wooldra
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Everything posted by wooldra
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Attached the IDEM letter as a PDF, (hopefully readable!). Regardless of every other point, the one that confuses me is IDEMS belief they can reset the clock on a debt defaulted by the OC in 2006. The only thing that I can think of is they assigned it its own reference when they took on assignment and called it a 'loan account' which it most definitely wasn't.
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After much hard negotiation I finally settled with IDEM to get them off my back, a month later they sent me the attached 'gem'. Having read many posts on this site before, and knowing that this was defaulted back in 2006 when I entered an agreement with the OC for monthly payments, this went on until IDEM acquired the debt in September 2012, (I had received the Assigned to correspondence at the same time as a letter from the OC saying the debt had been flogged to IDEM). Two questions re the attached letter, as I no longer live in the UK and have no UK address where do they think they are going to post details with the CRA's?. Secondly how come they think the can resurrect the six year rule?, my understanding is that it is six years from the date the OC defaulted it and this shower cannot restart it?
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Cabot refusing to Provide 'Deed of Assignment' co-op debts
wooldra replied to halfapint's topic in Cooperative Bank
Under the Law of Property Act 1925 if the debt has been assigned to Cabot regardless of what they paid for the debt they are legally (unfortunately) to claim the full value of the debt from you, I believe its section 136 of the act that provides for this, therefore what they paid would not be acceptable as a defence in court. If they own the debt, you should have received a Notice of Assignment from them and notice from the original creditor that they have sold the debt. Please note they can sell the debt on without seeking your permission. If you acknowledge the debt, you may be able to negotiate a reduced settlement sum. While this process may stick in the craw, unfortunately it is the law, which could do with a change!! -
Settlement of account in full accepted
wooldra replied to wooldra's topic in Debt Collection Agencies
Hi Brig, this debt was defaulted by the OC in 2006, I was paying under an arrangement till 2012 when the debt was assigned to the DCA, (who are also a debt buyer). So they cannot again put a six year notice onto my Credit Reference Account?. Re DX100uk 's comment it took very hard bargaining to get an acceptance of 75% of the outstanding sum, and believe me we went through all the requisite hoops of CCA etc. They told me their normal policy is the only F&F they will accept is 100%, take it or leave it and keep paying. They are tough and according to my research unyielding and also one of the biggest players in the buying of unsecured debt, indeed during 2011 - 2012 according to their annual accounts it contributed 24% of their bottom line. I have dealt with many DCA's in my time and would rate them as the toughest, you cannot get to managers or other decision makers regardless of what tack you try. If we look at the business of debt buying and assignment in my view the only thing which will change this business in the long term is revision of the law, particularly in regard to the Law of Property Act 1925 and also the transparency of groups such as the CSA and the DBSG. If you look at their structure you will find it to be very self-serving. A change in the law is required, this will be firmly resisted as the major investors in the big DCA's/DBG's are banks, insurance companies, venture capital outfits who care little for people only the bottom line. Here endeth the lesson! -
Hello, after some negotiation I have come to an agreement with my DCA over a full and final settlement. In the body of the letter it states 'your offer of £xxx.xx as a discounted full and final settlement has been accepted, to release your personal liability on the above mentioned account' 'Following receipt of your payment the remainder of the balance will be written off and recorded as a partial settlement with the Credit Reference Agencies. We must inform you that this may have an adverse effect on your client credit rating and will remain on record for six years. If you wish to avoid this then you must pay the full balance outstanding' Does this seem to be a bit of a mean action?, they have received 75% of the full balance as an F&F btw.
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Idem Claim form - Lloyds Loan -***Claim Discontinued***
wooldra replied to Tiredngrumpy's topic in Legal Successes
I think you will find that Arden are a subsidiary of the same company that owns IDEM, so IF I am correct your debt has been passed to another company within the same group. More knowledgeable people please correct if I am wrong!. -
Well in that case I am properly buggered. The reason I have had dialogue with IDEM is because of their total disregard in how they treat their customers. I also feel a personal compunction to 'bat' for the individuals who, to use and appropriate term are frightened by DCA's antics When trying to make a F&F with these people, apparently the word 'YES' is unknown in the Solihull area!. I have supplied relevant I&E details but not on the official IDEM form that wants to know about your partners assets, the value of any motor car you own, plus any other asset you may have, plus the source of the repayment money etc. I have settled other accounts in the past with the OC for LESS than these people want, and remember they bought my account with a tranche of others at a very advantageous price!. All I want is a FAIR settlement, but FAIR does not seem to figure in their vocabulary. They are part of the Paragon group , their annual accounts show that IDEM servicing contributed 27% of their bottom line profits. If you goto the financial pages of the Stock Exchange you can see how many big funds hold Paragon stock, I wonder if they know (or care) how a large part of the profits they receive through their shareholdings are as a consequence of the nasty business of debt buying.
