Help Needed - Transfer Of Debt From Paragon To Cbs Transcom/arrow?!

[Beefcake]

Hi

 

I am looking for some advise and hope you may be able to help. We took out a unsecured loan for £15k in June 1999 with Paragon. We paid our monthly premiums until June 2003 when we fell in to financial difficulty and sought advise and guidance from Payplan who put together an arrangement plan with paragon and our other creditors. At that time we owed Paragon a little over 12k. All our creditors including paragon agreed to freeze interest, and we have been paying a monthly amount since 2003 without missing a payment. Paragon were a little heavy handed in the beginining but calmed down a little.

In November 2007 we had a letter from Arrow who said they had taken over the debt from Paragon and that the amount outstanding was £16500k. We and payplan had a figure of £9499 as we got this figure from deducting what we have paid since 203 from the settlement figure we received in 2003.

 

I have nothing in writing from paragon regarding the freezing of interest, no annual statements and no letter or phone call advising me of transfering my debt.

 

I have now received a letter from Coates Soliciors who are acting on behalf of CBS Transcom giving me 7 days to pay the balance of £16900 now or legal action will be taken! The letter was dated the 20th feb was posted 2nd class so i received it on 22nd Feb then it was the weekend and now I only have 2 days to sort out! We do not have this kind of money. I have tried ringing them and explaining the situation but they basically are using bully boy tactics telling me i will loose my home etc if I do not pay up!! When I contacted Coates solicitors (the phone number on the letterhead) I got through to a member of CBS Transcom staff?? How can this be! I have tried Payplan for advise but basically they say I don't have a leg to stand on as I don't have anythin in writing and that Paragon and Arrow have a reputation for this!

 

We have paid back in total to Paragon just over £12k and now they are wanting another £16900 which seems rather excessive to me.

 

can you advise or point me in the right direction!

 

Thanks

[Beefcake]

Hi

 

I am looking for some advise and hope you may be able to help. We took out a unsecured loan for £15k in June 1999 with Paragon. We paid our monthly premiums until June 2003 when we fell in to financial difficulty and sought advise and guidance from Payplan who put together an arrangement plan with paragon and our other creditors. At that time we owed Paragon a little over 12k. All our creditors including paragon agreed to freeze interest, and we have been paying a monthly amount since 2003 without missing a payment. Paragon were a little heavy handed in the beginining but calmed down a little.

In November 2007 we had a letter from Arrow who said they had taken over the debt from Paragon and that the amount outstanding was £16500k. We and payplan had a figure of £9499 as we got this figure from deducting what we have paid since 203 from the settlement figure we received in 2003.

 

I have nothing in writing from paragon regarding the freezing of interest, no annual statements and no letter or phone call advising me of transfering my debt.

 

I have now received a letter from Coates Soliciors who are acting on behalf of CBS Transcom giving me 7 days to pay the balance of £16900 now or legal action will be taken! The letter was dated the 20th feb was posted 2nd class so i received it on 22nd Feb then it was the weekend and now I only have 2 days to sort out! We do not have this kind of money. I have tried ringing them and explaining the situation but they basically are using bully boy tactics telling me i will loose my home etc if I do not pay up!! When I contacted Coates solicitors (the phone number on the letterhead) I got through to a member of CBS Transcom staff?? How can this be! I have tried Payplan for advise but basically they say I don't have a leg to stand on as I don't have anythin in writing and that Paragon and Arrow have a reputation for this!

 

We have paid back in total to Paragon just over £12k and now they are wanting another £16900 which seems rather excessive to me.

 

can you advise or point me in the right direction!

 

Thanks

[rory32]

I have now received a letter from Coates Soliciors who are acting on behalf of CBS Transcom giving me 7 days to pay the balance of £16900 now or legal action will be taken! The letter was dated the 20th feb was posted 2nd class so i received it on 22nd Feb then it was the weekend and now I only have 2 days to sort out!

This is a standard scare tactic. Stop phoning them. Phoning them is a waste of time and will only distress you. You must from now on ensure that all communication is in writing only.

but they basically are using bully boy tactics telling me i will loose my home etc if I do not pay up!!

Complete nonsense. They would first need to get a CCJ, then you would need to fall behind with any time to pay order, then they would need to get a charging order and then a sale order. Sale orders are quite rare as judges do not like granting them. If you have children a judge basically won't grant one.

can you advise or point me in the right direction!

Have you asked for a copy of the credit agreement? Without a copy of the credit agreement they can not enforce the account even in a court of law, so they would not even be able to obtain the CCJ never mind sell your home.

[rory32]

I have unapproved your duplicate thread so that all advice is kept in the one place and people can follow your progress.

[Beefcake]

This is a standard scare tactic. Stop phoning them. Phoning them is a waste of time and will only distress you. You must from now on ensure that all communication is in writing only. Complete nonsense. They would first need to get a CCJ, then you would need to fall behind with any time to pay order, then they would need to get a charging order and then a sale order. Sale orders are quite rare as judges do not like granting them. If you have children a judge basically won't grant one. Have you asked for a copy of the credit agreement? Without a copy of the credit agreement they can not enforce the account even in a court of law, so they would not even be able to obtain the CCJ never mind sell your home.

