credit agreement

yelsel3

Some time ago I posted a query asking what I should do about Thames credit buying my debt to Sainsbury's bank. Lots of great advice which I followed way back in the Autumn. Just got back from a hospital appointment feeling rough and waiting for me was a letter from thames credit enclosing my credit agreement from May 2003 with Sainsbury's bank. Their letter says quote 'We look forward to receiving your proposals.' There's no way I can afford to pay up at the moment can anyone tell me what to do now? Thanks.

angelavdavis

Providing the credit agreement contains a valid signature and is definitely yours, I would draft out a letter to them, enclosing an SOA, offering £x amount per month to clear the debt. Regardless of their response, I would then continue making that payment.

www.nationaldebtline.co.uk has some sample letter templates you can amend to suit your needs.

Tiglet

Is this the query you were referring to?

If so, they appear to have exceeded both the 12+2 working days that they had to respond to your CCA letter plus the next 30 days. Have I got that right?

I've got to go out now so I hope somebody else will be able to help.

stapeley

Hi , are you happy that the Agreement is a true signed copy , and is correctly formulated ? It is an AGREEMENT and not just a copy of a Application form ? If you are sure about it , I would just thanking them for it . Did you recieve a notice of Assignment , proving they are entitled to pursue the debt ? If not, that would be my next request .

yelsel3

Thanks to all for replies, yes Tiglet that is the query, they are well outside their 12+2+30 days and no stapeley I haven't received a notice of Assignment, will request this asap thanks for that. What do I do after that and does anyone know how legal this is even though thev've sent me my credit agreement?

stapeley

If they have no notice of assignment , they are not entitled to collect the debt . Was it for a credit card ? Has it got a credit limit on it , the Agreement must have all prescribed terms on the Agreement . GOOD LUCK

Tiglet

My understanding is that if they don't respond within the 12+2+30 days, then they're not allowed to pursue the debt. They know this so they're not technically pursuing it - they are just waiting for you to offer to pay it.

I would ignore them and, if you here from them again, report them to Trading Standards.

yelsel3

No it was just a loan which I had over 5 years in 2003 and paid monthly until I became long term sick at end of 2004, then claimed on insurance, when that ran out I offered to pay token £1 per month to SB. I kept them informed and had the usual round of threatening letters from various DCA's who were sent my standard letter as above until I heard nothing at all then Thames contacted me in October 2007. Am not really sure what a letter of Assignment is when I think about it -sorry I'm a bit thick- I just had a letter saying they had bought the debt nothing from SB to confirm this tho. Not sure whether to ask for one or do as Tiglet says and ignore them. I had every intention of paying SB back this year if everything goes to plan but not sure what to do now.

maddysaver

Tiglet wrote: »

My understanding is that if they don't respond within the 12+2+30 days, then they're not allowed to pursue the debt. They know this so they're not technically pursuing it - they are just waiting for you to offer to pay it.

I would ignore them and, if you here from them again, report them to Trading Standards.

That's not entirely the case. If at any time (even after the 12+2+30) days they come up with the SCA etc (and assuming it's all in order and correct) they can still pursue it. However they can not enforce it (i.e. make you pay) without going through the courts. If you were sure the CCA wasn't valid then it might be worth making them go down that route or simply ignoring them as your first line of defence would be they have not proved their legal right to collect the debt.
However I'd try to find out if the paperwork is indeed all correct or not first.

yelsel3

Thanks Maddysaver I think things are becoming clearer am I right in thinking that the original letter TC sent was the letter of assignment even tho I've heard nothing from sainsbury's and do they need to inform me also? I'm going to have a dig and see if I can find the original loan docs and check if what they've sent me is the agreement and not the application form but I feel the way my luck's running I'll be the first person thames credit have got everything right with.

Broken_hearted

If they go through the courts it could end up costing you more.