No record of loan & I am still paying for it.... what to do? And what about PPI?

mrs_sparrow

To cut a long story short.... I bought a car in 1997, I didn't have a secure job or address and it was repossessed after 5 months and sold for a pittance so I had to pay the balance of around 3k.

I've paid £3 a month since then to Credit Security Ltd, lame I know. I have asked for a figure to settle but they ignore all requests, but if I do not pay they send me a letter. Because of where I am financially (a good place) I just keep on paying it, it does not seem to have affected my credit rating and I now run my own business. I must have asked 15 times for a figure to resettle - nothing ever comes back so we just keep on paying the £3 a month.

Last month I sent a letter to Lloyds asking for details of the PPI I had paid as I am sure it will clear it off, gave the account number of which I am paying - and they have come back to me and said they have no record of this loan with that account number.

So now what? The send me a statement once a year to say what I have paid them so how do they say they cannot find the account. Anyone know what to do now?

sourcrates

Hi,

It's not surprising they have no record of you after 19 years, creditors usually keep records for 6/7 years tops.

Was lloyds the original creditor ?

If so, they have basically just told you the account is unenforceable in court, as they have no record of your account, it's unlikely they will be able to produce a credit agreement if CCA'd.

To put this to bed, send a CCA request to them, when they can't comply tell them and the DCA to jog on, they won't be able to take you to court to enforce there rights.
There is a chance though, your account may still be in there archives.

Nothing will appear on your credit file after all this time.

mrs_sparrow

Thank you for the above info - to be honest I thought as they had statements that they would have the information I needed, it's with Lloyds. They just never reply to letters but maybe this is why, they were getting something. I will do as you suggest and enclose the letter from Lloyds. Thanks also for letting me know about the credit file - we want to buy a house so have been so worried that not paying would lead to a black mark we just carried on paying. Stupid, I know.

National_Debtline

Hi Mrs_Sparrow,


A debt will appear on your credit file 6 years from the date of default and/or judgement. From what you have described the default would have long since come off your file so the only risk now is a possible CCJ.

I think it is a good idea to try and get more information as well. You would need to do this from the debt collector (it is them you need to deal with now as opposed to Lloyds). You could make a CCA request or a Subject Access Request. A CCA request only asks for a true copy of the original agreement (this does not need to be the original contract or bear a signature) and a breakdown of the account - it only costs £1. Whereas, a Subject Access Request will cost £10 but you can ask for more information if you want to.


A creditor is not obligated to provide you with a settlement figure but it is quite bad service not to reply to you at all. Can you prove you sent these letters (recorded delivery) - if so, you may be able to argue/complain about bad service. Good luck,


Laura
@natdebtline