Thank you so much for your reply. You are quite right I am very distressed and worried. Is there a letter template to enable me to obtain the original credit agreement or do I just put a letter together. I so want to get this right as I don't want to give them another opportunity to distress me further.

 

Many thanks

[rory32]

The template for a CCA request is template N here. Enclose a crossed postal order for one pound, send the letter recorded delivery and do not sign it. Send the letter to CBS. They have 12 working days to reply after receipt of your request, after this point they are in default and can not enforce the account until they produce a complying copy of the agreement. This also means you can lawfully withhold payment towards the account.

[Beefcake]

Thank you for your invaluable advise, I will do that today. I am quite happy to pay the debt what I am opposed to is the excessive interest charges when infact all interest should have been frozen. I received a letter from Transcom following my telephone conversation the other day outlining the outstanding debt, however this was not a breakdown figure just a balance and note saying that this was interest accrued on the account as we have not been paying the correct monthly installment from the signed agreement this is why the balance has increased! I assume now all I can do is sit tight and wait? What a nightmare!

Thanks again.

[rory32]

As part of the CCA request they are supposed to supply a statement of account, which shows payments, interest, charges, etc. You may wish to just spell this out to them by asking for a statement of account in the letter.

[Beefcake]

Hi

 

Thanks for that. I have already sent the letter recorded delivery today, but if they don't supply it I will ask once I receive a response. I will continue to make my regular payments. What is interesting though is I received a summary of all our payments from payplan and estimated debts and also whether they have been authorised, which apparantly means they are happy to receive a reduced amount. Guess what CBS was authorised! So what exactly is there problem? I just don't know where I am with this. This is going to be a very long 12 days!

[rory32]

So what exactly is there problem?

As with many DCA's, the left hand does not know what the right hand is doing.

[stevie1]

One of the things to do is refuse to answer their security questions when they ring you as they can't talk to you then, harrass you I mean as this is their tactic..

[HSBCrusher]

I have started your own thread for you!

[rory32]

2 threads merged.

[Beefcake]

Hi

 

I have just received a very polite letter dated 5th March from CBS saying they have requested a copy of the agreement from their client Arrow Global. The address line had the correct details on however the Dear... had somebody elses name!! how bad are they??!! I am continuing to pay my reduced figure. it is amazing how we haven't received any threatening phone calls. I am not sure whether I should be worried or not!?

[Beefcake]

Duplicate entry

[rory32]

Standard stuff. Once you send the CCA request most DCA's will put the account on hold for a while.

[Beefcake]

Hi - help needed

 

Thanks

I have received the CCA but no statement of charges or interest just a paragraph asking me to telephone the office to settle the outstanding balance. What is my next step? Should I request a statement by writing? I am still paying the reduced amount through payplan. Help?!

[Beefcake]

I know I am probably being impatient but this situation is really bugging me! I wish I could just get them off my back! Further to my earlier questions would I use a template letter for the request of statement showing charges and interest? Would it be beneficial or more delaying tactic? Any advice would be very much appreciated. Thanks.

[rory32]

Can you post the copy of the agreement (remove personal info first) so that we can have a look at it and see if it contains all the prescribed terms. Regarding the statement of account I would write back to them reminding them of their requirement to supply one.

Would it be beneficial or more delaying tactic?

Well if the DCA has applied charges you want to know, as they are not lawful charges and you can claim them back.

[Beefcake]

Thank you for your response. I will write to them and ask them to supply a statement. Is there a standard letter or should I just create one. I have attached the CCA, the terms and conditions is my copy they only sent me the top copy? I hope it is attached?

paragon.doc

[citizenB]

Dont panic and DONT telephone them. someone more 'in the know' will be along soon I am sure x

[Beefcake]

Thanks for your message of encouragement. Easier said than done I'm afraid. What a nightmare this is!:-? x

[Beefcake]

I have complied a letter requesting the statement of account- does this read correctly

 

Dear Sir/Madam

 

Re:− Account/Reference Number –

I have now received your copy of the CCA.

Unfortunately you omitted to provide a statement of account showing payments, interest, charges, etc.

 

We understand that under the Consumer Credit Act 1974 (Sections 77−79), we are entitled to receive a copy this.

 

 

We look forward to hearing from you.

 

Yours faithfully

 

Any advise would be appreciated? Thanks

[rory32]

Dear Sir/Madam

 

Re:− Account/Reference Number –

 

I have now received the copy of the Credit Agreement as previously requested.

 

Unfortunately you have omitted to provide a statement of account showing payments, interest, charges, etc. as requested in my original letter of (date), a copy of which is attached.

 

We understand that under the Consumer Credit Act 1974 (Sections 77(1) (a), (b) and ©), we are entitled to receive a copy of this on request together with any other document refered to in the Agreement.

 

 

We trust these will be forwrded to us as a matter of urgency so that your company may fulfill it's legal obligations under The Consumer Credit Act.

 

We look forward to hearing from you.

 

Yours faithfully

[Beefcake]

Thank you for the letter, very much appreciated. I will send it today, recorded delivery. Did you manage to look at the CCA? It didn't scan very well, sorry.

Should they have sent be a copy of the terms and conditions which is on the reverse of the CCA?

I have compared the copy of the CCA to mine and it definately looks like the original. Thanks again.