P Loan co won't provide copy of agreement

njtkc

I hope this is they way to ask a question?

I want to help my soninlaw, he had too many loans and as a result they had to sell their house to clear everything, Stupidly he didn't pay off a loan with Benefical Bank he seems to remember that when he rang for a settlement figure they suggested defferment of the payment for 2 yrs then restart it. He didn't keep any copy info for me to read, he's asked on several occassions for copy info but to no avail. The loan was £1,700 when it was defferred now it's £5,300. With a 2 children to suddenly have to find £240 extra a month is impossible.
Can anyone help with
1. How do we force them to send copies of contracts, letters etc
2. Can they legally only suggest one option when you ring for help.
3. Hearing ML on TV explaining about banks unfair charges is there anything like that for personal loans
4. Can he ask to put the account on hold freeze interest until he sorts it out.
:mad:

Emmzi

Put the request for a copy of the loan in writing (SIL will have to do this)

If they can't prove in writing what it was, signed by him, it could be anything he says it is..

emmareid

Hi There

By law they have to have a copy of the agreement on file.
Also you can request to have copys of any info that they have on you,
think it normally costs about £10 and they have to supply within 40days
something like that, its been a while since i worked in finance.
Other than than, ask for a manager and let rip, that normally helps for
me, they are breaking the law by not letting you have copys

njtkc

Thanks to you both, I'll get him to write and send recorded,

Does anyone know about the process loan companies should follow for reducing stopping payments temporarily whitst you sort our finances out.

emmareid

Hi all banks have different rules about making reduced payments,
but if you call them and advise that your having difficulties they sometimes
can reduce your payments, however this can effect your credit rating as
it will show as missed payments on your credit file.
Or even try talking to the credit counselling service who give free advice about debt problems.
Try to avoid companys that want money from you as they only make things
worse.

mparter

Here's a copy of the letter I've sent before in these circumstances.

Request for copy of Agreement

I do not acknowledge ANY debt to your company. I require you to supply the following documentation before I will correspond further on this matter.

1. You must supply me with a true copy of the alleged agreement you refer to. This is my right under your obligation to supply a copy of the agreement under the legislation contained within s.78 (1) Consumer Credit Act 1974 (s.77 (1) for fixed sum credit) - your obligation also extends to providing a statement of account. I enclose a £1 cheque in payment of the statutory fee.

2. A signed true copy of the deed of assignment of the above referenced agreement that you allege exists.

You are notified that you are obliged to supply these documents, whether you are the original creditor or not.

Non-compliance with my request is a criminal offence under the above Act and will result in a report being submitted to the relevant statutory authorities.

You can leave out point 2 if your not being chased for this from a debt collection agency. If they cannot provide you with the above then the debt is un-enforceable in court.

Astaroth

Your son in law can ask that they provide a copy of his file under the data protection act by writting to their data protection officer. They are allowed to charge a nominal charge for providing these records which is normally in the region of £10 (I dont know what the current max fee they can charge is)

Personally I wouldnt start quoting sections of acts or using emotive words like "illegal" or capitalisation.... 99% of letters that I have received in my time when handling complaints people were simply highlighting their ignorance (eg it is un-enforcable rather than illegal) and you are simply more likely to get peoples back up rather than encourage them to help you.

You can ask for things like freezing the interest etc however the lender is under no obligation to do this and so it is down to their own discretion.

njtkc

thanks for the last two posts exc letter thanks. n

mparter

No problem.

Astaroth wrote:

Your son in law can ask that they provide a copy of his file under the data protection act by writting to their data protection officer. They are allowed to charge a nominal charge for providing these records which is normally in the region of £10 (I dont know what the current max fee they can charge is)

Personally I wouldnt start quoting sections of acts or using emotive words like "illegal" or capitalisation.... 99% of letters that I have received in my time when handling complaints people were simply highlighting their ignorance (eg it is un-enforcable rather than illegal) and you are simply more likely to get peoples back up rather than encourage them to help you.

You can ask for things like freezing the interest etc however the lender is under no obligation to do this and so it is down to their own discretion.

None of what is in my post is wrong though. These companies are quick enough to throw the terms of these acts at us so we as consumers need to show them that we aware of what our rights are. I've lost count of the number of people that have been bullied into something because they simply didn't know what their rights were.