CCA - Stopping payments?

DebtfreeDreaming

Hi

I sent CCA requests to 3 of my creditors on 07/05/19. So far I have heard from 2 saying they are having to contact the original lender and will be back in touch. I have yet to have a response from the 3rd although I know the letter has been signed for (no idea if the postal order has been cashed as can’t see how to track that). Do I now stop payments to them all until they get back to me with a credit agreement? And if so, do I send a letter telling them that I’m not paying? Or is it best to continue paying until they tell me it is unenforceable (if this is the case)?

Many thanks

[Deleted User]

Carry on paying.

Stopping payment now is a bad idea

Exodi

You could have stopped paying as soon as you sent the requests but payment is most commonly paused after the prescribed period (people usually state two weeks but it depends what you put in your letter to them). You are under no obligation to continue payments until the request is satisfied however people often use this opportunity to make F&F offers whilst the creditor is in a weak position, the reason it can be advantageous to do this is a) peace of mind b) it prevents the creditor finding an agreement and going back to paying the full amount.

!!! wrote: »

Carry on paying.

Stopping payment now is a bad idea

Why do you take this view?

Willing2Learn

!!! wrote: »

Carry on paying.

Stopping payment now is a bad idea

No, the CCA request makes the accounts unenforceable until your creditors are able to provide you with compliant paperwork.

If it was me, I would withhold payment for now, and deposit the money into a savings account instead, so that it is ready for F&F settlements.

For clarity, here is the link for the Consumer Credit Sourcebook, which describes your rights in detail:
https://www.handbook.fca.org.uk/handbook/CONC/13.pdf

DebtfreeDreaming

Thank you all. I am hoping to try and make F&F payments to settle the debts - am I best to submit these now or wait until they deem it unenforceable? (I know obviously there’s the risk that they may turn out to be enforceable)...

DebtfreeDreaming

And am I best to write to them saying that I am stopping payments as it is currently unenforceable and then send F&F letters?

Willing2Learn

DebtfreeDreaming wrote: »

I am hoping to try and make F&F payments to settle the debts - am I best to submit these now or wait until they deem it unenforceable? (I know obviously there’s the risk that they may turn out to be enforceable)...

Withhold payment until they either provide you with compliant paperwork, or notify you that they are unable to comply. If the debt is unenforceable then you can use this as leverage to get a reduced settlement figure.

DebtfreeDreaming

Do I just cancel payments or do I need to tell them that I’m not paying until they respond with the CCA?

sourcrates

DebtfreeDreaming wrote: »

Do I just cancel payments or do I need to tell them that I’m not paying until they respond with the CCA?

That’s up to you friend.

MovingForwards

Just so you know what I have done

- one wrote and said they are getting papers but it's currently unenforceable so no payment required at this time.

- one hasn't replied so I sent a chasing letter about 3 weeks after the first one and said I deem it unenforceable until they provide papers and I'm not making any payment.

The money I would have paid each month to them is currently sitting in a dedicated bank account for my debts. Obviously for each month they don't come back to me, the money keeps going up as I pay the instalment into it and I'm building up a kitty for f&f offers on the debts if they come come back to me in a reasonable time; I've yet to decide what a 'reasonable time' is but probably 6 months or so, is very close to their financial year end when they will want to close off as many accounts as possible for not a lot of money.

So, it's entirely up to you, but the money is better in your account than theirs while it's unenforceable!