loans and signed credit agreements

tonydav43

Hi

After some advice. My wife and I split up and we had 2 joint loans together. After she left I could not find the paperwork, so I requested a true signed copy from both companies. The 12+2 days were up on 16th October this year. I wrote to them both informing them that I will not be making anymore payments as they had no conformed to my request. The 30 days were up on 16th Nov 07 and still not received anything. I wrote to them informing them that I require any monies payed returning to myself, using the standard letter template and not to contact me again etc etc. I received a phone call tonight stating that I had defaulted on my payments and that hey require payment. I informed them that I had not received the information requested, they told me it was posted out on 10th October, that I do not believe. The woman said that she will now request the information that I originally requested and that she would call me again on Monday to discusss payments, the other company I have not heard from. It has now be almost 60 calander days past the 12+2 days, what should I do now?? Shoud I report them to trading standards and let them take me to court for non payment or what?

Please any advice would be great

jonesMUFCforever

If the loans were joint surely you would have been there when they took them out.
Stopping payments will only result in you messing up your credit score/rating.

A joint loan means that both of you are responsible for repayments - is your ex making any contribution?

tonydav43

The ex actually absconded with the money and then declared herself bankrupt. After reading many items on this site relating to requests for original true signed credit agreements, I followed the procedure as set out in the CCA and now the time has lapsed for the company's then according to CCA the debts are not enforceable. They have actually committed a criminal offence according to the Consumer Credit Act. Suddenly I'm starting to get phone calls so I'm just wondering what the next step is - are they still now breaking the law?

tonydav43

I was after advicve not your opinion, I am entitled to a copy of a true signed credit agreement, it does not matter if I have one sat in front of me, it is an entitlement that a company has to provide, if they don't supply it in the time set put by the consumer credit act, then they are committing a criminal offence and can be fined £7500.00, struck off the FSA register and also the courts can make the agreement non-enforeable. They can also be made to pay back any monies already paid. Company's HAVE to keep a signed copy of a credit agreement and by law they have to provide a copy when requested in a set time frame. As for being made bankrupt in the near future, dont think so as I have complied with the Credit agreement regulations and the 2 company's have not. If you can only supply opinions and not advice then please do me a favour and keep it to yourself

jay78

Two questions. Why did you ask for a copy of the original agreement?
Why do you not want to pay off the loan?

jonesMUFCforever

How can OP justify saying that he has complied with the Credit agreement regulations (post#5) when he has cancelled his payments and is being pursued by debt collectors?

Two wrongs certainly do not make a right.

Finally a message to OP about opinions and advice.

Opinions are freely given here, advice you have to pay for!
Get in touch with a solicitor ASAP.

tonydav43

FYI,
I am not being pursued by debt collectors, that clears up one of your pre-judgemental mistakes.

I will put this in laymans term just for you!

A lender MUST hold a true signed copy of a credit agreement which you are entitled to request at any time as stated in the consumer credit act.

It is immaterial if you have taken a loan out with them, if the company does not have a signed copy then the loan is not enforcable under the CCA.
You are entitled to request this information from them enclosing a £1.00 admin fee, they have 12 + 2 days to supply you with the information, if they do send it to you then you have to pay. If after a further 30 calander days they still have not sent you what you requested, they are then committing a criminal offence. If after the 12 + 2 days they produce the information, you can either pay them or they have to take you to court and explain why they failed to provide in the given time frame.

If after the 30 days they then come up with the information, they again have to take you to court, but they will be fined £7500, and also could be struck off the FSA register, and the court could also either reduce the debt but will most likely set an amount for you to pay over a given time frame.

As more than 30 calander days have past, it is most likely that the company's don't have a copy of a credit agreement which means that the debt does not actually exist.

For your information I have been paying the loan, but under the CCA regulations whilst a debt is in dispute, payment is to be withheld. Companies know this just as much as I do. I don't write the rules and regulations, the governement does. I am just exercising my right as a person.

It is no different to you getting stopped by the police and asking to produce your documents, but you dont have them, so you are given 7 days to produce them, if you don't produce them then you receive a fine, that is no different from a company holding a signed copy of a credit agreement.

You should go and investigate things before posting opinions, as you are totally wrong. The internet provides all this information it is just a case of looking for it. With regards to this site is for opinions and not advice, you could not be further from the truth, this site is for free advice and not personal opinions.

You have been pre-judging me before finding out facts.
For 5 months now I have been requesting statements from both companies and neither are able to produce. I made arrangements with both companies to pay different terms and neither have been able to send me any confirmation or written prrofs of anything, that is why I ended up asking for ALL the information I am entitled to by law.
Not once have I refused to pay these and I have an unblemished credit record, but, as I said, whilst there is a dispute then payment must be withheld until resolution.

jonesMUFCforever

Post #1 states ''I received a phone call tonight stating that I had defaulted on my payments and that hey require payment'' - those are your words - you are deluding yourself.

Just for one moment what if the papers turn up - what then>????

System

Quote:
'whilst a debt is in dispute, payment is to be withheld'

Just curious here, but what is the dispute? As you previously stated that you had taken out the loans:

Quote:
'we had 2 joint loans together'

I'm not trying to judge you but am struggling to find the reasons behind this whole situation.

You may not like the frank words of some of the posters but I do think they carry some merit and you should be very careful with the path you are taking.

My advice would be to forget pursuing your current tact, call the companies concerned and discuss how to get the accounts back in order.

Regards
UNDERGROUND

jonesMUFCforever

Well said UNDERGROUND.

Dylanwing

I think you might need to talk to the FSA or whoever regulates this. It's odd how many times this type of information goes 'missing in the post'. To be honest, storing a copy of the loan agreement and posting a copy out within 14 days is hardly rocket science, so it does make you wonder what the delay is. If it does make the loan unenforcecable, nice work - The Banks always quote T&C's to justify messing you around, so do unto others as they do unto you!