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Showing results for tags 'unlawful recission'.

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  1. On 31 October 2012 I missed a second consecutive payment on a 12 month high interest loan. On 1 November 2012 I received an email from my creditor containing the following: Two or more instalment payments under the above loan from are overdue. Because of these overdue payments, your customer status has been changed to "In Default". ... In order to keep your customer status in good standing, and avoid damage to your credit rating, you are required to repay these instalment payment(s) in full within 15 days from the date you receive this notice. If at any time you have three unpaid instalments outstanding, we will call your entire loan balance due and payable (Acceleration). We will also update our Credit Reporting Agency of your Default status. If we do not receive payment or a response from you with alternate arrangements, we will take appropriate collections measures which may include, but are not limited to, the use of a third party collections agency or sale of your debt to a collections company. On 30 November 2012, I missed my third payment on the loan. On 3 December 2012 I received an email from my lender, part of which stated: Pursuant to the Loan Agreement that you signed and the Terms & Conditions thereof, you are in default of the above referenced loan AND have failed to take corrective action as detailed in the Default Notice sent to you at least 15 days ago. We hereby exercise our contractual right of Acceleration. This means that: - Your entire loan amount of principal, accrued interest and fees of £xxxx.xx is now due. I believe I did indeed receive a notice of intention to file a default/default notice through the post in November,but prior to missing the third payment. I have several questions: 1) Can they default after only 2 missed payments? My understanding from the ICO is that normally it should only be after 3 or more missed payments. 2) If the default was issued too early (the email seems to give me til 14 November 2012 to pay the arrears), and the account terminated on 3 December 2012, am I correct in my understanding they can only pursue me for three months arrears? I'll have to rake out the correspondence I have received so I can give you more info. As it stands, there is no default registered with experian, although i suspect my creditor doesn'treport to them.
  2. Just wondered whether anyone had a bit of advice/useful comments to make about this one, please?! We've just been contacted by our old mates 1st Credit for a debt that goes back some years. We defaulted back in 2007 and the OC sent a default notice which gave 14 days to remedy, but no allowance for postage, and then we received a demand from a debt collector dated the last day of the 14 days demanding the full amount outstanding under the account. The OC then sent us a letter saying they wouldn't default us if we paid the arrears, but I'd already sent a letter accepting the unlawful recission of contract (honest guv ) We haven't heard a dicky bird from anyone until now, but did do a CCA request back in 2007 and apart from the unlawful recission issue most of the amount outstanding is charges and the agreement is unforceable as it is a multiple agreement and fails on most counts! 1st Credit say the account has been novated to them and therefore they are now the creditors. However presumably once recission has occurred there is no way of resurrecting the agreement for another party? I could use the charges and CCA unforceability as an argument but thought the unlawful recission would kill this stone dead the fastest (not that 1st Credit will probably take any notice of it - that'll be another nail in their coffin when I dob them in yet again :)) Many thanks MC
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