Help needed,cca request sent,what now?

[ship1]

Hi,

 

I have an old debt that was originally with egg.It was a loan for £5,000 which I took out in January 2001. I paid this loan until the end of 2003.The loan was taken over 48 months. I stopped paying it as I could not afford to anymore,because I was sick and on benefits.

 

I got a letter from Capquest a couple of months ago,saying they had purchased the loan from egg and I needed to pay them just short of £3,500.

 

I sent a cca request about 2 weeks ago and got it this morning in the post.It sets out that the loan was for £5,000 and payment protection of £831,total loan amount £5831 over 48 months @ 10.7% APR

 

As I said, I did pay this until the end of 2003. Capquest have not sent me any breakdown of charges,showing how the account is now nearly £3,500.

 

Capquest have said in there letter to me,that now they have fullfilled my request that the account is on hold until 25 Oct 07 and then they will pass it to the collection department.

 

Can anyone advise me on what I can do now.

 

Thanks in advance.

[ship1]

Meant to say,I did not remember that I had the payment protection.Do you think this could make a difference? I was sick and out of work on benefits and I still am.

[oneofakind]

Is there any way you can scan and post your 'CCA' here? It may well not comply with the Act.

 

[callumsgran]

you can always try claiming it, they'll probably only pay for a year though

was it sold to you as a condition of the loan?

did you qualify for it? i.e were you in fulltime permanent employment at the time?

[ship1]

I was in full time employment at the time,I had my own business. I will try and scan the cca and upload it. It does not state on there what the total amount payable would be,don't know if that is usual or not? I am really concerned as I just don't have the money. How could the debt be so high,when I had payed it for so long? Do capquest charge interest and is that allowed?

[callumsgran]

How much was the monthly payment for?

[Goldlady]

If you had your own business you were not 'employed' as far as PPI is concerned and you have been mis-sold it if that was your situation when you took the loan out. Even being employed as a director of a limited company which is your company is not covered - been there, tried that. If they have charged you PPI from the outset and added interest to it, then that will explain why the debt is so high.

[ship1]

Here is the cca I have scanned it,hope it works.

loan.doc

[callumsgran]

If you had your own business you were not 'employed' as far as PPI is concerned and you have been mis-sold it if that was your situation when you took the loan out. Even being employed as a director of a limited company which is your company is not covered - been there, tried that. If they have charged you PPI from the outset and added interest to it, then that will explain why the debt is so high.

Thanks goldie, i thought that might be the case but wasnt sure so didnt comment

[ship1]

The monthly payment was £148.52

[popeye1]

I am in same position . was it a business loan, would it make a differance

[ship1]

No It was not a business loan,it was personal.

[Goldlady]

Popeye if your loan was specifically a business loan and they sold you PPI then it should damn well be valid for self employed - but I wouldn't want to bet on it:confused:

[popeye1]

Thanks will be watching ,your in good hands here .good luck

[Goldlady]

The agreement looks OK to me but I am not one of the site experts;)

[Goldlady]

I think you need to find out if you can claim on the PPI - this should keep the DCA at bay for a while, and then if you can't you need to work out how much you have been charged for it, plus interest, plus how much of the o/s balance is unlawful charges and interest on them. Then, assuming that someone else can confirm your agreement is valid, you should have a pretty good counterclaim if nothing else;)

[ship1]

Thanks Goldlady! Although I have to say this is all new to me.What to you mean by unlawful charges? Once capquest purchased the debt,what are they allowed to add to it?

 

Also,they did not send any breakdown of the amount that they are requesting from me.

 

I sent the letter to capquest with the £1 requesting the cca on the 21st september 2007,have they broken any laws by taking this long to respond? I sent the letter recorded delivery 1st class?

[Goldlady]

Ship I would suspect that the original creditor could have applied non-payment charges and the like when you first got into difficulties, and it all helps to hike the balance up. DCA's are not supposed to add more on, but I have read of them threatening to recently. If you can afford £10 it might be worth sending a SAR which will provide you with all the information they hold about your account.

 

You should be able to work out from the agreement how much you should now owe, as long as you know when you stopped paying. It might also be interesting to work out how much extra the PPI has cost you, just incase it does prove not to be worth the paper it is written on. Let me know if you need help doing that:p

[Curlyben]

Right then as the agreement is enforceable it's time to ensure you are paying the correct amount, without being inflated with charges.

Get a SAR in to Egg for all the details, template here: http://www.consumeractiongroup.co.uk/forum/bank-templates-library/516-1-data-protection-act.html

 

For CapQuest here's a letter to inform them what os going on and that they should back off.

 

ACCOUNT IN DISPUTE

 

Dear Sir/Madam,

 

Your ref:

 

 

Thank you for your letter of DATE, the contents of which are noted.

 

 

I am disputing the total value of these debts with BANK due to unlawful and unreasonable charges. As such, therefore, I consider this account to be in dispute and no further action shall be taken until this matter is resolved.

As per OFT guidelines Section 2.8k "not ceasing collection activity whilst investigating a reasonably queried or disputed debt."

 

This process may take some time, due to the Office of Fair Trading's test case, but I will try to expedite this issue as a matter of urgency.

 

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you would prefer to do this than merely respond with standard letters and leaflets.

 

I would appreciate your due diligence in this matter.

 

I look forward to hearing from you in writing.

 

Yours faithfully

 

Edit as needed, but that will keep the quiet for a while.

Once the charges are resolved then you'll need to make a repayment offer.

[ship1]

tHANK YOU CurleyBen,thats helpful. Thanks to veryone thats helping me with this.

[callumsgran]

I havent had much input on this lol but you're welcome!

Good old curlyben eh?