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Thread: any advice

  1. #1

    Default any advice

    we've been struggling with credit card debts for some time & especially since xmas when a planned remortgage/consolidation fell thru. now thanks to mbna selling my account to link financial i found this wonderful site(ironic huh??).
    it has already taken quite a weight off, knowing we're not the only ones in the same situation.
    we have 5 creditors & the phone callsicon were almost continuous.
    as we stand now mbna have sold the debt (appro 10k) to link. we have s.a.r.'d them & have just received statements. i have used the spreadsheets & they owe us 889 & 174.19 interest @ 8%. i have seen on some other threads where people are also claiming cci @28 .02%, any advice appreciated.
    we are currently paying 5 a month to cap one (7K), egg(3k) & morgan stanley (2.5k) although this is only a 6 month arrangement & they will no doubt be contacting me soon!!!! we are trying to arrange a debt plan with cccs but would we be better to default on all cards & let they go to DCAicon's??
    we also owe barclays 3k but they are contacting us thru mercers who seem to be part of barclays from other threads i have seen.
    we have s.a.r.'d egg, ms & barclays & are still waiting for statements.
    cap one have offered 239. we initially claimed 695 & 55.60 however after using the spreadsheets i get the figures to 674 & 165.41 interest, can i still reject & claim for the higher figure?
    again any advice welcome

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  2. #2

    Default Re: any advice

    Yes you can reject their offer. As the money taken from your account was
    taken unlawfully [in the eyes of just about everyone except the banks]
    then you are right to expect the full 100% to be returned.

    I notice that you haven't sent any of them a CCA Requesticon. Is there a reason
    for this?

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  3. #3

    Default Re: any advice

    i had't even heard of a cca until the last few days when we found CAGicon. forgive my ignorance, but is it wise to send a cca before claiming the charges back?


  4. #4

    Default Re: any advice

    Really you have to decide whether to claim the charges back or go down the CCA route. You can't do both.

    As the charges are a small percentage of the debt I would suggest that you send the CCA Requesticon. If they supply a conforming copy of the agreement you can then claim the charges back. If they can't supply a copy of the agreement then you can contest the debt in its entirety (although you will not be able to claim back charges as well).


  5. #5

    Default Re: any advice

    Quote Originally Posted by rory32 View Post
    Really you have to decide whether to claim the charges back or go down the CCA route. You can't do both.

    As the charges are a small percentage of the debt I would suggest that you send the CCA Requesticon. If they supply a conforming copy of the agreement you can then claim the charges back. If they can't supply a copy of the agreement then you can contest the debt in its entirety (although you will not be able to claim back charges as well).

    Hello smiffy,


    I completely agree with rory!

    Send a CCA Requesticon, recorded delivery, to the companies that currently own the "alleged" debt.

    Then just wait and see what they send you! (If anything).

    They have 12 working days to send you a "true" copy of your executed agreement. If they do not, then they have defaulted, and you may then cease payments! If after a further calender month, they still have not sent you a copy of your agreement, then they have committed an offence. You may then report them to the OFT and Trading Standards, if you so wish!


    Best wishes, Jeff.


  6. #6

    Default Re: any advice

    i read on one thread that it might be better to wait until the debt is sold to a DCAicon & then cca them. is there more likelihood of them not having a copy?


  7. #7

    Default Re: any advice

    Quote Originally Posted by smiffy66 View Post
    i read on one thread that it might be better to wait until the debt is sold to a DCAicon & then cca them. is there more likelihood of them not having a copy?
    I have been thinking myself that there would likely be less chance of a DCA having a copy of the CCA than the original creditor.

    One thing to be aware of though - HFC took me directly to court, very quickly, themselves - they did not sell the debt on. I wasn't aware of all this CCA business then, so I never requested one, and still don't know if they do have one for me.


  8. #8

    Default Re: any advice

    In practice it doesn't matter who you CCA-it is normally only the original creditor that holds the original agreement. All the DCAicon does when sent a CCA Requesticon is to ask the OC for a copy-which is why they often say it will take
    a month or so to send the documents.
    However although I said it doesn't matter which company you send it to, if
    there is a DCA involved, always send it to them as it will get them off your back while they wait for the agreement from the original lender.


