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Hi.. First time i've look for advice of this sort in my life, normally just roll with it all.
I contacted my bank about a year ago asking them how long i had taken a loan out for. In short they rang me saying that according to the payments they have been taking it was a 7 year loan.
They also said that they couldn't find the original agreement, i'm now nearly at the end of the loan and stumbled across the mis-selling of insurance cases which i was going to persue as this was true for me too.
My question is; do i persue the lack of credit agreement or do i just try and recover the mis-sold insurance.
Hi.. First time i've look for advice of this sort in my life, normally just roll with it all.
I contacted my bank about a year ago asking them how long i had taken a loan out for. In short they rang me saying that according to the payments they have been taking it was a 7 year loan.
They also said that they couldn't find the original agreement, i'm now nearly at the end of the loan and stumbled across the mis-selling of insurance cases which i was going to persue as this was true for me too.
My question is; do i persue the lack of credit agreement or do i just try and recover the mis-sold insurance.
Sorry if i've missed anything out.
Thanks
Barry
HEHE you can have fun with this one, click the link below and send a CCA request with a £1 postal order and send by recorded delivery, they have 12 +2 for post to supply the agreement, after this you can LEGALLY stop paying them, after a further 30 days it becomes unenforceable under s127 (3) of the CCA
If my advice has been helpful please feel free to click on my scales :grin:
Careful. Would they not then default the debt if payments were stopped, screwing the credit history for 6 years? We know they do this whether it is legal/right or not! The only way to correct it would then be court action.
Careful. Would they not then default the debt if payments were stopped, screwing the credit history for 6 years? We know they do this whether it is legal/right or not! The only way to correct it would then be court action.
Newborn
you are correct BUT, without a proper CCA they have NO legal right to even access your credit files in the first place, if you got letter saying they dont have a CCA you send copy to CRA's. if you don't you take em to court and force removal and claim compensation and damages
If my advice has been helpful please feel free to click on my scales :grin:
Hi.. First time i've look for advice of this sort in my life, normally just roll with it all.
I contacted my bank about a year ago asking them how long i had taken a loan out for. In short they rang me saying that according to the payments they have been taking it was a 7 year loan.
They also said that they couldn't find the original agreement, i'm now nearly at the end of the loan and stumbled across the mis-selling of insurance cases which i was going to persue as this was true for me too.
My question is; do i persue the lack of credit agreement or do i just try and recover the mis-sold insurance.
Sorry if i've missed anything out.
Thanks
Barry
I assume you mean PPI ? if so which bank, if HFC your laughing
If my advice has been helpful please feel free to click on my scales :grin:
I am really new to this. I feel a bit stupid to think of these options so close to the 7 year term i may not have been sold. I literaly have 1 payment to go before the end of this 7 year nightmare.
The question is, do i stop paying them? I only have 1 payment to go! Do i get payments back if they cant prove i took a loan out with them? Or will it be better to persue the insurance that i thought i had to take?
And, is this in the wrong section?
The Bank is Barclays BTW
Cheers
B
Assuming you have an otherwise good credit record and also a reasonable relationship with your bank, with just one payment left I would do yourself a favour and pay it.
Whilst some may consider it 'fun' not to pay, in your circumstances you really need to think of the long term picture and how much you really stand to gain from this.
It's tough enough to be granted credit nowadays without having to suffer the potential consequences of a pointless game of cat and mouse with your bank. Even without a credit agreement, a court may well ask why you acknowledged the existence of the loan for 71 out of 72 months!!!
What i thought although i read that they have no right to even ask me about the exsistance of a loan that there is no paperwork for, but what about the PPI? (I'm learning the ABVs)
Should i try and get that back as i was missold that?
I have to agree with reasonable Ron, can you calculate how much in PPI you have paid? could add up to quite a bit, and this wont ruin your credit rating, there really is no point going down the CCA route if you are a payment away from completing, but I would calculate ASAP how much you have paid in PPI and claim it back, I will ask that this is moved to the PPI section where people with the relevant experience can help
Lula
Lula v Abbey - Settled Lula v Abbey (2) - Settled Lula v Abbey (3) - Stayed
I have to agree with reasonable Ron, can you calculate how much in PPI you have paid? could add up to quite a bit, and this wont ruin your credit rating, there really is no point going down the CCA route if you are a payment away from completing, but I would calculate ASAP how much you have paid in PPI and claim it back, I will ask that this is moved to the PPI section where people with the relevant experience can help
The CCA will have details about the PPI on it, it much easier to pay a squid that sit down and spend few hours trying to work it out,
I do agree (soz misread) that if only 1 payment left then I would pay it.
If my advice has been helpful please feel free to click on my scales :grin:
I only had a few days to get a letter to them being as it was a seven year loan. I sent templated letter on the 3rd so i'll see what happens if anything. Thank you all i keep you posted.
I only had a few days to get a letter to them being as it was a seven year loan. I sent templated letter on the 3rd so i'll see what happens if anything. Thank you all i keep you posted.
Cheers
Barry
Hello Barry,
Glad to see you have set the ball a-rolling, so to speak.
Have you given them 14days to respond, and then you will send them the lba:grin:
It will be most interesting to see what they come up with.
Keep us posted and if you need help just ask
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Hi again.. It's been more than 14 days now and all i have had is a letter from the complaints department saying they will get back to me by the 30th. (Today)
Cheers B
Off to look up lba
Might sound daft but is there any point if it's been nearly seven years? Is there anyone that has managed to sucessfully claim back their PPI fter the contracted 6 year period? I don't want to do this just to see what the out come is!
The bank is Barclays still
Cheers
B
And late today i've recieved another letter for Barclays basically saying, we are looking into this problem, give us some time and the 30 of may was the daedline. Is that to take the mickey?
Bank lost my credit agreement but......
insurance.
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Originally Posted by Newborn
