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Help & Advice PLEASE - Full & Final Settlements


Notcher
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Help Required PLEASE

 

Background - I have unsecured debts with AA Finance -£15,606 Northern Rock £13,887 Lloyds £8,150 (overdraft) Lloyds Credit Card £16,589

 

The last 3 years have been very rocky for me, Failed Business, Divorce Settlement and a number of job changes.

 

All my creditors have been chasing me for over 6 months, as have thier respective debt collectors and solicitors. I have been paying small token payments as and when I can. I have recently managed to sell my property in the last few weeks and pay of all secured debt, so have got the mortgage companies (C & G & Kensington) off my back as well as other secured debts. However I have been left with no assets, apart from £22,500 cash remaining from the house sale.

 

I have written to all creditors offering full and final settlements on a pro rata basis. To date AA have said no way and will pass my account to solicitors, Northern Rock are still thinking about it and Lloyds Creditcard through MHA collections have said yes to £8,150 but will register the debt as partially settled. I have written back saying its either fully settled or the deal is off. I am concerned that they may come back at a later satge and chase the balance. Perhaps someone could advise me on if they can do this?

 

Can anyone help me with other actions to take, I have seen people request copies of credit agreements and various other documents. I have never attempted to reclaim unfair charges and wondered if I can use this as a bargaining tool. It has been a great relief to sell the house and I just need to sort out the unsecured debts and then I can finally get on with my life after a horrible few years.

 

Sorry this was all a bit drawn out, but wanted to give the full picture.

 

Many Thanks

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Hi Notcher

 

sorry to hear of your recent troubles, sounds not disimilar to my recent past !

 

Although no expert, i'd put a CCA request into the 3 original creditors for the loans, not the Lloyds overdraft, its not governed by the CCA. Templates available in the library. This will asscertain whether the debt is enforceable, not that im advocating debt avoidance !

Then SAR all 3 again, which will see whether there are any charges you can reclaim.

 

Do each request under separate cover so as not to confuse the poor institutions, all recorded/special delivery.

 

Dont sign anything, print your name, and dont talk to them on the phone

 

regards

vselym

Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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Notcher

 

no problem, keep us posted, and refer back if u get stuck !

 

btw it will be a long drawn out process, so you'll have plenty of time to read around the site and pick up loads of useful info !

 

regards

 

vselym

Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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vselym

 

Ok I have downloaded the letters and will post today recorded delivery. I will send to AA, Nothern Rock & Lloyds Credit Card and wait for a response.

 

Again, Thanks for your advice

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Notcher

 

if ur going to send SAR's aswell, one letter to Lloyds will cover both the overdraft and the credit card

 

regards

 

vselym

Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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  • 3 weeks later...

Hi.

 

Well its been well over 12 working days and I have recieved no CCA's from anyone. Funnily enough all the phone calls have stopped too. I have tracked the letters with the post office and they have all been signed for.

 

Can anyone advise on what my next move is. Would I be right in saying that the accounts are in dispute and therefore charges can not be applied. Should I write to confirmn this or press ahead with trying to reclaim charges. Advice would be much apreciated.

 

Many Thanks

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Hi Notcher

 

Quel surprise, all 3 CCA requests in default, well i never !

 

Whilst they remain in default of a CCA request, they are not entitled to chase or enforce the alledged debt, and the lack of one would provide a total defence should they atempt to take you to court.

 

If they have replied with the SAR's then calculate any charges that could be reclaimed whilst you wait another 30 days for them to commit an offence.

 

I wouldnt at this stage communicate with them either on the default of the CCA request, or any reclaimable charges.

 

However if they completely fail on the CCA request and there are charges that can be reclaimed, then your bargaining position for F&FS including removal of default markers, would be strengthened greatly IMHO.

 

I dont know if anyone else could add to this advice ??

 

Hope that helps a bit though

Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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Notcher

 

Do it now, as they have 40 days to reply to that one !

 

I would also stipulate "ALL" data they hold on you, not limited to the last 6 years

 

Sorry i thought youd done them both at the same time

Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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  • 4 weeks later...

Next Stage.

 

My CCA's went out recorded delivery on the 24th April (LLoyds TSB Credit Card, AA Finance, Northern Rock). I have the confirmations that they were signed for. To date everything has stopped...no phonecalls no letters...nothing. I have been paying a token amount to the AA & NR of £40 per month.

 

What should I do now? Do I need to write to them again and report them to Trading Standards? Should I call and confirm they have received the CCA requests? should I stop the token payments?

 

As I said earlier I have some funds available from the sale of my house but not enough to pay back in full. My aim would be to offer full and final settlements and get them all of my back so I can move on with my life.

 

Sorry, lots of questions again, I would appreciate any help and advice.

 

Thanks

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  • 2 weeks later...

Still no CCA’s or SAR information and its been over 2 months. I have recently sent the letter that puts the accounts in default and threatens to report to trading standards etc.

