B'card CCA re: MStanley

[Turia]

Hi all,

 

I'm relatively new here and have been reading a lot of the posts and threads but this is the first time I have posted anything so be gentle Initially i started checkin this website as I want to start reclaiming missold PPI on many cards and a loan, however I've noticed a lot of people have started proceedings to get there previous MStanley debt unenforcable now that B'card has taken the debt over.

 

My first question is: Why are they doing this? I am also in the same situation in that I had a MS card which is now a B'card. But has B'card done something illegal by taking over the debts? Or is it just that we didnt physically sign an agreement by them..? Just wondering why everyone's doing it and if I should jump on the bandwagon - so to speak.

 

My gut feel is that a debt is a debt , i took it and spent it (perhaps not the wisest of things to do at the time, as now i'm desperately trying to pay it off) and as such should be paid no matter what... Dunno if im missing something essential so would be interested to hear people's thoughts.

 

My second question is: I've also got a Lloyds TSB card which used to be an easymoney card and got transferred in the same way.. so is that a similar situation also? In that are people also trying to get the debt voided?

 

I've seen many people write that the debt doesn't get written off, but its not enforced, so what happens to it? It just sits there on your credit file for ever? Just trying to get my head around this CCA issue as to be honest I had never even heard of it until i saw all the hundreds of posts on here.

 

Thanks for reading!!

 

Turia

[slick132]

Hi Turia and welcome to CAG. Good to see you've started posting instead of lurking.

 

Each person must decide for themselves whether to honour their debt or not. The trouble is, if you write to BC now and say "I'm having trouble, can you stop adding charges and interest for 3 or 6 months so I can clear some of the capital", their reply is invariably NO !

 

In theory, if they fail to provide a valid and enforceable Credit Agreement in response to a proper request, you can repay the debt at a rate that suits you with no charges or int't being added. No defaults should be put against you either.

 

And, if you decide NOT to repay the debt at all, there's little they can do about it, apart from continue to hassle you and put negative markers on your credit records.

 

This goes for all the credit cards - there's nothing special about BC taking over MS or other cards. If BC have the MS Agreement, the debt may be enforceable. But BC, like all the other cards, seem to NOT have the Agreements for their OWN cards, let alone he ones they've taken over.

 

Turning to your own case, you want to pay the a/c's off. So firstly check to see if you have penalty charges and PPI to reclaim, thereby reducing each debt.

 

Then you can check to see if they have a valid Agreement for the a/c. If not, they SHOULD stop adding int't and chgs, so you're just repaying the balance, with no new charges. But they won't agree the a/c is In Dispute and will carry on adding int't and chgs.

 

So your only other option is to look at the CPR approach - read the first few posts from Link No2 in my signature below.

 

This can lead to you seeking a court ruling on the (non)enforceability of the agreement, leaving you free to repay, as said before, at a rate you can afford with no nasty consequences - that's the theory anyway.

[Turia]

Hi Slick,

 

Thanks for that response it's clarified a lot for me. Funnily enough, similar to what you wrote, I did actually get in touch with B'card and I asked for them to Reduce the interest rate (didnt even think to ask them to stop interest altogether!!) and they not only refused but were Extremely rude and threatened to shut my account down :s

 

It's very frustrating .

 

My fear and desperate worry is any negative markers they put on the credit file. I do want to pay the debt off, just struggling a bit atm... So am going to go and read through your link that you mentioned.

 

Thanks again!!

 

T

[Turia]

hi Slick,

 

I've been busy reading and resarching and am now in the process of writing up my SAR and sending it off. I do have a query though, after the credit card company (lloyds TSB) hopefully send me a list of all my charges that i've incurred, can i also reclaim PPI in the same letter that i ask for my charges back?

 

many thanks

 

Turia

[slick132]

Hi Turia,

 

I suggest you deal with the refund of penalty charges in isolation.

 

Set up another thread in the PPI forum to d/w this aspect of your complaint with BC. They are separate issues and involve different legal bases.