Lets All Ask For Our Cca!

rog2

stapeley wrote: »

HI , just recieved a letter from D C C regarding my request for a second C C A . They comfirm the account is on hold for 28 days whilst they obtain the information required. They ask that i send any proof of payments or correspondence that would assist with my query! OH YES RIGHT , I help them out ! Why would they not just send the correct paperwork by return ? Have they lost it? Did they ever have it ?

You need send them absolutely nothing. This is a shining example of the need to request a cca in order to 'prove' the validity of the 'alleged debt' and the legal status of the person chasing it.
If they are so convinced of their position, then they will be able to provide you, as the Law states they must, a true copy of the original signed cca, deeds of assignment and a full, up to date, statement of the account.

purpledelly

Thanks Ali - sorry for being nosey just wondered what I could expect - sounds like I can expect a long haul! But at least in the meantime I'm not paying them. Although I was hoping trading standards and OFT might put a rocket up them - but it might be a while before I hear from them - I only wrote just before Chrismtas.

Stapeley - that's classic - asking you to send info to them :rotfl:As if... good luck

Tootsie_Roll

ALIBOBSY wrote: »

Lets face it most "debts" with DCA's have been sold for 10% of the balance if not lower and then written off by the original lender against tax anyway. Plus if you are taking about a credit card debt, because it is a rolling debt most people by the time they get to their light bulb moment will likely have paid min amounts for years and probably repaid the original amount plus. No one loses out, just means the consumer doesn't get screwed over what is wrong with that.

I'm afraid that these statements are complete rubbish.

1) Whilst it certainly is on the increase most debt is not sold but simply passed to DCA's for collection - when it is sold 10% is an extremely low figure and would have to be quite low quality debt - the average would be closer to 30-40%.
2) Lenders may have earned interest on any debit balance for quite some time but equally it could also be (and probably is) paying interest on that debt as well - your argument holds no water at all.

It seems that most people have forgotten that regardless of any unfortunate circumstance they find themsleves in they have borrowed money in good faith and the lenders have lent in good faith expecting that money to be paid back. If you dispute the debt for any reason then absolutely query it and invoke your rights under the law. If you want to negotiate a lower settlement then the majority of lenders I know would do that anyway (assuming you have already defaulted on the debt). So the only reason to do it is to try and avoid paying it back.

rog2

ALIBOBSY wrote: »

Personally I don't regard this as a debt avoidance technique. But it may well give you a stronger "hand" to negotiate a full and final settlement figure to clear the outstanding balance. Lets face it most "debts" with DCA's have been sold for 10% of the balance if not lower and then written off by the original lender against tax anyway. Plus if you are taking about a credit card debt, because it is a rolling debt most people by the time they get to their light bulb moment will likely have paid min amounts for years and probably repaid the original amount plus. No one loses out, just means the consumer doesn't get screwed over what is wrong with that. By requesting your CCA you are clarifying the legal status of the alleged debt, as someone else pointed out it does not disappear, just becomes unenforcable.
ali x

Very well put, ali, and exactly what I have been saying throughout.
PLUS the fact that the dca may have purchased the 'debt' for as little as 10%, even if we are being generous as much as 30/40%, goes to show that they stand to 'make' a more than tidy profit if they can intimidate 'debtors' into paying up without first checking their options.
We have, often, seen cases, on this forum, where dca's are chasing 'debts' that are so 'out of statute' that they should be in a museum, or 'debts' that have been so inflated by 'unlawfull penalty charges' that they bear no resemblance to the original debt. The provision of the cca, plus up to date statement, does, indeed, give the 'alleged debtor' the information that he needs in order to 'deal with that debt' - if this means telling the dca that the debt is unenforceable, then so be it if that is within the law, but whatever the course of action, it will be backed, one way or the other, by the presence, or absence, of the legally required cca.

stapeley

Tootsie, One of these companies wrote to me stating they had purchased the debt ! Read my post no 50 . Happy New Year .

rog2

stapeley wrote: »

Purpledelly , I was thinking more of the DMP companies that charge a fee, not the free ones .

Generally, stapeley, the advice, on this forum, is not to go to a 'fee charging debt counselling service' when there are charities that will give you help, even set up a DMP for you, which will cost you nothing and all monies will be going directly to your creditors, whereas, by their very nature, the fee charging companies are 'there to make a profit'.
That is not to say that all fee-charging companies are out to 'make as much money out of your situation as possible' there are, of course, many such companies who offer genuinely good help and advice and everybody has the right to make a living. It's just that we tend to see the results of the 'less professional' companies on this forum.

ALIBOBSY

Tootsie_Roll wrote: »

1) Whilst it certainly is on the increase most debt is not sold but simply passed to DCA's for collection - when it is sold 10% is an extremely low figure and would have to be quite low quality debt - the average would be closer to 30-40%.
2) Lenders may have earned interest on any debit balance for quite some time but equally it could also be (and probably is) paying interest on that debt as well - your argument holds no water at all.

You are trying to reduce this to a moral arguement when it is a legal one.
I have heard of people getting copies of assignment details with much lower figures than 10%, but even at 30% as Rog2 says taking people for the full balance makes over a 200% profit out of people in the worst circumstances how immoral is that? As to your second "point" lenders situations are far more complex than that as their money in ie. savings payments made on lending etc is balanced by thier outgoings ie. staff costs interest paid on borrowed money. The fact remains that lenders make billions of profit every year and to suggest they lend money without weighting it so they make a profit is frankly insulting. The difference in the interest rates on what they have borrowed and what we the consumer have borrowed will be a "profit margin". You also assume that all borrowing from the lender is made via them borrowing elsewhere which, as northern rock found is a dangerous game and just not the case with the majority of financial institutions.
The good faith argument is a bit of a stretch as well. I mean consumers had good faith that the banks weren't screwing them over about the level of bank charges applied to the accounts, we also had good faith that lenders act within the law and keep all the appropriate documents as required under the law.
I state again this is not a way to avoid debt. The debt does not disappear it just becomes unenforcable and whilst you can attempt to negotiate a full and final settlement without this action it puts you in a much stronger position regarding an offer and conditions on that offer.
ali x

hitback

I second that Ali!!! I think it's more than fair to say that everybody if not certainly the majority of people who read and post to this Forum, are intent on repaying their debts and not looking for an easy way out, after all if it were that simple to avoid paying a debt then this forum would not exist!!!
With the bully boy tactics so regularly used by DCAs and posted to this forum by those who have experienced them, any help in strengthening the position of the consumer has to be a good thing! Everyone has rights they may not be equal at all times, but they are rights!

artnoble

I'm still abit confused by this.

I understand that if a dca cant provide my cca the debt is unenforcable and that I should ask for all the money I have already paid to DCA for the debt back.

I have a 2k debt to which i have paid about £1k to. So if they can't find my cca and give me £1k back. I still have a 2k debt which is unenforceable. What happens then?

stapeley

I,m not sure if we can ask for money back ! That would be interesting ! No where have i seen money refunded mentioned in the CC Act.