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  1. Thank you Jotty for the warning. Did the judges agree with the exorbitant interest claimed? In my case, the interest accrued is twice the principal?
  2. Thank you dx100uk. The link you attached (witness statement pdl loan) sent me to the FCA website? Was it the right link?
  3. Apologies for the slow response. Having not heard anything for months, I rang the court to get an update. It appears that they had posted directions in July but I never received them. So they had to post them again to me. The Court hearing is on 15 February 2022 remotely by phone. The Claimant is being asked to pay a trial fee of £115.00 by 18 January 2022. I am being asked to make a written submission no later than 48 hours before the hearing. I would be grateful for your further guidance. Many thanks.
  4. Thank you for your help. I will advise when I receive a court date.
  5. Is the Default Notice which is invalid or the Termination Notice? Just to be precise. From a tactical point of view, do I advise them of this now or do I let the claim run? I just want to knock this on the head.
  6. Thank you Andy. So if the prescribed period was not afforded to me, what does this mean? Does it mean that the agreement is unenforceable?
  7. Thank you Andy. The DN and TN were sent by email so I received them same day. I have no recollection if they were also sent by hard copy. Is it deemed as legally served by email?
  8. Thank you dx100uk. There is still no date yet and no further directions. I am somewhat confused by your last message as I understood from an earlier response in the thread that a complaint/claim for irresponsible lending was no longer an option given that it is more than 6 years? Also you said "Default notice under section 87 cannot include fees." How can I use this in practical terms? Thank you.
  9. A few questions as I am not familiar with some of the terminology: 1- What is IRL Claim? 2- Is there anything I can say to Perch Capital at this stage to suggest to them that they have no real prospects of achieving a judgment for the full amount they are claiming (£1,480) and that my offer of £600 is a reasonable one? 3- Should I go ahead and pay the £600 in full and final settlement, in the hope that they will drop the rest of the claim? The rationale is that I don't have a defence for not paying the original principal, interest at 8% and court fees. Also, by paying the £600, I stop the 8% interest accruing. Many thanks for all your help.
  10. As suggested above, I am attaching the redacted CCA. CCA 04.10.2012 Redacted.pdf I am also attaching the Default Notice and the Termination Notice. Default Notice 04.12.12 Redacted.pdf Termination Notice 18.12.2012 Redacted.pdf
  11. @dx100ukThank you for your response. We are still at the stage of waiting to hear from the local London Court for a date and instructions. From a procedural point, they seem to have followed the rules. I am not looking to walk away from the debt entirely. I want to settle this in a reasonable manner where I repay the outstanding principal plus reasonable interest, and put it behind me. Unfortunately, they are hard-balling it. In view of your answers to 2 and 3 above, how do I communicate to them clearly and legally that they have no real prospects of being awarded the extortionate interest which they are claiming? Is there case law I can refer to? Also, in my preliminary defence (N9B), I simply stated that the Claimant had not provided a copy of the credit agreement. How/when can I amend my defence? I am unable to see this option on MCOL. Thank you for your help. Thank you Andy. My defence was simply: "I do not recognise this alleged debt as the Claimant has failed to provide a copy of the credit agreement." They subsequently provided a copy of the agreement. I am still awaiting the n157 notice.
