What Happens To The Money Owed

[sowerby17]

HI all juat a thought but what happens to the money owed if a dca cannot or does not provide a cca. Also how is it registered on a persons credit file?

[nmp]

the debt should be written off as it is not enforcable without one

[sowerby17]

ok but is it written off after 30 days and what about the credit report?

[nmp]

Hi

If you are sure that they breached 12 days plus 30 then send them this...

[FONT='Verdana','sans-serif']Dear Sir/Madam

You have failed to respond to my legal request to supply me a true copy of the original Consumer Credit Agreement for the above account.

On the 23rd April 2008 I wrote to you requesting a copy of the credit agreement and other information under the Consumer Credit Act 1974 (Sections 77-79).

A member of your staff signed for delivery of my written request and I have an electronic proof of delivery showing their signature and the date.

To date you have failed to comply with these requests in any way, whether by confirmation of receipt of the request or by supplying the requested documents.

These documents I requested should be readily available as proof of your legal right to collect this account under the Consumer Credit Act 1974.

In my letter of the 23rd April 2008 I made a formal request for a copy of the signed, executed credit agreement for the above account under section 77(1) of the Consumer Credit Act 1974. In addition a full statement of this account should have been sent to me detailing all debits and credits to the account.

Furthermore

You are aware that the Consumer Credit Act allows 12 working days for a request for a true copy of a credit agreement to be carried out before your client enters into a default situation.

If that request is not satisfied after a further 30 calendar days your client commits a summary criminal offence.

As you are no doubt aware section 77(6) states:

If the creditor fails to comply with Subsection (1)

(a) He is not entitled , while the default continues, to enforce the agreement.

And

(b) If the default continues for one month he commits an offence.


As you have Failed to comply with a lawful request for a true, signed copy of the said agreement and other relevant documents mentioned in it, Failed to send a full statement of the account and Failed to provide any of the documentation requested.

Consequentially any legal action you pursue will be averred as both UNLAWFUL and VEXATIOUS.

Furthermore I shall counterclaim that any such action constitutes unlawful harassment.

Please note you may also consider this letter as a statutory notice under section 10 of the Data Protection Act to cease processing any data in relation to this account with immediate effect.

This means you must remove all information regarding this account from your own internal records and from my records with any credit reference agencies.

Should you refuse to comply, you must within 21 days provide me with a detailed breakdown of your reasoning behind continuing to process my data.

It is not sufficient to simply state that you have a ‘legal right’; You must outline your reasoning in this matter and state upon which legislation this reasoning depends.

Should you not respond within 14 days I expect that this means you agree to remove all such data.

Furthermore you should be aware that a creditor is not permitted to take ANY
Action against an account whilst it remains in dispute.

The lack of a credit agreement is a very clear dispute and as such the following applies.

* You may not demand any payment on the account, nor am I obliged to offer any payment to you.
* You may not add further interest or any charges to the account.
* You may not pass the account to a third party.
* You may not register any information in respect of the account with any credit reference agency.
* You may not issue a default notice related to the account.


I reserve the right to report your actions to any such regulatory authorities as I see fit.
You have 14 days from receiving this letter to contact me with your intentions to resolve this matter which is now a formal complaint.

I would appreciate your due diligence in this matter.

I look forward to hearing from you in writing.

Yours faithfully[/font]

[maroondevo52]

Hi,

I'm not sure what happens, I don't think the debt will be written off.(well some DCA's might) The debt still exists, it just has'nt been paid and they cannot force payment.

I think any defaults placed on your credit report will stay for the full six years, although the DCA surely cannot add any to the account.

I have two DCA's trying to find my CCA's from about three months ago.
I should think about following that up


Regards.

Scott.

[nmp]

I'm not sure what happens, I don't think the debt will be written off.(well some DCA's might) The debt still exists, it just has'nt been paid and they cannot force payment. This is not correct. The debt is illegal if they cannot provide a CCA therefore they must wipe the debt and remove information with CRA's. I they dont, it should be reported to OFT and FSO.

I think any defaults placed on your credit report will stay for the full six years, although the DCA surely cannot add any to the account. Not necessarily

I have two DCA's trying to find my CCA's from about three months ago.
I should think about following that up Absoluetely! get the buggers!

[maroondevo52]

Originally Posted by nmp

This is not correct. The debt is illegal if they cannot provide a CCA therefore they must wipe the debt and remove information with CRA's. I they dont, it should be reported to OFT and FSO.

Are you sure about that, nmp. Happy day's if your right

And yes, I will get the Bu**ers


Thanks.

Regards.

Scott.

[dannyboy660]

The taxpayer pays it....or at least part of it, the rest is written off as a loss or partially 'sold' for peanuts to a purchaser/factor or a DCA (Debt Chancer Agency).

Non-performing loans: bad debt provisions in the accounts

Far too complicated to explain - I'm not even sure I really understand how it works myself but I wish I did All to do with 'Net Present Values' and 'offsetting'.

Creditors only lend money they can afford to risk/lose, that's just basic common sense. Only someone stupid enough to 'buy' the debt physically ends up out of pocket if you won't play ball with them, and as a taxpayer you are paying it anyway so your conscience should be clear. Just look at Northern Rock.......