help on two points required

scottygees

1. Have had a form from Yorkshire Bank to sign to close my account so that the overdraft can be added to my DMP. I have already written to them in connection with this, but just printed my name on the letter. What should I do? Is there a possibility that they may not be able to enforce the amounts due on the overdraft, a bit like a CCA?

2. Tesco Loans have accepted the DMP but have front loaded the interest on to the amount owed. Obviously I would like the interest to be frozen to enable quicker completion of my DMP.

I will write to them to ask for the interest to be frozen, but am concerned if they sell the debt on.

Will it be sold on for the amount I took the loan out for or with all the interest added?

Surely if they sold it on they would only be able to add on any interest that has accrued so far, not any future interest they would have added during the life of the loan.

I would appreciate any advice on these two matters

Neekbiode

John are you here?

Soph86_2

My Barcleys loan is front loaded with all the interest that it would have accrued throughout the loan. Payplan told me they can do this!

PNPSUKNET

1. They already have your signature, so whats the point.....
2. They have every right to charge intrest, if they were to take it to court they can add an extra 8% also

thechippy

An overdraft is not covered by the cca, so you cannot go this route.

If a debt is sold on, the new owners very rarely have the right to add further interest.

scottygees

thechippy wrote: »

An overdraft is not covered by the cca, so you cannot go this route.

If a debt is sold on, the new owners very rarely have the right to add further interest.

But would it be sold at the amount it was taken out for or with the interest loaded on to it?

thechippy

Yes, I'm fairly sure. Although the new owners can't add any more.

A corporate solicitor mate of mine is looking into this stuff for me at the mo.

I 'll know more in a couple of days...