Request for Credit agreement.

Buzzardbreeze

I have three Barclaycard debts at arount £20000 combined, that I defaulted on in 2013 and they are now with Link finance, and have been for a number of years. For most of that time I've been paying £1 per month off each card. It's come to my attention recently that I can request the Credit agreement and a full breakdown of the accounts including any interest or charges added. I understand that if they cannot produce them within a reasonable time, say 4 months then it's likely that they can no longer enforce collection of the debt.
Now here is my question. Moneynerd told me to go to the original lender, Barclaycard but I called them tonight and they said my debts were closed and I should ask Link finance. Is that right?

Rob5342

Yes, you.ask.the current owner.of the debt, in your case link financial.

Are you making payments through Moneynetd? You should never pay for debt advice or a debt solution, if you need advice National Debtline is free.

fatbelly

If you make a formal request correctly* under s77-79 cca then the account is unenforceable until they comply with the request. Once they comply it becomes enforceable again.

In your situation I would advise to make the requests and then stop paying.

Token offers are not a long-term strategy. They are just a stop-gap until you can find a better one

Not sure what moneynerd is** but they gave you incorrect information

*that means by post enclosing a po for £1 and best send signed for so that there is a paper trail.

**they appear to be registered as an introducer so they are basically IVA pushers. They are not accredited to give debt advice

sourcrates

Just to add to the above, once you send your request to Link, they will then pass that request back to Barclaycard, as the original lender always retains the paperwork, unless or until it gets disposed of in some way.

Important you follow correct procedure.

It`s probably 50/50 whether BC will be able to provide this or not.

Buzzardbreeze

Rob5342 said:

Yes, you.ask.the current owner.of the debt, in your case link financial.

Are you making payments through Moneynetd? You should never pay for debt advice or a debt solution, if you need advice National Debtline is free.

Hi thanks for the reply. I have used step change for advice. Not paid for any and don't intend to. I pay Link finance, no middleman.

Buzzardbreeze

fatbelly said:

If you make a formal request correctly* under s77-79 cca then the account is unenforceable until they comply with the request. Once they comply it becomes enforceable again.

In your situation I would advise to make the requests and then stop paying.

Token offers are not a long-term strategy. They are just a stop-gap until you can find a better one

Not sure what moneynerd is** but they gave you incorrect information

*that means by post enclosing a po for £1 and best send signed for so that there is a paper trail.

**they appear to be registered as an introducer so they are basically IVA pushers. They are not accredited to give debt advice

Thanks. Why do you suggest stopping paying once the request has gone in?

The reason I ask is that the £1 per debt per month I am paying and have been for many years seems to be keeping them quiet whereas if I did stop and they find the credit agreement then I'd probably have to renegotiate a monthly payment and I earn more than I did before so I'd have that to deal with. 

I have made two full and final offers on all these Link F based debts in the past few years but Link are hard task masters and don't seem to want to look at anything less than 90% of each debt.

Grumpelstiltskin

You don't have to renegotiate a monthly payment, you pay them what you can afford and if they don't like it they can lump it, so don't worry about that.

Buzzardbreeze

Update. 

I have finally received replies for my Bank of Scotland account and three Barclaycard accounts through Link Financial.

The Bank of Scotland reply came after a few weeks and it was just a letter from Link Financial stating that the original creditor has been unable to comply with the request and therefore the account is unenforceable.

I had to send a curt reminder for the Barclaycard responses and they came back within a week of my reminder. All three came with a cover letter from Link Financial and a standard credit agreement. Each also had a letter to me and another to Link stating that they are unable to provide varied terms and conditions and therefore the accounts are unenforceable until they can provide them and until then, the account balances remain collectable.

The only confusing part for me is that one of the Link cover letters states that one of the Barclaycard accounts IS enforceable even though Barclaycards letter to Link and myself states that it isn't enforceable.

Any thoughts?

fatbelly

If you have it in writing that it is unenforceable, hang on to it in case you need to remind them at some time in the future