Old Lloyds bank debt aggreement

aggieuk

Hi all, i'm have some questions regarding a debt agreement, i made a debt agreement with Lloyds bank a number of years ago (around 2002 roughly) to put all my loan debt with them into a 0% interest agreement and to pay a nominal amount back per month, this was after getting into financial trouble with them. Now it's 2014 i've got around £6000 left (estimated!) originally i think it was around £12k plus, i'm wondering:

1) Is there any time limits that they are allowed to made you pay the debt, eg after an agreement is made, after 5 yrs the debt has to be written off?? I think i read it somewhere thats all.

2) The debt doesn't show at all on any of my credit files, eg experian or equifax so does this mean in the eyes of the law it's dead?

3) As it's not on my credit file at the moment, if i made an offer of a full and final pay off, can they still add this to my credit file as a partially settled amount or as it's not on there will my credit file be left as is without being tarnished.

4) When claiming back my PPI for these loans, Lloyds said they couldn't find the original paperwork for some of these debts, therefore gave me an average payout amount for most of the loans. I've read online that if the company no longer has the original agreement paperwork they cannot enforce the debt and have no choice but to disregard the debt and has to write it all off.

Any help with these matters would be great, not trying to rip Lloyds off, but if i can get away with something because of a technicality, then it would serve them right for ripping me off all those years ago with an armed forces loan that couldn't of paid out PPI in any form whatsoever, because of my chosen armed forces career. So really they deserve it!

Becka38940

Why is everyone so against paying what they owe these days?

If you took the money, you owe it!

Banks are not charities!

aggieuk

As i said Becka they charged PPI on an armed Forces loan knowing fully that i would never be able to claim it back even if i wanted to, so why should i play fair? Banks are basically criminals that are getting their just deserts. I have come into some money and i'm paying off debts one by one, but im not going to waste the money if theres a way to shaft them as they have to me, you and the entire world with their scams and frauds. Any normal person or organisation would have gone to jail for what they have done.

Karonher

aggieuk wrote: »

As i said Becka they charged PPI on an armed Forces loan knowing fully that i would never be able to claim it back even if i wanted to, so why should i play fair? Banks are basically criminals that are getting their just deserts. I have come into some money and i'm paying off debts one by one, but im not going to waste the money if theres a way to shaft them as they have to me, you and the entire world with their scams and frauds. Any normal person or organisation would have gone to jail for what they have done.

I must admit I don't agree with most of what you have written - banks are not charities and they have accepted the problem with PPI and repaid it. It seems LLoyds have tried to work with you by allowing nominal repayments.

I am not sure of the rules and sure someone else will be able to help but as you have accepted PPI repayments have you not accepted the debt? Would you be guilty of fraud if you have claimed PPI on loans you now say you haven't had? Just a question as I dont know the answer.

Sorry not to offer sympathy but I don't accept that everyone is shafted by banks.

aggieuk

I totally accept that they were my loans and they are my responsibility to pay them back, but my way of thinking is if they are able to commit fraud on a monumental global scale and basically get away with it then why shouldn't i get away with getting portions of the loans written off? I agree the banks are not charities but neither am i, they are not above the law either, they are only and i mean ONLY paying PPI back because they got caught and by the course of the law now have to, they are by no stretch of the imagination paying because they are being kind to us mere lambs to the slaughter, they couldn't give a rats clacker about us general public, only how to fleece us without us knowing. I have no qualms whatsoever milking them for whatever i can, however i can. Call it a form of karma if you like, of course i won't be doing anything illegal my end like they have. If i have to pay them the full amount owing i have to pay them, but if there's a way to get out of it then i'd be stupid to overlook it.

Thrugelmir

aggieuk wrote: »

but im not going to waste the money if theres a way to shaft them as they have to me,.

