"Resheduling" of a loan

[Loobylou8]

Loan payments kept up-to-date until financial problems. Contacted company who stated they would organise to accept half payments. Agreed to this over the telephone. Letter received 2 years later giving new loan amount £2000 had been added. When I contacted the loan company they said the loan had been "resheduled" to account for reduced payments. Resheduling was never mentioned during my initial discussion, extra interest was never mentioned and I did not receive any updated contract/paperwork to sign etc. I have argued this with the company who initially said they had signed paperwork, but when I asked for a copy of this they said it would have been agreed over the telephone. Am I able to contact an Ombudsman to complain about this. If resheduling had been mentioned/explained at the time, I never have agreed to it. Has anyone ever had this experience before - company is the Funding Corporation.

[freakyleaky]

I will have this thread moved to the DCA forum as I think you will get more help in that forum.

 

I suspect you should ask them for a signed CCA as if they can't provide one I believe the debt may be unenforceable.

[PriorityOne]

I assume this loan is still with the original creditor ?.... 'coz it sounds like there may be a whack of charges on it and/or no original Agreement if they're trying to get you to sign fresh paperwork now. Don't sign a thing !! As Freaky says, without the orginal, signed CCA, the account is unenforceable.

 

The template for the CCA request is here :

 

Creditors and DCAs - Letter Templates & Budget Planner

 

Letter N. Enclose a Postal Order for £1 (not a chq.), but don't sign the request. Print a "signature" in block capitals instead, to prevent them from scanning it onto an Agreement (should they be that way inclined).

 

Send by recorded delivery and keep the receipt.... the account is in dispute from the moment it's received. If they cannot furnish you with a true copy of the original, signed Agreement within 12 working days, then you are within your rights to withhold all further payments until they can find it. If not, the account remains in dispute forever..... providing you retain proof that the request was made; i.e rec. delivery slip and/or the confirmation of receipt from the Royal Mail website.

 

Oh and by the way, DO NOT have any more dealings with them over the 'phone. In writing only.

 

[rory32]

Thread moved to Debt Collection Forum.

[Loobylou8]

Thanks for this. The extra monies added does not seem to be charges, but they have explained this as being a bit like a "revised" agreement where it is taken over a longer period and so interest is added. They have never previously indicated any of this and I merely thought they were accepting a reduced payment. Excuse my ignorance, but what is CCA?

[monday blues]

Consumer Credit Agreement

[Loobylou8]

Am I correct in assuming that this company must hold a new Credit Agreement (which must have been signed) in order to make any changes to the term and amount of the loan.