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After a significant period of requesting, I have received from IDEM ostensibly my CCA this consists of the signature form with my name and address typed on it and two signature boxes one for additional cardholders and one for myself (both unsigned), together with a copy of the Terms & Conditions plus an IDEM statement showing payments to them since they were assigned the loan. Is this satisfactory in regard to satisfying a CCA request?. This is for a credit card taken out in 2005
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Gothia seem to be a fairly heavyweight player, just looking at their website, the quote below from their website an interesting observation whatever it means!! Companies and private individuals are becoming increasingly indebted all across Europe and as a result of inadequate resources to fight these developments the time frame for collecting outstanding debt is unacceptable in several countries. Gothia will continue to promote the use of available execution and debt sanitation measures in a timely fashion when appropriate. One to keep an eye on I suspect
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Idem Claim form - Lloyds Loan -***Claim Discontinued***
wooldra replied to Tiredngrumpy's topic in Legal Successes
There are others who will no doubt advise you better than I but 1). If your debt has been sold to IDEM you should receive a Notice of Assignment from them. 2). I believe that you do not have the right to see the Deed of Assignment as this normally covers the tranche of debts acquired by the DCA and is considered to be a confidential document. 3). You should as a matter of course, check your Credit Reference Agency status to ensure there is nothing untoward on your statement 4). You should request a copy of your CCA from IDEM, they are duty bound to supply this for a fee of £1 in 10 + 2 working days. There are letters available on this site to guide you on how you request this. 5). Dependent on the result of 4). above will determine how you proceed, no CCA puts the account in dispute and you do not have to pay until/unless this CCA is produced, n.b. this does not mean you do not owe the debt. 6). Another very important point is when did you last make a payment in respect of this debt? I have probably missed a few points here, but I don't think I have misinformed you , there are others who will doubtless correct me. Keep calm, follow actions through logically and you should get the best result you can FINALLY STAY OFF THE PHONE, ALL CORROSPONDENCE IN WRITING PLEASE -
CRA not relevant as I live in Europe not the UK now, but have checked against my previous addresses and all clear. I have sent the letter you kindly referred me to first week in July, so I intend to cancel the DD due on 22nd August until such time as the correct paperwork is produced. Thanks for your support, I want to be as honourable as I can be in dealing with this matter, a point not necessarily appreciated by the other side!
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Thanks for the steer Brig.
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Having read various threads on here about the 'changing value' of a CCA, i.e. these days courts decide on probability than you are a debtor rather than the evidence of a produced CCA either a copy of the original or more recently just a copy I am a bit confused as to what to do next. This agreement was defaulted back in 2006, I had a payment plan in place with the OC MBNA to pay £160 per month, this remained in place until October 2012 when the balance was assigned to IDEM Servicing. We have had several rounds of discussion since then culminating with a request for a CCA on 13th May followed by an in dispute follow up early July. IDEM have to date not produced ANY paperwork, either a copy of the original nor a reconstituted agreement. They claim to be trying to obtain this detail from MBNA, they also agree that their handling of matters to date has been shambolic!. They have been receiving a payment monthly of £136 (their figure). Can I without fear or favour now stop paying until they provide a response to my request. I find some of the advice on CAG a bit contrary and have no wish to give IDEM any opening to more dramatic action, on the other hand I am brassed off with the stalling tactics they have adopted.
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An update, still no CCA, IDEM and I quote 'are asking to MBNA' for the information, I have pointed out that I requested this on 13th May, and consequently this account is in dispute, and remains so until the appropriate documents are produced. I just want this problem to go away and not go on for years with this debt being passed around from pillar to post, reams of correspondence buggering around etc.. my view is that I am prepared to offer a short settlement to achieve this. I have had the usual we are doing you a favour by not asking for any interest, I have pointed out that I have read Paragons annual report and am able to ascertain approximately what they paid for two tranches of MBNA accounts they purchased last year. we will see who blinks first, sometimes negotiation is better than confrontation. As far as I am concerned they can have it either way, watch this space to see what happens....
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Still no communication from IDEM, I can only assume this is 'policy', is it possible to complain to someone about this, it appears to be a blatant refusal to deal with you as a 'customer' and fulfil what I understand to be a legal obligation.
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Getting any kind of reply from these people seems to be a difficult task, no reply yet re CCA or to follow up communication. Of course when they are doing the asking quicker than a greyhound out of the trap!. This almost seems to be policy, i.e. no answer to any question posed by the debtor. Or could it be embarrassment, not able to produce the required docs?.
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Further to my post on this of 7th July, received ONE envelope today with TWO copies of the same letter as I received last time!. Confusion seems to reign at our dear friends IDEM's establishment!. Further developments will be posted as they occur.