Don't be surprised if many disagree with your sentiments. As defaulting debtors cost everybody else money. After all you borrowed the money and spent it. So that's no excuse for not repaying it. Throwing a boomerang can have unintended consequences.

fatbelly

I couldn't see that anyone had answered your questions so here goes:

aggieuk wrote: »

Hi all, i'm have some questions regarding a debt agreement, i made a debt agreement with Lloyds bank a number of years ago (around 2002 roughly) to put all my loan debt with them into a 0% interest agreement and to pay a nominal amount back per month, this was after getting into financial trouble with them. Now it's 2014 i've got around £6000 left (estimated!) originally i think it was around £12k plus, i'm wondering:

1) Is there any time limits that they are allowed to made you pay the debt, eg after an agreement is made, after 5 yrs the debt has to be written off?? I think i read it somewhere thats all. No, you are maybe thinking about a debt becoming statute barred after 6 years of no acknowledgement by payment or in writing. As you have been paying since 2002 that wouldn't apply.

2) The debt doesn't show at all on any of my credit files, eg experian or equifax so does this mean in the eyes of the law it's dead? No, it doesn't mean anything except that it isn't affecting your ability to get credit, except with the Lloyds group, who will know about you from their own records.

3) As it's not on my credit file at the moment, if i made an offer of a full and final pay off, can they still add this to my credit file as a partially settled amount or as it's not on there will my credit file be left as is without being tarnished. The only way it could find its way back to your file is if they go for court action. In fact, offering a settlement instead of the very small payments you seem to be making would be a good idea

4) When claiming back my PPI for these loans, Lloyds said they couldn't find the original paperwork for some of these debts, therefore gave me an average payout amount for most of the loans. I've read online that if the company no longer has the original agreement paperwork they cannot enforce the debt and have no choice but to disregard the debt and has to write it all off. It may be a defence to a court claim to say that the debt is unenforceable under s127(3) of the consumer credit act 1974 because there is no original agreement. That might or might not work - it's not as cut and dried as some people think. The best tactic may be to mention this in your letter offering settlement. Though I think in this case I would do a cca request first and see what comes back.

Any help with these matters would be great, not trying to rip Lloyds off, but if i can get away with something because of a technicality, then it would serve them right for ripping me off all those years ago with an armed forces loan that couldn't of paid out PPI in any form whatsoever, because of my chosen armed forces career. So really they deserve it!

aggieuk

fatbelly wrote: »

I couldn't see that anyone had answered your questions so here goes:

Thank you very much for your time Fatbelly, it's most appreciated. At last someone gave me an answer rather than an opinion!

sourcrates

Karonher wrote: »

I must admit I don't agree with most of what you have written - banks are not charities and they have accepted the problem with PPI and repaid it. It seems LLoyds have tried to work with you by allowing nominal repayments.
.

You say "problem with PPI" ? that's one way of describing fraud I suppose !!!!

For many decades they "mis-sold" this product to millions of there customers, either telling them it was a "requirement in order to get the loan" or not even telling them at all.
In any other industry the people who perpetrated this fraud would be up before the beak and sent down for what they have done, but as we are talking about banks, the so called, "pillars of our community", they are allowed to walk away Scott free, and then have the audacity to make us jump through hoops in order to get our money back.


It was FRAUD pure and simple, they knew it, they carried it out for years, until the rise of the internet, and sites like this, rose the profile of PPI mis-selling, and we all became a little bit more aware of our rights.

BillJones

aggieuk wrote: »

I totally accept that they were my loans and they are my responsibility to pay them back, but my way of thinking is if they are able to commit fraud on a monumental global scale and basically get away with it then why shouldn't i get away with getting portions of the loans written off.

So you accept that you should pay them back, but then ask if you can get away with not paying them back...

Genius.

I'm a banker, by the way, but despite your weird ideas, have never cheated anyone, or committed fraud. Please, don't try to wriggle out of your debt yet class me as being in the wrong.

fatbelly

aggieuk wrote: »

Thank you very much for your time Fatbelly, it's most appreciated. At last someone gave me an answer rather than an opinion!

Yes, you & I can discuss what you are going to do and let the rest have a philosophical discussion about the banking industry!

There's info about doing a formal cca request here:

What rights to information do I have ?