Nationwide unable to provide a copy of loan agreement, what does this mean to me?

[cazzabpassion]

I requested over the telephone to Nationwide to provide me with a copy of my loan agreement. They were very prompt and I received a letter stating " Unfortunately at this moment in time we are unable to retrieve a copy of your loan agreement" However the letter confirms the details of my loan. It states the date funds were released to me, my first payment date, interest etc.

 

What does this mean to me? Where do I go from here? Do I have an agreement?

 

Any advice of how I pursue this and hopefully have the debt written off.

 

Thank you

[silverfox1961]

Hi,

Plain and simple answer.

 

While no agreement exists, they are unable to enforce the debt. The debt itself doesn't go away, they just can't collect. This puts you in a stronger position to negotiate a Full & Final settlement (CAG doesn't advocate debt avoidance)

 

If you decide not to pay then they will(in all probabilty) sell the debt on to a very nice () DCA who will badger you to infinity and beyond into paying but it's highly unlikely they will take you court.

 

If at any time in the future they find the agreement (and it's enforceable) they can start chasing you and take you to court if nescessary.

 

hope that helps.

 

fox

[cazzabpassion]

Thank you ever so much for that.

 

Ok, when you say this puts me in a stonger position to negotiate a full and final settlement, do you mean I can negotiate with them to pay back less than I owe? I have just received my redundancy and want to settle the loan but where do I start and what is required- what is deemed acceptable negotiation?

 

Really appreciate your help

[Stressed150]

Cazza id offer them 10% of the outstanding balance along with getting them to confirm they will remove any adverse data from your credit files and mark the file as fully satisified..... I'm in a similar position whereby I am requesting CCA's and this i the route I will be pursuing....

 

But u do need to be aware that if they are able to produce a signed and enforceable agreement in the near future then the debt becomes enforceable so may be in your best interest to get the account settled asap, though im not sure what the position is after u have settled such an account and an agreement is produced...

[Stressed150]

btw....10% is what i woul offer them, u can offer much less or indeed nothing it's ur decision...

[cazzabpassion]

Thank you so much for your advice.

 

How is this offer introduced to Nationwide? Are there routes that I have to go down first, as in send a legal letter asking once again for the CCA to be produced. If they still can't produce it then how do I take steps to arrange a full and final settlement? I need to know exactly what I'm talking about. To negotiate a settlement figure do I contact them via telephone or letter?

 

If I go down this route will this affect me in any way, ie ccj's, bad credit score, future problems lending?

 

Once again thank you

[silverfox1961]

Morning,

 

As I see it, if you want to start negotiating with them, do it in writing, never over the phone unless you can record the conversation.

 

Start off low I.E 10% but have a maximum figure in mind

State that they must agree it's a Full and Final settlement with no further action on the account.

That they destroy all information they hold and with any third party they have supplied info to, including CRA's ( if you don't demand this, they will put "partial settlement" on your credit file)

[Stressed150]

Cazza the fact that they don't hold a CCA cannot go against you in anyway, especially seeing as you are willing to put in an offer of settlement, some people go right through to court stage and refuse to pay for the outstanding debt or anything towards it, and where there is no CCA, the creditor usually knows they have no leg to stand on and ususally backs out..... As far as ur credit report goes, they cannot recoprd any adverse info about you, as no agereement exists....if anything the company should offer either to wipe the balance of your account to nil, and then remove any information relating to that account off of ur credit file, or they should accept ur offer of payment as full and final settlement and u need to explicitly request them to mark your credit file as 'Satisfied in Full' i.e not 'Partial Settlement', and request any adverse information to be removed from your credit file, and you also need to ensure that they put in writing that you are no longer liable to the debt and it will not be pursued by Nationwide or any associated company, nor will it be sold on to any company so that they can pursue you for amounts outstanding.

 

Let me see if there is a template letter on here that you can send....

[cazzabpassion]

Thank you so much for your advice. I will do some research on the net for template leters. Firstly I will send in writing another request for the CCA and await their reply. If again still no CCA I will then offer 10% full and final settlement via letter. So, the search is on to find the correct template letters and go from there.

 

Thank you for all the help and advice that you have given, it's very much appreciated.

[Stressed150]

Hi don't know if it's me but i cant seem to post a link! Basically what u need to do is go into consumer action group, go to debt forums, scroll down to letter templates, go to budgets and letters and you should find a letter there......x

[WageSlave]

I would be interested in a template for a letter to a credit card company, applying for a copy of the CCA (Consumer Credit Agreement?) I am pretty sure they do not have one. Can anyone suggest a source for a reliable template.

Thanks

[silverfox1961]

I would be interested in a template for a letter to a credit card company, applying for a copy of the CCA (Consumer Credit Agreement?) I am pretty sure they do not have one. Can anyone suggest a source for a reliable template.

Thanks

 

 

Hi WageSlave,

 

Firstly, it would be better if you started your own thread as your query will get lost otherwise. If you don't know how to do it just shout.

 

Here is a template letter to get your CCA

 

http://www.consumerforums.com/resources/templates-library/86-debt-collectors/581-cca-request-letter.html

 

Most important!

Never sign anything. Always print your name

Send all letters by recorded delivery

Send a £1 postal order-no cheques

They have 12+2 WORKING days to respond

 

 

fox