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So here we are some 8 months further down the line, on 13th May sent a request for the CCA, a bit remiss of me to not request until now I know but angered by a letter from IDEM Servicing saying your offer in settlement of £0 has not been accepted!. Phoned them two weeks ago, naughty I know but angry, asked why this letter had been sent, (profuse apologies), asked about CCA progress, said 'we are in the process of sorting it'. Letter arrived from IDEM on 29th June stating my current balance, what I had to pay as a minimum monthly payment, and inviting me to pay more if I chose to pay off my balance sooner!. Annoyed so sent of part two of the CCA request saying , now in default and if no CCA within 14 days no more money till CCA request satisfied. Is this a suitable course of action?, every dealing I have had with this outfit to date has resulted in the 'no' answer, and I am hacked off by their intransigent attitude!.
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old EGG debt - Arc/arrows/Britannica - help
wooldra replied to wooldra's topic in Overseas Debt/Overseas Account issues
Certainly a proportion of the ob is PPI which I did not ask for as I was self employed and therefore would not qualify. Arrow Global gave me the contact details for the Egg PPI team but stated that they had no responsibility whatever for this , up to me to claim and they still wanted a share of the PPI 'action' -
I have being having discussions with ARC Europe who are acting on behalf of Arrow Global. We have got to the point where I have received from Arrow a copy (claimed to be original) of the CCA, there is only a slight problem, the signature shown is not mine!. This has been pointed out to Arc who have informed their client, (I supplied a copy of my real signature taken from my passport so it cannot be copied inadvertently). Also the NOA was sent to my daughters address despite me specifically telling ARC and Arrow not to do this, they contacted me there even though the original creditor knew my address to which I had been paying a reduced sum for the last five - six years. Britannica SARL acquired the debt in May 2011, no notice of this received by me, the OC continued to receive payment until September 2012 when payments were returned to my bank account. Arrow acquired the debt from Britannica in February of this year and sent the NOA and statement of account to my daughters address this was after they sent the CCA to my correct address in Portugal. I tried making an f and f of 25%, having carefully given details of my financial position, their position is 50% or nothing doing else £50 per month. Also they want this paying by 31st July or the offer will be withdrawn!. I have insisted that 50% is too much and no dice without assurance in writing the debt will not be passed on etc. The latest correspondence also included the usual 'threatogram' about further action advice being sought from the client. Above all I want these people off my back I am happy to come to some form of accommodation, but I don't like threats, incompetence or 'doctored CCA's'. As I live abroad with no UK property I believe that taking me to court would prove difficult, also how would a judge react to wrong signatures, docs being sent to a third party and no account taken of my financial position?. Indeed could court proceedings be brought?. Total debt = 11,868, agreement from July 2005. I have just received a copy of the NOA and statement here still showing my daughters address! All advice and opinions gratefully received
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Here’s what’s wrong with the debt purchase industry
wooldra replied to DonkeyB's topic in Debt Collection Agencies
Folks Arrow Global is majority owned by RBS Special Opportunities Fund , and its chairman is Sir George Mathewson, ex chairman of RBS. So public bails em out, they 'invest' our money in such enterprises, persecute their old customers and give nicely paying jobs to ex-employees. As used to be said in Private Eye Pip Pip! -
Folks, I have started a petition on www.change.org to have section 136 of the act changed such that assignees of a debt can only charge a multiple of the price the paid for a debt , rather than the current practice of trying to recover the full amount, usually by frightening a hard pressed debtor into a financial arrangement he cannot afford. If you feel able to support my petition place go to the change.org website and sign. Title is Amend the 1925 Law of property act S136 Thanks
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I have been dealing with a DCA for a number of months, they initially wrote to my daughters address, I live abroad but have a mobile registered there. I informed them that they should desist from sending correspondence there as they had my correct address, as did the debt buying group who they were acting for, this took place in February 2013. In March 2013 I received from the debt buying group as requested , this was sent to the correct address. There has been much correspondence between us as it was indeterminate as to who the debt had been assigned to, the debt buying group sent to my daughters address the Notice of Assignment on the 15th May 2013. The on-going situation is complex so I will keep this question simple can I complain about this correspondence being sent to my daughters address?
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Confirmation regarding CCA request rbs/arrows
wooldra replied to wooldra's topic in Debt Collection Agencies
Perhaps I have been a little unclear here, the debt was sold by the OC to that fine, august, upstanding debt buyer Arrow Global, (owned in majority by that fine bank RBS, through RBS special opportunities fund), and the DCA is acting on their behalf not the OC's -
Confirmation regarding CCA request rbs/arrows
wooldra replied to wooldra's topic in Debt Collection Agencies
Had a reply from the DCA today on behalf of their client this has given me cause to ask them a few more questions, one of the statements in their reply stated the following 1. Weare the Appointed Agents and we have been instructed by our client on thismatter to recover the balance outstanding. We have not referred to litigationand we understand our client would like to pursue other avenues available inorder to resolve this. Anyone got a view as to what this might be?, helpful or implied threat?
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