By: LawInfoA secured debt may become an unsecured debt in situations where the property securing the loan has already been repossessed and sold by the creditor. If the sale of the property does not cover the contractual obligation, the consumer owes a deficiency balance. This deficiency balance then becomes an unsecured debt. Certain exceptions may apply and will depend on the exact nature of the security interest.

By: LawInfoA secured debt may become an unsecured debt in situations where the property securing the loan has already been repossessed and sold by the creditor. If the sale of the property does not cover the contractual obligation, the consumer owes a deficiency balance. This deficiency balance then becomes an unsecured debt. Certain exceptions may apply and will depend on the exact nature of the security interest.

I think this refers to the mortgage loan itself, nat.. the shortfall becomes an unsecured loan.

The issue regarding teh Welcome loan is giving us a few headaches as well..

i no, i cant find anything on it at all

Guys do I send a SAR To welcome or the DCA that bought the debt?

always the OC [original creditor]

I would advise re reading the thread I posted earlier too.

all what you need to know/do is there

dx

I must of missed that - thanks dx

Hi guys

I have sent the statute barred letter to MDKP and they haven't got back to me (its been over 21 days). Do you know what the next stage is please?

I also sent one to Lowell and they have wrote back within the time and said that no further action will be taken until they have checked out my compliant.

Hi guys

I have sent the statute barred letter to MDKP and they haven't got back to me (its been over 21 days). Do you know what the next stage is please?

I also sent one to Lowell and they have wrote back within the time and said that no further action will be taken until they have checked out my compliant.

Some companies do not acknowledge SB claims, just go off and attempt to sell the debt on.

Hi Citizen B thanks for the info - much appreciated.

However the secured loan that was taken out was from Welcome Finance.

WOuld that letter still stand?

also MDKP have defualted me on £30,000 (total joke)

when the sum against the property was £15k

do you think i should ask them for csa

What do you do when you have sent the statute barred and complaint letters stating that they have altered the default date when they purchased the debr but:1) one answers back and says they have put file on hold until they investigate (and take ages to get back)2) one doesnt answer at all

is this not a case of MDKP have changed the default date

placed by the OC

it should now be off your credit file.

What do you do when you have sent the statute barred and complaint letters stating that they have altered the default date when they purchased the debr but:1) one answers back and says they have put file on hold until they investigate (and take ages to get back)2) one doesnt answer at all

If you have sent the SB letter, it is up to the creditor/DCA to prove that this is not the case, so you leave to them to respond.

is this not a case of MDKP have changed the default date

placed by the OC

 

it should now be off your credit file.

yes it should be but MDKP moved the original default date when they purchased this debt. First defaulted in 2007 with OC, the purchased by MDKP and they changed it to 2009. They havent answered any of my letters

yes it should be but MDKP moved the original default date when they purchased this debt. First defaulted in 2007 with OC, the purchased by MDKP and they changed it to 2009. They havent answered any of my letters

Time for a formal complaint to Sarah Lambert CEO the Compello group MKDPs parent company.

Changing default dates is a trade mark of the group.

If you like help with a complaint draft just let me know. (this is not the time for templates).

Brig* thank you so much. Can you help me with the draft please

Brig* thank you so much. Can you help me with the draft please

Certainly I will be home later today will get a draft done for you then.

Thank you very much

Thank you very much

Hello Nat,

This is my suggestion for a letter to the Compello Group owner of MKDP, MKRR et al., regarding the changing of the default date and the non response to the statute barred letter.

Please edit/amend and add specific dates as need in space marked xxxxx.

Ms Sarah Lambert

CEO The Compello Group.

Address xxxxxx

xxxxxxxxxxxxx

xxxxx

Date:

Ref: use MKDPs

FORMAL COMPLAINT:

Re: Manipulation of Default Date:

Failure to Respond to Correspondence.

Dear Ms Lambert,

I refer you to the protracted correspondence regarding an unsecured debt arising from an account with xxxxxxx, being a mortgage account and a resulting unsecured shortfall debt.

