Liverpool Victoria Flexi Loan CCA Enforceable?

[Braveheart12]

Can anyone advise if this CCA is enforceable?

 

 

 

 

[Braveheart12]

If this is a valid CCA does anyone have any ideas on how I could get this debt reduced? Should I start paying them reduced repayments, that I have already proposed to them?

[cerberusalert]

I'm sorry to say it looks enforceable. Have you sent an SAR to see whether there are any unfair charges which you can reclaim?

[Braveheart12]

I have never had any charges on this loan as I have kept up to date with payments until Dec 09. I presume I should start paying them what I can afford as they have agreed to this for a 6 month period before I requested a CCA. Do you think if I didn't pay they would pass it to a DCA who may accept a reduced F+F settlement? I am unsure which path to go down.

[cerberusalert]

If you didn't pay they will almost certainly pass it on to a DCA once they've exhausted their internal collection processes, but at the end of the day you can only pay what you can afford. Even in the worse case scenario and they applied for a CCJ against you, depending on your circumstances a judge would only make a repayment order at a rate which he thinks you could realistically afford, which could be as little as £1 per month if you were on benefits. But obviously he would have to evaluate an income and expenditure declaration which you would have to provide.

[Braveheart12]

Cheers, could you clarify something for me. What is the differrence between a CCJ and the judge making me pay what I can afford?

[cerberusalert]

A CCJ is a County Court Judgement, a judge decides on the repayments when it is heard.

[meshi]

It doesnt show the rate of interest, it is possibly unenforceable. It has to show both the APR and the rate of intest (they are 2 different things). The rate of interest is a prescribed term.

[Braveheart12]

In the text beneath "Total Charge for credit comprising of Interest charges only" it states;

 

'Interest is calculated on the amount of credit as it reduces over the term of the Agreement at a monthly rate of .945%. The interest payable is totalled and added as lump sum to your account on the day the advance is made.'

 

I know it's not a very clear copy.

 

I presume this statement would cover this?

 

Thanks

[Braveheart12]

Also in the Sheet titled Terms & Conditions of the Agreement point 2 states the monthly rate of .945% equates to the APR of 11.9%. This is not the case 12 x 0.945 = 11.34%. Am I missing something here or is this an error in the agreement?

[meshi]

Also in the Sheet titled Terms & Conditions of the Agreement point 2 states the monthly rate of .945% equates to the APR of 11.9%. This is not the case 12 x 0.945 = 11.34%. Am I missing something here or is this an error in the agreement?

 

11.34 is right as this is not the same as the APR if it was showing a yearly rate of interest. I am however perplexed by the statement 'Interest is calculated on the amount of credit as it reduces over the term of the Agreement at a monthly rate of .945%.

 

You need to find out if this is right.

 

So the agreement looks enforceable if all the figures add up

[meshi]

just done a calculation on dualcalc.

 

It all looks ok and enforceable

[Braveheart12]

Arh...Ok..Thanks meshi.

[Braveheart12]

Not heard a peep from LV until today when I received this...

 

 

They have not sent me a Default Notice or Termination Letter. Does this mean they can only claim back arears? as it does with credit cards?

[Braveheart12]

Also the letter states Dec 2009? have they gone back to the future?

[cerberusalert]

It looks as if they have rescinded the contract unlawfully, they have not given you the opportunity to remedy any default. I'm not too versed on this side of it so hopefully someone will verify.

[Braveheart12]

hmmm. I thought that I didn't have any ammo against them until now! Not sure if the same rules apply to loans as they do with credit cards regarding defualt notices?

[cerberusalert]

see; http://www.consumeractiongroup.co.uk/forum/general-debt-issues/208663-tale-dodgy-dn-further-10.html#post2178757

[Braveheart12]

So...whats the next step? I am at this point with about 8 creditors! Do I wait for court proceedings? or should I commence proceeding? I have far to many OC's to deal with at once! I don't want to get myself out of my depth.

Edited July 10, 2009 by Me against them!

[Braveheart12]

I've just went back through all my correspondance with LV and noticed t a Formal Demand for payment, this letter refer's to a Default Notice which they say I was issued. Its states I did not remedy in the preiod they gave me! I overlooked this as I thought it was just another letter demanding payment. I have filed all coresspondance and have definately not received a DN from them in any shape or form!

 

The lack of DN was my main weapon aganist them! If I was taken to court could the produce a DN even though I did not receive it???

[cerberusalert]

When people have sent SARs they very rarely receive a copy of any default notice so I doubt whether they keep a copy.

[Braveheart12]

So thats a good thing right? How do creditors defend against invalid DN's if they fail to keep evidence of them?

[Braveheart12]

Just checked my credit file with equifax and have found that both LV and Quapquest have registered defaults on the 12th March. Surely this is unacceptable!

[cerberusalert]

Complain to Equifax, only one default can be registered on an a/c. If they refuse to remove it complain to the ICO.

[Braveheart12]

I don't believe this! I moved house a year ago and have just been forwarded some old post. In amongst it was a statutory demand under sec 268(1)(a) of the Insolvency Act, which is from capquest dated 28th Feb 2011. Obviously I have not responded as I was completely unaware of this until now.Another letter from capquest dated 28th March 2011 confirmed that I have not made a response, they state they now have no alternative but to instruct their feild angents resovlecall to attend the address (old adress) and personally serve the statutory demand for bankruptcy!!!Can somebody please help me with what action I need to take with this? Thankyou in advance.