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Urgent help required re: DCA


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I'm in a rut and need some serious advice.


i took an unsecured personal loan out from my bank for £25k (natwest) during 2001. I then lost money on the stock market (some months later) and made unsound extravagant purchases....i blew away my loan. i rang the bank to try and extend my overdraft or take out a further loan. they refused obviously but offered to restructure my monthly loan repayments. I took them up on the offer, as the reduced monthly repayment would alleviate some pressure. they asked me to go to my local branch and sign some forms for the restructure, which i did.(i dont have copies of these forms or my bank statements). later that week i noticed that my bank balance was over 25k...they had obviously made a massive error...instead of restructuring the original loan, they had inadvertently given me a new loan for £25k. i was not forthcoming about this, and felt that i could pay back both loans....so i kept the money. the stock markets didnt help, and i lost all this too. at this time i was renting a shared house in london. when i lost my job, i dug my head in the sand....got really depressed and withdrawn, and went back to my parents home but did not tell them the problem. i was suicidal at this point.


i never heard anything from the bank...i didnt give them my parents address. months and months passed, and not a single trace of contact from the bank. during this time i was at home, didnt work, and kept my head firmly in the sand. i knew that at some point that to get on with my life i would have to confront this mess....and the mess found me.


i was in india for a lot of the time, and then in march 2007 my father gave me a call to say he had received some letters from a DCA (capquest) saying i owed in the reqion of £50k. the debt was broken into 3 accounts...22.5k, 23.5.k, 3.5k, and that i had to contact them asap. my father read these letters and panicked as they had no idea of this mess...so my father contacted them and was asked to make a nominal payment of £5 per account to hold them otherwise they would take legal action, which he did. he then informed me of the situation and i returned promptly to the UK to deal with it.


(the letters they had sent were posted to an address that was owned (and the deposit paid) by my parents, but was registered in my name (land registry) as i was paying the mortgage when i was employed. when i lost my job, my parents continued to pay the mortgage payments....all in all, my parents had paid for the property, and i had only contributed to about 15 months of monthly payments (around £110 per month). by september 2007, my parents paid off the outstanding mortgage and the property was rightfully transferred solely into my father's name. the said property is currently rented out to tenants.)


for the last few months, we have been making the nominal payments to keep the matter from entering legal processes...in that time i have said i needed to understand whether the loan was infact owed by me and that i needed time to resolve the matter....i then lied to the DCA saying that i was to be in india for some medical treatment and will be in contact....which i havent. i am not in a financial position to make any payments to them....i am trying to find suitable employment so i can earn some money so i can make repayments. i get calls everyday from the DCA, and i just pretend to be a family member and tell them that i'm in india and will pass on the message for the relevant parties to get back in touch.


I then received one letter last week from capquest pertaining to one of the accounts (£23.5k). it explains that i have till 12 december 2007 to agree to a payment plan that stipulates the following:


1. pay minimum of £5 every month. this was the payment i made last on the a/c.


2.all interest applied since they acquired the a/c will be removed. this amounts to £2168.20


3. for each payment received in line with the agreement, we will credit your account equal to 30% of the payment. so if you pay £5, we will credit with another £1.50.


If i comply i will save at least £8867.

furthermore my first payment will not be required till 31st dec 2007. i have till 12 dec to take up the offer or it will be withdrawn. \the offer is not sinister or a gimmick and i should do the right thing.




please, i need your advise...where do i stand. should i request a CCA? are the nominal payments i made an acknowledgement of the debt? is the property i recently transferred to my father at risk. i have no other assets whatsoever. i just dont want my parents hard work to be ripped away from them...they have proof of giving me the funds to pay the deposit on the house and also proof of paying mortgage payments and the oustanding mortgage on the house.


should i take them up on the offer....will they really accept just £5 per month...or will they try and squeeze for more down the road.


what legal action will they take if i tell them i cannot pay.


any advise u can offer will be greatly appreciated....especially before 12 dec....should i take this offer up? or are they trying to railroad me?





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If the last you heard was 2001 it could well have been approaching statute barred and your parents may have unwittingly restated the clock for you.


Do you have any assets at all as with the amount involved, bankruptcy might be an option although in the circumstances as described, you would almost certainly be subjected to a Bankruptcy Restriction Order.

I dont know how the Official Receiver would view your property transfer, he may well conclude that it is an attempt to conceal assets.


I think you need far more expert advice than i can give.


In the meantime, you might want to send off a CCA and S.A.R - (Subject Access Request) request to establish just when the last payments were made and also to ensure that any agreements are in order.


Remember once Stat Barred, always Stat Barred. If it was longer than 6 years ago then it is still out of time but if your parents paid up with 1 month to go, then you could well be scuppered unless you can somehow show that the payments were not made willingly.


It all depends on how you want to approach this.

Of course I will pay you everything you say I owe with no proof.

Oooh Look....Flying Pigs

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I think this sounds inordinately generous, the fairest offer I've ever heard and on over £23k worth of debt, normally, they would try to nail you to the floor for that sort of amount. seems very suspicious indeed. I would certainly CCA them. Find out what they do and don't have.


I would also, in line with Belaflats advice re Bankruptcy, look into the implications of an impending Bankrupt transferring property into a family members name. It's an obvious ploy which could be used to avoid losing ones assets, whilst clearing ones liabilities and I would imagine the courts are well aware of it.


When exactly was the property transferred into your parents name?

Hope this helps



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Please note: i am not a qualified lawyer, any advice is offered in good faith and is based on my own and others experiences and a penchant for research and a desire to help others to empower themselves


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