Recieved frightening letter from CB

[ZR120]

Basically it states

 

"we hereby refer to our default notice and write to you to advise that as payment there under has not been forthcoming, we hereby make a formal demand on you for the balance outstanding under the agreement in the sum of £7762.28.

 

Unless your proposals for settlement, acceptable to us, are recieved at the above office within 7 days from the date of this demand, we will have to alternative other than top pass your account for court proceedings which may involve the issue of a statutory demand in bankruptancy for service on you (or any surety if applicable) to recover the outstanding balance."

 

the bit that worries me is were is states "statutory demand for bankruptcy" - what does this mean?, can they do it?

 

Anyway i have drafted a letter basically saying

 

"With reference to your letter dated 16/01/2008 and other general correspondance I acknowledge your intent to proceed with court action. I trust you understand I have obtained legal advice and I have a number of articles to support my claim.

 

I hereby make a formal offer of 60% of the remaining balance for full and final settlement. If we cannot come to an amiable agreement I will have no alternative other than continue with court action and have the agreeement deemed unenforceable"

 

is that ok do you think? i havent sent it yet, so any comments are welcome.

 

thanks

 

 

 

 

 

 

 

 

http://www.consumeractiongroup.co.uk/forum/general-debt/125122-need-urgent-help-recieved.html

[tomterm8]

Um, do you own your own house?

[stroke a badger]

What is the debt for, and sorry to be dim but who are CB.

 

If you have not already done so, I would consider -

 

1 - Requesting a copy of the Credit agreement (Credit card, load or credit facility but not personal or business banking services)

 

2 - Subject Access Request (S.A.R)

If you know there have been charges applied to the account send a letter disputing the amount they are claiming is owing.

 

This SHOULD give you a bit of breathing space to consider your next move.

[ZR120]

i do own my own house, i also did do a CCA request, they sent me a illegible copy of an agreement.

 

CB are capital bank, the money owed is for a HP agreement on a car. The debt is obviously not secured, why does my house or even bankruptcy come in to it?

[Edz11]

are you sure it's HP. I think you ought to scan it and let us have a look. It would be unusual if it were an HP agreement.

[ZR120]

Edz, you have seen the agreement

 

http://www.consumeractiongroup.co.uk/forum/general-debt/123318-agreement-enforceable.html

 

The copy is not even legible and doesnt state what type it actually is. The car has been HPI checked and comes back as its HP, i have also been on the credit scoring sites and it comes back as i have a HP agreement with capital bank. Surely they havnt "wrongly entered" it twice?

[Edz11]

Well, as I said - it isn't HP, it is a restricted use credit agreement. You were probably told it was HP by all and sundry but were actually given a loan...

 

How much was the price of the car (the price on the windscreen) and how much did they offer in part ex (if any). DON'T look at the agreement when answering this - what does you memory tell you?

 

Who told you that they would sort out an HP agreement and did you accpet on those terms?

 

CB's agreements usually meet the prescribed terms but they are nearly always mis-sold Restricted use loans when people thought they were getting an HP agreement.

[ZR120]

car price was around 12k, i didnt park ex anything

 

the salesmen said it was HP, im sure my original document stated it was HP, my credit search says its HP, and a HPI check shows its HP

 

they told me once on the phone it was HP

 

The agreement iv got doesnt say weather its HP or not, so unless ur an CCA expert, why would you question it? Especially when everything else says it is HP

[ZR120]

what should i do then?

 

i think i should send the letter id drafted. I dont think they will go with the staturory bankruptcy, it says on the web its usually a scare tactic, but still take it serious.

 

They have stated they are willing to negotiate, so i will get the ball rolling by offering a 60% lump sum for full & final settlement. This actualy works out at the market value of the car