them up pleadin dumb i dont know who this person is my names such an such they then correct the surname to her new married name and are continuing with threats etc

It is statute barred mate - tell her whatever she does DO NOT SPEAK TO THEM OR ADMIT ANYTHING!

Instead she should send this: You know nothing of the Debt / Prove It

Read the below info, which will teach you the law on this and also what the powers (or lack of) they have :rotfl:

13. Bailiffs and Collections
Templates to stop lenders/bailiffs hassling you.

13.1 - Harassment by Telephone - Template to send if you're getting lots of phone calls;
13.2 - You know nothing of the Debt / Prove It - Who's debt is it / Prove it Letter;
13.3 - Threat of Doorstep-Visit - Template to send the DCA when they threaten a Doorstep-Visit;
13.4 - Legal Threat - Harassment by Telephone - Threat of legal action unless the phone calls stop;
13.5 - Harassment by Telephone - Follow Up - Template issuing s.10 & phone number removal.

spiritual1_2

Read the below info, which will teach you the law on this and also what the powers (or lack of) they have :rotfl:

[/QUOTE]

thats great thanks for that ill print these out tommorow im actually at work just now the joys of skivin within the security industry, id said statue barred to her aswell but didnt have all the info uve supplied on the topic, id basically said mum tell them to bolt as im pretty sure with no contact in over 6 years and in ure case TWENTY they cant do a bloomin thing but yeah ill print these out for her tommorow as its my dads 60th birthday part so were havin a family shindig, its always nice when u get to socialise with members of ure family u dont like not my mum the "others" lol

but yeah thanks for that oill pass it on shes quite good tech wise and complaints wise as shes high up in shaw trust so sh should utilise them effectively

spiritual1_2

mmmmmmm just tried to quote ure message NID cant quote it properly as im a NEW USER lol and cant post links ahhhhh well thats the piccy of my sygma card out the window then lol :eek: