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About MayRich

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  1. I've also had a loan passed on from Black Horse to Nationwide, with no notice of assignation. Since then Black Horse have nonetheless applied another notice of default to the account (even though it should theoretically be closed and I makre regular monthly payments). On investigation it turns out that Nationwide are registered at the same address (116 Cockfosters Road, Barnet) as Black Horse Finance. I take this to mean they are pretending it is a collection agency whereas it is still part of the business. Nonetheless I intend to ask for a notice of assignation. If they refuse to pr
  2. Hi Vicky, I only had to write to them - I think I did call them just to say it was all in the post, but they weren't difficult about that at the time - they did require a renewal I/E form after six months but it was all going pretty smoothly. Until they decided to sell off the debt for no good reason, that is. I'm pretty annoyed about - I expected the MBNA one to get defaulted because they clearly just wanted to bump up the balance to increase their tax write off, weren't interested in being reasonable at all. But I felt pretty let down by Egg. Doesn't really make much differenc
  3. hi Vicky, I dealt with a lot of creditors and they were all reasonable except these two. MBNA just wouldn't accept anything in writing and constantly lied about the situation (eg their letters would say I hadn't written to them). They are intolerable bullies and disregard the law really badly. However in the end I just stopped paying anything other than £1 a month, kept writing to them pointing out I was willing to negotiate and had given them all the information they needed. They just sat on it a while to run up some interest and sold it to a debt collector. This has actually m
  4. MayRich

    Egg and Apex

    Just to add my experiences: I was happily paying a regular amount to Egg, who had frozen interest. Without notice they apparently sold my details to Apex. However I haven't had a letter from Egg (only a clearly fabricated one from Apex, using the same type and a photocopy of Egg's letterhead). Apex acknowledged that Egg hadn't sent out letters. At this stage I have simply told them that unless they get Egg to send me a notice of assignment of the debt (a genuine one on headed paper from Egg) I simply can't acknowledge a debt to them - they seem rather perturbed by this, although I c
  5. MayRich

    Managed loan

    Hi 303, That's interesting - my agreement does allow them to vary the agreement but the rate is defined as 0% over "our base rate" and they give details of how they will publish changes in their base rate, so I can't see how they could do it in an arbitrary way. I have a gut feeling that they can't find one or more of my original agreements. They responded for my request for the original agreements with a pathetic letter from the marketing department accompanied by a leaflet which explains nothing. So maybe 1) they think getting something from me is better than the risk of losing one
  6. Regardless of the CCA, they can't get blood out of a stone. If you can't pay them you can try to work out an arrangement. Very difficult as they are aggressive tossers. but at the very least keeping a written trail of your attempt to be reasonable with them may be useful if it ever does get to court. And they really can't force you to pay them money you can't afford. Best of luck, they are truly dreadful to deal with.
  7. The more I read these threads the more I despise these banks - this trick of offering a loan with two rates is very sly. But the bit about them taking your benefits and then quibbling about it really makes my blood boil. Glad to hear you've found another solution anyway.
  8. MayRich

    Managed loan

    Oh, and the sum they are offering the loan for is the correct amount. I have previously had fees refunded so while some of it is made up of interest that I regard as somewhat outrageous, there isn't really any scope for challenging the amount. Unless they don't have the original credit agreements of course, in which case life gets a bit more interesting. They're all very old accounts.
  9. MayRich

    Managed loan

    Hi DHO, Thanks. I know that's one of their strategies so I already checked for it. I've scoured the small print several times and there is no reference to a higher rate hidden in there. The accompanying letter implies the 0% is a concession, however the loan agreement specifically refers to 0% over base rate with no get-out clause. It is variable in accordance with "their" base rate as you say - but this has to be advertised so there is some level of accountability there, can't just randomly put mine up (as happened to me with a couple of credit cards which ended up at 29.9 and 34.9%...).
  10. MayRich

    Managed loan

    Thanks - that's always been my understanding, and has certainly been what they previously offered me. But in this case the loan agreement is for 0.00% over base rate which makes it at least worth putting some serious thought to. On the other hand, why can't they just do this as an arrangement like my other creditors? So I also have to be a bit suspicious. I half think they might not have credit agreements for the previous debts. I think I will probably hang on to the agreement for now, not sign anything, and write to them saying I am considering the offer but ask them to elucidate th
  11. MayRich

    Managed loan

    Might also be worth mentioning that I've previously won a claim for excess charges, that I've long since started banking in a parachute account and that I've given up on worriyng about my credit rating for the time being since I already have defaults against me. So at least some of the obvious negative consequences of accepting managed loans don't really apply to me. It won't include any previous excess charges, I don't care if they withdraw overdraft facilities etc as I don't want to bank from them and my credit rating is already shot for the forseeable future. I just want the simplest way to
  12. MayRich

    Managed loan

    Thanks, negative comments are fine too. Basically I am trying to make my mind up so I need to hear the bad stuff. I understand all you say, though I'm not sure I see what the difference is between this and any other form of unsecured lending. Essentially the agreement is a credit agreement, not significantly different to the ones I already have with them. "Managed" doesn't seem to have any legal significance, or am I wrong about that? The variable rate is a concern, as I see rates rising in future. Though if this loan becomes unaffordable, we'd basically just be back to square one, w
  13. MayRich

    Managed loan

    Hi everyone, I've been offered a managed loan by HSBC. I know these are notoriously dodgy. However, this is at 0.00% over base rate. I originally wanted to remortgage to roll about 50K of debt into my mortgage, which would have been perfectly affordable, but got caught out by the credit crunch and couldn't remortgage. I can afford to repay the money over the long term, just can't cope with high short term interest rates. So honestly speaking this looks like a reasonable offer. Also I have a serious battle going on with MBNA, who are utter ****ers, so I'd quite like to come to terms with m
  14. Exactly. bear in mind also this is why they try to use the phone instead of letters - so that they can make unreasonable statements, questions and demands that they wouldn't put in writing for legal reasons. A good reason to insist on keeping it in writing, no matter how obstinate they are about it.
  15. Hi KB, My experience is that they will use any trick at their disposal to refuse to accept the income/expenditure form you send and will keep niggling at details or ignoring it. All they want is to get you to pay them some money now, they don't really care about the law or your circumstances unfortunately. Overall, good luck with them. I'd say two things - first, don't expect this to be a quick battle - things can go on for months and months unfortunately, they are basically a bunch of weasels who will duck and dive and try to get round the law. Secondly, think very hard before borro
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