Hi all,

I took out a personal loan two years ago for my sister who had money problems at the time. Foolishly, it was in my name and she let me down. I moved address and left the loan as it was because I wasn't in a position to pay it off, nor did I feel it fair I should of paid it off for her.

I received a letter today from Greenwood Personal Finance, stating that they can help me with this 'fresh start' deal. The loan was initially with Provident, but I believe they are the same company.

I do not have a copy of the CCA, nor have I ever made contact with them in 2 years. Obviously, this debt is not statute barred, and I haven't contacted them re: this letter. Just wondering whether they will actually visit my current home in the next few days as stated on the letter? Or is this a case of them 'phishing' to confirm where I am? It's just that I am staying with friends and I wouldn't want this to come to their door.

Any advice as to what I shall do next would be appreciated.

Did the "fresh start deal," letter mention your former loan with Provident? They may just be recruiting in the area. Also, Provi and Greenwoods are extortionate credit bargain people. They hate their chances in court.

Hi,

The letter does refer to my previous loan with provident (it has some sort of reference number) and states I owe £495 but they can reduce this to £425 if I sign a new agreement with Greenwood under the fresh start initiative.

From reading up on these boards, it seems they are sending a number of these out (many to statute barred loans) and I also read they can't turn up without making an appointment with me first? I understand the initial agreement I signed may have given them authorisation for doorstep collection at my previous property, but surely this doesn't stretch to any future properties?

Not too sure how to handle this one though, I'm not one to 'run away' from my debts, however with this one, given the circumstances, I don't really want anything to do with these people...

I can guarantee the CCA, if it still exists, will be drawn up correctly. I have signed enough of them. You are legally responsible for this loan if you signed for it, not your sister who you subsequently lent the money too and maybe you should contact her. It does seem a small amount and they would want in the region of £12.00 weekly to save your credit score and keep the financial world sweet for further loans and borrowing.

Visiting rights read,

"I may be interested in taking personal loans in the future and request that you send someone to my home from time to time to discuss details. I request that you do this whilst I have any outstanding balance and for five weeks thereafter. I understand that I may revoke my request at anytime. (see overleaf how to do this)."

Have you any other outstanding loans? Have you any savings at all?

ttypically they will try and make you sign a new agreement.

i would refrain from doing that as it will be 200% int on 200% int going by their usual tactics.

int they are DCA's as well as financiers, there is another goof thread on here that explains their Co. setup and the pitfalls.

also where did the letter go to, not your freinds ad i hope?

i wouldn't think its phishing, but i certainly would not go down the 'freash-start'!! route as with int it will be more than the outstanding even with the discount.

interesting scenario

dx

they are DCA's as well as financiers,

A friend of mine fell foul of them and Moorcroft dealt with it. Are they Moorcroft?

nope to moorcroft

this is the thread i mentioned:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/225846-can-i-stop-door.html

dx

nope to moorcroft

 

this is the thread i mentioned:

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/225846-can-i-stop-door.html

 

dx

BCW = DCA. Now can provident or Greenwoods encourage you to pay off a debt with another debt?

if they are acting as a DCA then NO!

paying credit with credit is a BIG FOS/OFT NO NO

dx

if they are acting as a DCA then NO!

paying credit with credit is a BIG FOS/OFT NO NO

 

dx

Then why are Greenwoods and Provident doing this?

they want money by anymeans - leechers.

dx

As I've already said, it is 'interactive marketing', they have the customer in the palm of their hand and in their trade it means they can make a killing (not to mention damaging the health of the poor customer stuck in the middle).

Its a very insidious way of paying themselves back for buying a load of toxic debt which may not have been paid back by any other means.

Luckily now some of their customers are finding their way here we can help them break the cycle of borrowing to live a 'normal' life.