Total UK personal debt

UK banks and building societies wrote off £9.6bn of loans to individuals in the last 12 months to end Q1 2010. In Q1 2010 they wrote off £2.13bn (£1.25bn of that was credit card debt). This amounts to a write-off of £23.35m a day.

Total UK personal debt at the end of May 2010 stood at £1,460bn. The twelve-month growth increased to 0.9%. Individuals owe more than what the whole country produces in a year.

Total lending in May 2010 rose by £1.5bn; secured lending increased by £1.2bn in the month; consumer credit lending increased by £0.3bn (total lending in Jan 2008 grew by £8.4bn).

Total secured lending on dwellings at the end of May 2010 stood at £1,241bn. The twelve-month growth rate rose to 1.1%.

Total consumer credit lending to individuals at the end of May 2010 was £220bn. The annual growth rate of consumer credit rose by 0.1% to 0.0%.

Average household debt in the UK is ~ £8,716 (excluding mortgages). This figure increases to £18,159 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is ~ £57,944 (including mortgages).

If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2015-16 (excluding financial interventions) then this figure rises to £110,166 per household.

Average owed by every UK adult is ~ £30,000 (including mortgages). This is 126% of average earnings.

Average outstanding mortgage for the 11.4m households who currently have mortgages now stands at ~ £108,972.

Britain's interest repayments on personal debt were £67.5bn in the last 12months. The average interest paid by each household on their total debt is approximately £2,679 each year. According to PwC the average household will need to spend approximately 15% of net income purely to service the interest payments arising from this debt.

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,513 per average UK adult at the end of May 2010.

Statistical Sources - Unless otherwise indicated statistics in the “Total UK personal debt” section are calculated by Credit Action - primarily using the Bank of England's debt figures.

2007/08 - Total claims issue in England & Wales

893,860

of which 267,217 were housing & recovery of land

leaving 626,643

allocated to small claims 91,767

allocated to fast track 50,228

allocated to multi track 25,947

Settlements after allocation

Fast track 39,041

Multi track 22,698

Cases heard

Small claims 51,896

Fast track 11,700

Multi track 4,177

Attachments of earnings granted 76,890

Appeals from District Judges 2,939

Thanks, Nicklea

Defaulted about 12 months ago, not made payments since then, before defaulted offered token payments which they accepted but then kept asking for more which I could'nt afford. They defaulted, I requested CCA and tis is what was supplied.

I was after some guidance on the application forms that have T&C's and prescribed terms on the back which they claim when signed by you and them become the regulated agreement.

As I said in original post the app form makes not mention of CCA so (if my understanding is correct) the app form does not form part of the agreement.

Hi, Nicklea

I have blanked out all details.

Requested under s78 as a Credit Card.

My signature could not have been on it - no signature boxes at all.

OC have stated that when they signed the application form combined with the T&C's of the agreement it became the executed agreement - T&C's they supplied are current ones not those at time account opened.

OC's signature was a stamp (which can't be read) and initials (which I have removed to prevent them from identifying).

Here's the app form. OC claims as this was signed by them it is executed agreement.

What does anyone think?

[/img]

Hi, Gamekeeper

I removed image, although I had removed all personal date, bar codes etc, I got a little concerned after posting it as then read a number of threads which indicated this Creditor and their sol's regulars on this site.

Have had threats of court action as part of formal demand from OC's sol's but no letter before action yet. ALso threats from DCA acting on OC's behalf even though OC had not yet replied to my CCA request.

MD

I have been supplied with the attached in response to my CCA request.

Having written back to the OC pointing out that the document supplied does not contain the prescribed terms and is not signed by me it is just an application form.

OC have now replied stating that when they signed the application form combined with the T&C's of the agreement it became the executed agreement.

OC have not supplied the T&Cs applicable at the time the account was opened but have supplied the current T&Cs.

Don't know if the app form is clear enough but have checked it over and nowhere can I find any reference to the Consumer Credit Act 1974 (account opened before 2006 Act came into force).

Only mention of an agreement is where it says “agreement overleaf should be read and signed before completing this form”. Whatever was overleaf has not been supplied.

My understanding, and hopefully someone can confirm this or correct me if wrong, is that it should make the person applying for the card aware that the application is being made in respect of a Credit Card (or Credit) Agreement regulated by the Consumer Credit Act 1974.

If it does not state this then it is not viewed as the agreement and even if signed by creditor would not become the executed agreement.

From what I can remember reverse had signatures boxes and cancellation rights - other than that I don't recall any T&Cs or prescribed terms – but in those days I did not know much about prescribed terms anyway – but thanks to CAG I do now!!