I have on a number of occasions written to MKDP regarding some serious matters in regard to the conduct of the companies handling of this alleged debt.

The most serious matter is the manipulation of the original default date which is xx. xx, xxxx which MKDP has seen fit to change to xx.xx.xxxx as you must be fully aware this cannot be done. I am aware that some debt purchaser claim that a "new" default can be placed on the date a debt is acquired as you know this not permitted.

I have now concluded that this alleged debt is now statute barred, therefore I will not be making any payment or offer of payment in regard to the alleged debt.

As I have already stated the above in my letter dated xx.xx.xxxx, which has been ignored by MKDP I now require MKDP (the Compello Group) to confirm in writing within 7 working days that this matter is now closed.

I am aware that a formal complaint allows 56 days for an investigation and reply, given the seriousness of this matter I expect a prompt reply.

I reserve the right to make a complaint to the FCA in regard to the conduct of MKDP in this matter together with a comment on its fitness to hold a consumer credit licence. A complaint to the Information commissioners office regarding the changing of the default date on the alleged debt will also be made.

use recorded signed for post, check delivery date:

Hello Nat,

This is my suggestion for a letter to the Compello Group owner of MKDP, MKRR et al., regarding the changing of the default date and the non response to the statute barred letter.

 

 

Please edit/amend and add specific dates as need in space marked xxxxx.

 

 

Ms Sarah Lambert

CEO The Compello Group.

Address xxxxxx

xxxxxxxxxxxxx

xxxxx

 

 

Date:

 

 

Ref: use MKDPs

 

 

 

 

FORMAL COMPLAINT:

 

 

Re: Manipulation of Default Date:

Failure to Respond to Correspondence.

 

 

Dear Ms Lambert,

 

 

I refer you to the protracted correspondence regarding an unsecured debt arising from an account with xxxxxxx, being a mortgage account and a resulting unsecured shortfall debt.

 

 

I have on a number of occasions written to MKDP regarding some serious matters in regard to the conduct of the companies handling of this alleged debt.

 

 

The most serious matter is the manipulation of the original default date which is xx. xx, xxxx which MKDP has seen fit to change to xx.xx.xxxx as you must be fully aware this cannot be done. I am aware that some debt purchaser claim that a "new" default can be placed on the date a debt is acquired as you know this not permitted.

 

 

I have now concluded that this alleged debt is now statute barred, therefore I will not be making any payment or offer of payment in regard to the alleged debt.

 

 

As I have already stated the above in my letter dated xx.xx.xxxx, which has been ignored by MKDP I now require MKDP (the Compello Group) to confirm in writing within 7 working days that this matter is now closed.

 

 

I am aware that a formal complaint allows 56 days for an investigation and reply, given the seriousness of this matter I expect a prompt reply.

 

 

I reserve the right to make a complaint to the FCA in regard to the conduct of MKDP in this matter together with a comment on its fitness to hold a consumer credit licence. A complaint to the Information commissioners office regarding the changing of the default date on the alleged debt will also be made.

 

 

use recorded signed for post, check delivery date:

Brig* thank you sooooo much. This is excellent and just what I needed. Ill be sending this out today ASAP. I couldnt have worded it any better. Should I sign it? thanks again appreciated. Love this site

Brig* thank you sooooo much. This is excellent and just what I needed. Ill be sending this out today ASAP. I couldnt have worded it any better. Should I sign it? thanks again appreciated. Love this site

Yes sign any "scribble" will do.

Keep us up to date please.

Yes sign any "scribble" will do.

 

 

Keep us up to date please.

certainly will do

Hi BrigadierI have heard noithing back since sending the letter. From either MKDP or Lowell

Hi BrigadierI have heard noithing back since sending the letter. From either MKDP or Lowell

Did you send it by tracked mail and have you checked receipt ?

If yes to the above, then they are probably just being their usual ignorant selves and ignoring you. If you want to, you can send them a very short note asking why you have not received a response to your letter dated DATE.

yes i have recorded mail receipots too.ill send them the no response letters