1st Credit loan - Is it enforceable?

leehammond

Hi,

I have 2 outstanding accounts with 1st Credit which I am trying to get a settlement figure for. Does anyone have any advice to get the best deal?

Also, it has come to my attention that I have been paying 1st Credit for the last 3 years and I don't recall every seeing any signed paperwork. Can anyone help out on where I lay with this? I have looked all over the forum but have only come across threads of people who are just starting out with 1st Credit rather than myself who has being paying for years.

Lastly, they keep trying to force me to up how much I pay a month. Can they do this? Or can I just refuse to up the amount and continue to pay what I originally agreed.

I appreciate any help with these matters.

Thanks

Lee

agrinnall

Please, let me be first.

Did you borrow the money? Yes? Then pay it back - simple.

leehammond

Did I mention at all in my post that I wasn't going to pay the money back? No is the answer.

opinions4u

leehammond wrote: »

Did I mention at all in my post that I wasn't going to pay the money back? No is the answer.

Your title and post does rather hint at the idea though.

jonesMUFCforever

If you have had no paperwork why have you been paying them at all over these last 3 years?

Is it a case of you losing the original paperwork?

Apples2

leehammond wrote: »

Did I mention at all in my post that I wasn't going to pay the money back? No is the answer.

You mean NO, you are not going to pay the money back or no you are not going to not pay the money back?

I'm with those above, why in the name of whoever you worship have you been repaying 2 loans you didn't receive?

cakinwande

Just answer the question guys, these forums are supposed to be helpful. The guy just needs some help, that's why he came here...

I personally can't answer the question but from what I have read they will do anything they can to pressure you to increase payments, even if you cant afford it. Best bet is to stay strong as you are already paying it back, dont let them increase it next time they ask. Whether that is in breach of contract/illegal, I'm really not sure.

Have you asked for paperwork?

opinions4u

cakinwande wrote: »

dont let them increase it next time they ask. Whether that is in breach of contract/illegal, I'm really not sure.

Have you just recommended a course of action that could seriously damage somebody's credit rating?

Have you established whether or not it's a variable rate secured loan?

Think about what you're saying here. You could just have told somebody to do something that will cost them their house.

fatbelly

leehammond wrote: »

Hi,

I have 2 outstanding accounts with 1st Credit which I am trying to get a settlement figure for. Does anyone have any advice to get the best deal?

Also, it has come to my attention that I have been paying 1st Credit for the last 3 years and I don't recall every seeing any signed paperwork. Can anyone help out on where I lay with this? I have looked all over the forum but have only come across threads of people who are just starting out with 1st Credit rather than myself who has being paying for years.

Lastly, they keep trying to force me to up how much I pay a month. Can they do this? Or can I just refuse to up the amount and continue to pay what I originally agreed.

I appreciate any help with these matters.

Thanks

Lee

Hi Lee

1st credit are a collection agency aren't they? They will try to 'up' their payment but unless they want to go for court action there's no legal obligation on you. Of course, if they did try it, it is quite possible that the court would order payment in instalments anyway. They might end up with less.

If these 'accounts' were originally loans or credit cards then you have a right to request a copy of the original agreement under the consumer credit act (but they can comply with this by issuing a reconstituted agreement). You could also use the Data Protection Act. This factsheet explains

Factsheet | Getting information about your credit agreement

Regarding full & final settlement deals, try this factsheet

Factsheet | Full & Final Settlement offers

Try the debt-free wannabe board for more advice on how to play this.

fb

chanz4

And I thought I was blunt lol, op if its your loan pay as normal like you have been. An agreement will just show what you know, you borrowed the money and this is what you agreed to.

Inregards to paying more, you dont have to but as others have said a judge may order more.

nottoolate

leehammond wrote: »

Hi,

I have 2 outstanding accounts with 1st Credit which I am trying to get a settlement figure for. Does anyone have any advice to get the best deal?

Also, it has come to my attention that I have been paying 1st Credit for the last 3 years and I don't recall every seeing any signed paperwork. Can anyone help out on where I lay with this? I have looked all over the forum but have only come across threads of people who are just starting out with 1st Credit rather than myself who has being paying for years.

worth checking as if not enforceable you way be able to negotiate a better settlement figure.


ignore the trolls