  12. Name of the Claimant ? Perch Capital Limited Date of issue – 07 September 2020 Particulars of Claim What is the claim for – the reason they have issued the claim? 1.The Claimant claims this amount in respect of an unpaid loan, regulated by the Consumer Credit Act 1974. The loan was funded by GAIN Credit LLC. 2.The Defendant has failed to make payments in accordance with the terms of the credit agreement. 3.The credit agreement was assigned to the Claimant, upon which a Notice of Assignment was sent to the Defendant. 4.The Defendant has either failed to respond to the Claimant or has failed to maintain regular payments. 5.The Claimant has issued a Letter of Claim providing the Defendant with a further opportunity to arrange repayment of the outstanding balance to no avail. The Claimant claims interest under section 69 of the County Courts Act 1984 at the rate of 8% a year from 13/08/2016 to 04/09/2020 on £1,003.75 and also interest at the same rate up to the date of judgment or earlier payment at a daily rate of £0.22. What is the total value of the claim? £1,480.01 Have you received prior notice of a claim being issued pursuant to paragraph 3 of the PAPDC (Pre Action Protocol) ? Yes on 30/07/20 Have you changed your address since the time at which the debt referred to in the claim was allegedly incurred? No Did you inform the claimant of your change of address? N/A Is the claim for - a Bank Account (Overdraft) or credit card or loan or catalogue or mobile phone account? A payday loan When did you enter into the original agreement before or after April 2007 ? After (October 2012) Do you recall how you entered into the agreement...On line /In branch/By post ? Online Is the debt showing on your credit reference files (Experian/Equifax /Etc...) ? Not any more Has the claim been issued by the original creditor or was the account assigned and it is the Debt purchaser who has issued the claim. Debt assigned to the Claimant Were you aware the account had been assigned – did you receive a Notice of Assignment? Yes I was advised of the transfer Did you receive a Default Notice from the original creditor? Yes Have you been receiving statutory notices headed “Notice of Sums in Arrears” or " Notice of Arrears "– at least once a year ? Yes Why did you cease payments? 16/06/18 What was the date of your last payment? 16/05/18 Was there a dispute with the original creditor that remains unresolved? No Did you communicate any financial problems to the original creditor and make any attempt to enter into a debt management plan? Yes. I was paying £1 per month until 16/05/18 If you have not already done so – send a CCA request to the claimant for a copy of your agreement. I requested a CCA as part of my defense. The Claimant provided it on 09/11/20 after the County Court Claim was filed
  13. Many years ago, I had financial problems and took out a few payday loans with Lending Stream. In 2012, between April and September, I took out 3 loans, almost back-to-back. The last one was a 6-month loan for a capital of £515 and a total repayment of £1030. I only made one payment and did not manage to pay the rest. I then entered into an arrangement (with interest and fees frozen) but then broke the arrangement. The debt was then sold a few times between 2016 and 2020: Credit Resources Solutions, Asset Collections and Investigations, and now finally since July 2020 with TM Legal Services (TMLS) who are acting on behalf of Perch Capital. On 12 August 2020, TMLS advised that the debt stood at £1003.75 and offered a settlement at £752.81. I countered with an offer of £300 which was rejected. In September, I received a County Court Claim for £1,480.01. The paperwork received from the Court did not include the credit agreement. I asked for this as well as a breakdown of the amount claimed. They provided the credit agreement and the breakdown as follows: Original Creditor: GAIN Credit LLC trading as the Lending Stream Original balance: £515.00 Interest: £643.75 Fees and charges applied by the original creditor: £32.00 Total Paid before import: £185.00 Balance on assignment: £1,003.75 Court Fee: £70.00 SRC Fee: £80.00 Interest (8%): 326.26 Current outstanding balance: £1,480.01 Their claim is almost 3 times what I originally borrowed. In my response to the court, I accepted mediation however this was rejected by Perch Capital and I was notified that the claim had been assigned to a London county court. In order to try and resolve this, I contacted TMLS and offered them £600. In calculating the amount, I deducted the extortionate £643.75 from the original loan but left the fees and the 8% interest claimed. TMLS advised that Perch Capital rejected my offer and that the minimum they would accept would be £1332.01 (i.e. 90% of their claim). It appears that they are hard-balling this to an extreme, particularly given that they most probably bought the debt from Lending Stream at a deep discount. I have 3 questions: 1- Is it too late for me to raise a complaint regarding irresponsible lending and asked for the court action to be stayed pending a resolution of the complaint? I understand that there is a limit of 6 years. I did not make the complaint before because I thought that the debt had been written off. 2- Do I have any grounds to fight the extortionate interest element (£643.75) of their claim? 3- If this were to get to a court hearing, what is the probability of a judge awarding them the extortionate interest (£643.75) which they are trying to claim? Many thanks in advance for any help.
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