This morning I had a letter from Eversheds on behalf of Northern Rock saying that they will give me a 35% discount if I pay within 7 days.

While I have some funds from my house sale there is still no way I could make this payment. My original offer to them going back 6 months ago was £ 5,779 and to be honest this would be a real stretch now.

The original debt was for £18,000 and I had a settlement figure from NR of £13,500 about 6 months ago. The Eversheds letter states the balance is now £18,032 and they will accept £11,721.

Should I write back to Eversheds and re confirm my offer or leave it on the basis that they don’t seem to have a CCA and can’t enforce the debt.

I have no assets apart from the small sum remaining from the house sale. I’m in rented accommodation, do not own a car or any other significant assets and all my wages go on essential living expenses and maintenance for my 2 children.

Would appreciate any guidance……Many thanks

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You could write to all those who have not sent CCA's, send them this....

 

Account In Dispute

 

Ref:

 

Dear Sir/Madam

 

Thank you for your letter of xx/xx/xx, the contents of which have been noted.

 

You have failed to respond to my legal request to supply me a true copy of the original Consumer Credit Agreement for the above account.

 

On **DATE** I made a formal request for a true signed agreement for the alleged account under consumer credit Act 1974 s77/8. A copy of which is enclosed for your perusal and ease of reference.

You have failed to comply with my request, and as such the account entered default on **DATE**.

 

The document that you are obliged to send me is a true copy of the executed agreement that contained all of the prescribed terms, all other required terms and statutory notices and was signed by both your company and myself as defined in section 61(1) of CCA 74 and subsequent Statutory Instruments. If the executed agreement contained any reference to any other document, you are also obliged to send me a copy of that document.In addition a full statement of this account should have been sent to me detailing all debits and credits to the account.

 

Furthermore

 

 

You are aware that the Consumer Credit Act allows 12 working days for a request for a true copy of a credit agreement to be carried out before your client enters into a default situation.

 

If that request is not satisfied after a further 30 calendar days your client commits a summary criminal offence.

 

These limits have expired.

 

As you are no doubt aware section 77(6) states:

 

If the creditor fails to comply with Subsection (1)

 

(a) He is not entitled , while the default continues, to enforce the agreement.

 

And

 

(b) If the default continues for one month he commits an offence.

 

Therefore this account has become unenforceable at law.

 

As you have Failed to comply with a lawful request for a true, signed copy of the said agreement and other relevant documents mentioned in it, Failed to send a full statement of the account and Failed to provide any of the documentation requested.

 

Consequentially any legal action you pursue will be averred as both UNLAWFUL and VEXATIOUS.

 

Furthermore I shall counterclaim that any such action constitutes unlawful harassment.

 

Please note you may also consider this letter as a statutory notice under section 10 of the Data Protection Act to cease processing any data in relation to this account with immediate effect.

 

This means you must remove all information regarding this account from your own internal records and from my records with any credit reference agencies.

 

Should you refuse to comply, you must within 21 days provide me with a detailed breakdown of your reasoning behind continuing to process my data.

 

It is not sufficient to simply state that you have a ‘legal right’; You must outline your reasoning in this matter and state upon which legislation this reasoning depends.

 

Should you not respond within 14 days I expect that this means you agree to remove all such data.

 

Furthermore you should be aware that a creditor is not permitted to take ANY

Action against an account whilst it remains in dispute.

 

The lack of a credit agreement is a very clear dispute and as such the following applies.

 

* You may not demand any payment on the account, nor am I obliged to offer any payment to you.

* You may not add further interest or any charges to the account.

* You may not pass the account to a third party.

* You may not register any information in respect of the account with any credit reference agency.

* You may not issue a default notice related to the account.

 

 

I reserve the right to report your actions to any such regulatory authorities as I see fit.

You have 14 days from receiving this letter to contact me with your intentions to resolve this matter which is now a formal complaint.

 

I would appreciate your due diligence in this matter.

 

I look forward to hearing from you in writing.

 

Yours faithfully

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not the Lloyds overdraft, its not governed by the CCA.

 

It is still covered i think. The 'agreement' has part 5 exemption (form and content) but there must still be one detailing the overdraft terms such as interest, repayment, amount etc. This would normally be in the form of a letter they send. There is no agreement as such for a current account but any lending is still covered by the CCA 1974. It comes under s.10 CCA 1974.

 

You use s.78 CCA 1974 as it is still 'running credit' to be used on demand, like a credit card.

 

(b) that where there is an agreement between a creditor and a debtor for the granting of credit in the form of an advance on a current account, the debtor shall be informed at the time or before the agreement is concluded:

- of the credit limit, if any,

- of the annual rate of interest and the charges applicable from the time the agreement is concluded and the conditions under which these may be amended,

of the procedure for terminating the agreement;

and this information shall be confirmed in writing.

Edited by tifo
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