  9. #9

    Default Re: any advice

    thanks to all of you for your advice. rec'd a standard letter today from link finance:o so will send them a CCA Requesticon.
    i know this may sound stupid but as link now own the debt & not mbna, could i still claim charges back from mbna or would this compromise the cca requst??


  10. #10

    Default Re: any advice

    If the charges are less than the debt then it is perhaps pointless chasing them
    as all that will do is educe the debt. Whereas, if you go the CCA route, it is
    generally quicker and slightly cheaper to find out if the debt is enforceable or not.
    If it is enforceable then you should reclaim your charges.


  11. #11

    Default Re: any advice

    ok, that looks like the way to go then. can anyone point me in the direction of a CCA Requesticon letter, i can't seem to find one in the template libraryicon?


  12. #12

    Default Re: any advice

    Smiffy, you will find the template here http://www.consumeractiongroup.co.uk...templates.html template N.


  13. #13

    Default Re: any advice

    brilliant, thanx again
    just one other thing, are DCAicon's allowed to charge interest or does it stay at the figure they bought it at?


  14. #14

    Default Re: any advice

    It's not that simple.
    If the DCAicon has not bought the debt they cannot apply charges or interest'
    If they have bought the debt, then they can charge the same rates of interest as the original creditor, providing a default or ccj has not already been applied.
    If a ccj has been applied, then normally interest should no longer be charged.
    However there are certain contracts that specify in their T&C's that they will continue to charge interest even after a ccj and also the creditor can make
    an application to the judge at the time of the ccj asking that interest be continued.


  15. #15

    Default Re: any advice

    have had a reply today from link finance dated 12/07/07, which i presume is a standard letter.
    it says they have requested a copy of the agreement & most recent t & c from mbna, which may take up to 30 days. they have not made an administration charge & have used the 1 to reduce my debt(whoopy doo!!!) and ends "your account has been put on hold for the next 14 days for you to contact this office with further details as requested above"
    they haven't requested any details in the letter??!! what should i do now??


  16. #16

    Default Re: any advice

    what should i do now??
    Absolutely nothing. The ball is now in their court.



  17. #17

    Default Re: any advice

    Out of intrest smiffy66 how similar was your letter recieved to the one I recieved. See 1st image in my thread http://www.consumeractiongroup.co.uk...tml#post974824

    Ash.

    If you think I have helped you, please add to my reputation by clicking the star button to the left.
    Thankyou.
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  18. #18

    Default Re: any advice

    Quote Originally Posted by smiffy66 View Post
    have had a reply today from link finance dated 12/07/07, which i presume is a standard letter.
    it says they have requested a copy of the agreement & most recent t & c from mbna, which may take up to 30 days. they have not made an administration charge & have used the 1 to reduce my debt(whoopy doo!!!) and ends "your account has been put on hold for the next 14 days for you to contact this office with further details as requested above"
    they haven't requested any details in the letter??!! what should i do now??

    Hi smiffy,


    Yes this is a standard letter that they are now sending out.

    It is interesting that they say that the account will be placed on hold for 14 days! They have already admitted that it may take up to 30 days to comply with your request, so their timescales are nonsense!

    No CCA, no enforcement! However, they will almost certainly send another letter after the 14 days are up!


    Best wishes, Jeff.


  19. #19

    Default Re: any advice

    Can I be really thick here and ask a question?

    If a credit card company cant provide you with a cca that has been signed by both parties, does that mean you no longer have to pay that debt? and if you dont have to pay it do they default or ccj you or can they not?

    thanks


  20. #20

    Default Re: any advice

    Quote Originally Posted by Jeff2000 View Post
    .

    No CCA, no enforcement! However, they will almost certainly send another letter after the 14 days are up!


    Best wishes, Jeff.

    Im on my 39th day from 2 days after I sent a CCA Requesticon to link (so 41 days from posting).

    I did not recieve a letter on or around the 14th day but I did recieve a letter on the about the 25th day. Since that i have heard nothing, no letters or phone callsicon.

    Keep an eye on my thread smiffy as we are in the same process but im about 4/5 weeks in front of you. Mmy time is nearly up and ill be asking for further help from the forum soon and the advice I hope to get should be useful to any future action you may need to take.

    http://www.consumeractiongroup.co.uk...tml#post974824


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