Student with credit history in ruins..?

philwiththepill

od0s wrote: »

However, eventually the calls stopped. I never get calls now, even though I have the same number. I am not sure about letters, as I have moved to a new address, but I would assume I'd be easily found if they wanted to locate me, as I've only moved a few roads away.

QUOTE]

Sorry to say this but the reason you are "not sure about letters" is that you did not give them your new address.

Why did you not give them your new address ? Oh because you only moved a few roads away!! That is a lame excuse if ever I heard one.

od0s

OK well you clearly have some sort of problem with me... I was hoping to use these boards for support and advice - not insults

sammy115

Emzie is right, they can't take what you don' t have. You need to stop worrying about this and take some positive action. You need to write to capital one and ask for a copy of the original credit agreement, a copy of the default notice and any deed of assignment if they passed the debt on, also request statements. You will have to send a £1 to get this info. Send it recorded delivery. They should respond within 28 days.

If all the paperwork is in order then you have no option but to offer repayment. Don't worry about the legal proceedings, it is probably a frightener to get you to respond.

If you have defaulted on the original cc it will be on your credit file. Check your credit file. Defaults stay on your report for six years from date of default. A ccj will stay on your file for six years from date of ccj. So it is important not to get a ccj. That is why it is important to deal with this now!

sammy115

Plus if the paperwork is in order and they have added charges to your account, you could reclaim your charges and perhaps bring your debt down.

sammy115

od0s wrote: »

I will await any more responses on here, but a letter asking for the credit agreement sounds a good idea, but what does this achieve?

write this letter first?

I hope someone is able to advise me. Thanks once again.

Sorry, meant to explain if you ask for a copy of the credit agreement and they can't supply it, it would be unenforcable.

smashedbooboo

Hi, Send off the letter requesting a true copy of your credit agreement to robindon way. And send off a subject access request to capitol 1. You will need to send off a pound to R/W and 10 pounds to Cap1. The SAR will supply you with all the info cap1 hold on you. You will also be able to go through your statements and see what charges have been applied. ie late or overlimit charges. These can be reclaimed thuis reducing your debt. Look in the reclaim bank charges forum. Loads of info on there. Do not ring R/W. Only communicate in writing. Also i would speak to national debt helpline. If you do a statement of affairs with them then you can work out a payment plan. Even if you can only afford 1 pound a week it will show you are making an effort to pay the debt. You should check your credit file hun. That will show if cap1 have put a default on your account. I would imagine they have. Also asking for the CCA from DCA and if they do not have it, it does not mean the debt is unenforceable. If the DCA dont have it it just means on this occasion they cant chase you for it. BUt CAp1 could as the debt is fairly recent. And it does sound like your scared of contacting them. Please dont get all wound up with this. You are now facing up to things and the only way is up now. We will help you hun. Please keep posting. And just keep asking questions if you need to. Are there any other debts you need to face up to. If so get them all down on here and we can get them sorted all at once as it were, You dont want anything else coming up to bite you in the butt in future. xxxxxxxxxxxxxxxxxxxx

Emmzi

Here we go...

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 postal order in payment of the statutory fee, PO Serial Number xxxxx.

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

3. 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.

od0s

I have requested the original credit agreement earlier this week (been busy with uni exams, so been a bit delayed with this!) and not heard yet but should do soon.

In the meantime I have received letters informing me court action is imminent, and then further letters from the 'legal' department of Robinson Way. But then I also received letters telling me to contact them within 7 days and I will be offered a payment amount which is reduced SIGNIFICANTLY from the original debt. Sounds like they want to cut a deal??

I understand that unless they have a copy of this credit agreement they debt will be 'unenforcable' but what exactly does this mean?

The debt is finished and I will not have to pay it? Will this still leave me with an awful credit history, which will take X amount of years to clear?

To be honest I have had other creditors, such as Egg and am still paying them to this date (for only a few hundred pounds). I am not trying to 'get away with my debt' as a previous poster said, but this debt was run up a few years back when I was suffering from a serious gambling addiction. OK this isn't an excuse, but it really is a terrible illness - and an 18 year old student shouldn't have been given £3000 on a plate. The creditor must take some responsibility for this.

In all honesty I want to get this debt settled one way or another, and when I am working full-time this will be far more possible. If there is a way in which I will not have to pay the debt, I would be MAD not to take this opportunity. It does not mean I am a free-rider expecting to borrow money and never pay it back - because I am not!

redsquirrel80

As smashedbooboo said earlier, even if RW don't have a copy of the credit agreement, Capital One probably do have.

smashedbooboo wrote: »

Also asking for the CCA from DCA and if they do not have it, it does not mean the debt is unenforceable. If the DCA dont have it it just means on this occasion they cant chase you for it. BUt CAp1 could as the debt is fairly recent.

If by some chance Capital One don't have it then I understand that means it's not enforceable, but it's not really likely to be honest. Asking for the agreement is giving you a bit more time though at least.

If they do produce the agreement then as others have said you can offer token monthly payments to show a willingness to pay and to stop them chasing you - they are likely to come back to you after a few months and ask for increased payments, which you can either refuse and keep paying the same, or maybe if you've got a job by then, pay a bit more.

As for the "reduced payment" deal, this will only be if you can give them a lump sum - have a search on here for topics about 'full and final settlements'.

Yes it will stay on your credit history for a few years, but it's not the end of the world - if you sort it out it will come off your history eventually, and even before then, I wouldn't say ONE debt of this size equals an 'awful' credit history. A court judgement if you let it go that far would have worse effects on your future chances of borrowing, so please don't let it...