Lender has terminated my loan in error, where do I stand

Conrad2

Tixy wrote: »

Right so you are going to do nothing and wait for them to take action?

And if they don't for a while you are presumably accepting of the fact that the default will remain on your credit file in the meantime.

And lets suppose that in 9months time the creditor issues court papers for the debt. You have stated you agree that the money is owed. So you either complete the court papers that states you agree with the debt and are issued with a CCJ. Or even though you accept the money is owed you complete the paperwork to dispute the debt. I'm guessing you will want to have your say in person and so will attend the hearing in person.

And then when judge says something along the lines of Mr Conrad you accept that this money is owed and yet you have paid nothing towards the debt for say 6months despite contact from the creditor and their representatives. Whilst the judge may accept that the lender has made an error initially, that won't actually stop him granting a CCJ against you - because as you have accepted - you do owe the debt, and are not making repayments towards it. He may well state that you be allowed to repay in installments at a similar rate to the original agreement and may not allow them to add additional interest on top of the original interest cost - but you will still have a CCJ against you.

This is a deliberate wind up isn't it.

If there is no agreement, there is no obligation to pay.

I didn't break the agreement, the lender did.

The lack of an agreement is entirely down to them. The nice judge will recognise that and ask the lender why they didn't attempt to put a new agreement in place.

The onus is on them. Yes, I have a debt. They cancelled the agreed method of payment incorrectly, so they have to negotiate to put a new one in place. 101 finance.

Conrad2

talana wrote: »

Wow, I had a quick read of this thread yesterday and can't believe it's still going. None of the arguments have changed in that time.

OP says X
Other posters point out the error of X and suggests he does Y
OP says no X is right Y is wrong
Others again disagree and recommend Y
Repeat ad infinitum..............

OP, why did you bother to post at all if you're not going to take on board what people tell you? Now you're still just chuntering away which isn't going to achieve much at all. If you're dead set on doing things your way then go for it.

I reckon everyone else should save their breath and stop bothering. He ain't listening...........

This thread has identified a massive gap in the knowledge of consumer credit, and has made it clear that certain advice given on this forum is at best flawed.

People have rights when lenders act inappropriately, and can use them to gain some small advantage when treated badly.

If I followed the majority of advice on this forum, I would be going back to the lender begging for forgiveness for being treated so badly.

I have repeated myself so often because people refuse to accept simple truths because they are out of their comfort zone.

I think it is worth at least attempting to correct such misunderstandings because people should know that they do have rights if they are treated badly or inappropriately by lenders.

It's not me that isn't listening.

UnionGirl

Keep it up OP. Been feeling a bit down in the dumps since returning from holiday to bad weather. Entertaining thread when TVs rubbish!:rotfl:

Conrad2

somethingcorporate wrote: »

I have a sneaky feeling that you are hoping this now means it is written off - it's crept into your posts a couple of times now.

Be under no illusion, a small admin error does not mean they will wipe thousands of debt that you legitimately owe.

I have a feeling you're going to pop back in a couple of days saying that the CEO has personally turned up at your door and cancelled your debt and brought your wife a bunch of flowers. But that is just the skeptic in me!

No need to be sneaky about it. It is an option for the lender if they don't fancy explaining their shortcomings in court, e.g. ignoring complaints, failing to check accounts (an obligation under the consumer credit act, and contravention of OFT guidance) and proceeding in error to terminate the agreement. If they offer it, I will not turn it down. Would you?

I don't think it will come to that though, and I am prepared to come to negotiate a new agreement if it is beneficial to me reflecting the lenders mismanagement and the distress it has put me under over the last two weeks. Wouldn't you?

chesky

it's a troll, don't feed it.

Conrad2

UnionGirl wrote: »

Keep it up OP. Been feeling a bit down in the dumps since returning from holiday to bad weather. Entertaining thread when TVs rubbish!:rotfl:

You know what, it is much better than telly. And very cathartic.

Hope you had a good holiday.

Conrad2

I am a troll. Plase don't feed me anymore. But thanks for all the fish.

Signing off on this one.

somethingcorporate

Good luck in your quest, I am not sure if you had all the answers why you bothered posting in the first place though.

I feel you've dismissed quite a lot of compelling and reasonable suggestions from a lot of long-standing and respected posters and your belligerence will just hinder your ability to resolve it.

jonesMUFCforever

Conrad2 wrote: »

This thread has identified a massive gap in the knowledge of consumer credit, and has made it clear that certain advice given on this forum is at best flawed.

People have rights when lenders act inappropriately, and can use them to gain some small advantage when treated badly.






It's not me that isn't listening.

Can you please quote the relevant legislation to confirm what you say?

CKhalvashi

Conrad2 wrote:

It's not me that isn't listening.

So, who isn't listening then?

--

I cancelled the DD because the lender had presented me, via a collection agency, with a collection order for the full amount of the debt.

If there is no agreement, there is no obligation to pay.

I didn't break the agreement, the lender did.

Right, so who cancelled the repayment plan again?

--

The lack of an agreement is entirely down to them. The nice judge will recognise that and ask the lender why they didn't attempt to put a new agreement in place.

Because the agreement hadn't been cancelled, just your direct debit, meaning that you haven't honoured your side of the bargain?!

I took that to mean that the agreement had been cancelled and therefore they had no right to expect further regular payments via direct debit.

So, you took the agreement to be cancelled, which would imply you weren't specifically told this. This would render

The onus is on them. Yes, I have a debt. They cancelled the agreed method of payment incorrectly, so they have to negotiate to put a new one in place.

useless, unless you have been told, in writing.

There will be something in the Ts and Cs to dictate that one part of the agreement becoming invalid will render the rest of the agreement enforcable. Tell us who is the loan with, and I'll find it for you.

CK