PRA Group -CCA outcome and offer

GoodGuy2024

Hi there

I originally posted on this forum nearly a year ago and I’m at the stage where most of debt (if not all) have been defaulted sold onto PRA , Lowell, Cabot l, Link..

I have sent 3 CCA letters : two of which went to Lowell for two separate debt accounts and the last letter went to PRA. 

My debt from Barclaycard of over 15k went to PRA, without any communication from my side with them they offer just over 5k to settle this. I wrote a CCA letter and they came back to me with a 29-pages of statements but no the credit agreement isn’t there. Their cover letter had something like ‘ the information you’ve requested is attached’. 

From the info I gathered from this forum and other forums, I m under the impression that the original credit agreement needs locating and sending to me but I suspect as they haven’t referred to it at all, they just want me to start paying ..


Am I right in thinking that I should write to them to say the request hasn’t been fulfilled as the credit agreement hasn’t been sent to me? Would that be another Cca letter or an email reply to them would do the job considering they have sent me these 29 page statement in an email? 

Still feeling that by them offering me a 67% of the full debt amount offer straight after they acquired the debt they want to pocket the money ..but is the underlying issue here for them is that this debt more likely is enforceable ? 

Appreciate your help, 
thanks

Grumpelstiltskin

You have nothing to lose by sticking this one out.

Yes E Mail them and tell them they have not provided a valid CCA and until they do you are not prepared to enter into any discussions.

GoodGuy2024

Grumpelstiltskin said:

You have nothing to lose by sticking this one out.

Yes E Mail them and tell them they have not provided a valid CCA and until they do you are not prepared to enter into any discussions.

And how do I stick this thread? Sorry still newbie here ..
thanks for your reply. I think that’s the most sensible action to do right now. Just wondered if anyone was had been through same journey where the dca managed to find the agreement , is it likely that they will withdraw their offer if that happen?

im probably overthinking the options and possibilities.. which is not needed really . Shall take it step by step. 

Any other similar or opposing views, would be great. 

Grumpelstiltskin

I meant sticking the debt out, you have nothing to lose so call their bluff.

There is no way in knowing whether they will find the correct document so honestly don't overthink this .

sourcrates

Companies such as PRA Group are not DCA`s, they are a debt purchasing company, quite a different kettle of fish, they buy these defaulted debts in large portfolios, for around 10/12% of their actual face value.

Non of them will come with any paperwork, the original lender always retains that, but only for a certain length of time, which is why they have to refer back to them when you make a CCA request.

They know nothing about the debts they buy, prior to purchasing them, its all a massive gamble.

So your debt is currently unenforceable due to no agreement being available, its quite likely to stay that way.

Its not that difficult to re-constitute an agreement, which is perfectly acceptable, so either they must be missing vital information on your account details, or they simply can`t be bothered to re-constitute one, and instead hope that constant requests for payment of a reduced amount will seal the deal for them.

Make no mistake, they know they are on a sticky wicket with this one, that`s why they made you a low ball offer straight away, as even 5k would mean a profit for them.

Remember, everything they do or say, is for a good reason.

GoodGuy2024

sourcrates said:

Companies such as PRA Group are not DCA`s, they are a debt purchasing company, quite a different kettle of fish, they buy these defaulted debts in large portfolios, for around 10/12% of their actual face value.

Non of them will come with any paperwork, the original lender always retains that, but only for a certain length of time, which is why they have to refer back to them when you make a CCA request.

They know nothing about the debts they buy, prior to purchasing them, its all a massive gamble.

So your debt is currently unenforceable due to no agreement being available, its quite likely to stay that way.

Its not that difficult to re-constitute an agreement, which is perfectly acceptable, so either they must be missing vital information on your account details, or they simply can`t be bothered to re-constitute one, and instead hope that constant requests for payment of a reduced amount will seal the deal for them.

Make no mistake, they know they are on a sticky wicket with this one, that`s why they made you a low ball offer straight away, as even 5k would mean a profit for them.

Remember, everything they do or say, is for a good reason.

Thanks both, really helpful info.
 Yes sorry got it mixed up between DCA and those purchase debt. 

So would I best ignore them Or follow it up so that they know that the request has not been fulfilled and leave it at their hands? 

sourcrates

Up to you, you can just ignore them and see where it leads, or if you feel like rubbing their faces in it, write back and tell them they have not fulfilled your CCA request as no copy agreement was sent.

GoodGuy2024

sourcrates said:

Up to you, you can just ignore them and see where it leads, or if you feel like rubbing their faces in it, write back and tell them they have not fulfilled your CCA request as no copy agreement was sent.

Thanks, I decided to write back to them and see where I get with them on this. Will keep you updated. 

Rob5342

Now you have written back I would juat leave it there unless they produce the cca. They grab onto any contact and carefully word things to try and hook you into discussions with them.

I told them:

Thankyou for confirming that this account is unenforceable. In light of this please be advised that I do not intend to make any payments to this account.

And they replied:

Thank you for your contact; we appreciate you making us aware of your current circumstances.

Your account balance does remain outstanding, please be assured that we want to work with you to agree on the best possible resolution. If there is any reason you think you do not owe this money, or any reason you can’t afford to repay it, please give us some more details so we can help you.