Any advice would be appreciated.

MD

BH2362,

A word of warning, the copies of the DN at post 2 and post 4 MAY contain some info that enable HSBC identify you.

On post 2 is a bar code which appeared under you address, this is your address in a barcode format and can easily be identified.

Also at bottom right of image on both post 2 and post 4 is a serious of digits, again these may identified you to HSBC.

Be very careful, creditors and DCA's spend time looking at the post's on this site.

MD

61 Signing of agreement

(1) A regulated agreement is not properly executed unless—

(a) a document in the prescribed form itself containing all the prescribed

terms and conforming to regulations under section 60(1) is signed in the

prescribed manner both by the debtor or hirer and by or on behalf of the

creditor or owner,

65 Consequences of improper execution

(1) An improperly -executed regulated agreement is enforceable against the debtor or hirer

on an order of the court only.

If not signed by creditor then could be improperly executed; enforceable but only by court.

Have LTSB passed this onto DCA yet?

Once again, many thanks x20

x20

Do I sent them a nice "following your clients discontinuance these are my costs please pay within 14 days" letter first.

Then if no response to that do I then send the N252

Has it been signed by LloydsTSB?

Have seen some threads which mention LTSB not signing their agreements.

Thanks everyone, just enjoyed an ice cold Stella (only 1 as have to be at work for six in the morning.) It went done very well.

x20, I've taken a look at thread you mention and downloaded copy of your Draft LIP bill, will sit down tomorrow after work and work out costs.

However, like GoonerHenry, I dont expect this to be the end of it…

Court Manger also suggested I forward to court copy of my costs, if I experience any problems getting my costs met.

Been to the Court this morning and have now got a better idea of what happened (YES THEY DISCONTINUED).

Managed to speak to Court Manager who confirmed the following: Court had received, last Monday, my bundle of documents as evidence for the hearing (which I knew as I delivered by hand).

On Tuesday afternoon Court contacted by Claimant's Solicitors to say they wished to adjourn the hearing for the following Monday and that they intended to withdraw their application for Summary Judgment.

Court heard nothing further until they received Notice of Discontinuance from Claimant late on Thursday, at which point the hearing was vacated.

On Thursday the Court had problems with their computers and not all files got update correctly until late Friday morning.

When I rang on Friday morning the person I had spoken to could only use the information they had from Wednesday which showed on their diary as “SJ Application withdrawn. File with DDJ XXXXXX”.

This person obviously presumed file was with DDJ for allocation as that would be the next stage of the claim and passed this info onto me adding that due to current backlog could be four to six weeks.

Court Manager confirmed "Claim now recorded as DISCONTINUED".

As I was leaving Court Manager made the comment:

"… at times with these claims it's a case of who blinks first, with this claim it was the Claimant".

Going to court on Monday isn't going to cost anything but time (the only thing I've got plenty of at the moment). As you say Bazaar they could be pulling a fast one and would hate to think I had fought them this far and got trip up at the end.

As underdog13 has said "Don't trust the b*ggers an inch".

I'll hold off on the celebratory drink until Monday and I get confirmation from the court that claim has been discontinued (just in case).

Once I have got confirmation I'll work out my costs.

I've seen a letter on one of threads about foregoing costs if claimant agree to marking account settled in full with CRA's and a written assurance debt will not be pursued or sold on and default removed from credit file. I may try that approach just so I can be sure this one won't come back.

MD

 

It might be a good idea to still go to the courts on Monday with all ur paper work etc and see what the courts say and advise on the day.

 

You could even write up and print of a document asking for the court usher to sign to say that the hearing was vacated and that you did attend the hearing.

In fact, Godmother, think you advise is best, will turn up with my paper work and see what they say.

Day off on Monday so can ring court at 10am and find out exactly what is happening.

Lucky its only couple of miles away so can easily get their if need to.

IF they have discontinued what's my next move.

Notice of Discontinuance says:

"The claimant has provided notice that they intend to discontinue their claim in respect of the above claim number."

Letter goes on to say:

"Given the discontinuance, the hearing listed for 20 July 2009 will no longer proceed."

Arrived home this evening to find letter from claimant's solicitor.

"Please find enclosed, by way of service, our clients Notice of Discontinuance in respect of the current proceedings."

Due to attend hearing on Monday, rang court to check time etc and it appears claimant have withdrew their application for defence to be struck out and summary judgment in their favour and vacated the hearing.

File will now go to judge for allocation and directions, however person I spoke to did say court has a backlog of claims and could be a least six weeks before hearing anything. Another wait on the cards then.

Hopefully one of the directions will be to produce a copy of the alleged agreement which I still have not seen.

Bump