Is this default correct?

[the_shadow]

Hi enamae, this DN is from 2003 when I think the requirement was only 7 days.

 

You are indeed correct, its 7 days required back then and they've given you an extra day to ensure (if it was sent first class post)

 

S.

[the_shadow]

The prescribed format of the wording doesnt look right, the Capital letters that are underlined should be bolder than the rest of the capital letters according to the regs, are they on the original? scans are never very clear on this.

 

(5) Where any statement is required to be in a form specified in a Schedule to these Regulations and is reproduced in

the notice, then apart from any heading to the notice, trade names or names of parties to the agreement--

(a) the lettering in the statement shall be afforded more prominence (whether by capital letters, underlining, large or

bold print or otherwise) than any other lettering in the notice; and

(b) where words are both shown in capital letters and underlined in any statement specified in a Schedule to these

Regulations, they shall be afforded yet more prominence.

S.

 

Enamae, The date change from 7 to 14 was 19/12/2006

[the_shadow]

Hi shadow, thanks for that . On the original the underlined words in the middle bold section are the same print, not any heavier or thicker.

 

Thats what I thought:)

 

Then they havent followed the format required in the regulations, all down to how the judge see's this. The regulations clearly state it MUST follow the prescribed format and terms.

 

S.

[the_shadow]

Their solicitors want repayment; from what I have read elsewhere I think I am correct that if a DN is incorrect all they can request is repayment of the defaulted amount, not the full alleged amount. Am I right? If so I'd better start researching for a letter:)

 

If the DN is deemed invalid or incorrect then yes.....IF they have terminated the agreement all they would be able to ask for is the arrears prior to termination.

 

If they have not sent a termination letter then asking for the full balance is usually a good indicator the agreement is ended alongside that implying they are taking legal action by solicitor letters would also suffice in my opinion

 

S.

[the_shadow]

Hi I'm looking at dates again. The DN is dated 113 August 2003, a Wednesday. LTSB SAR shows it being sent on 14 August, a Thursday.......according to this extract from another thread, surely that means it is shown as being delivered 2 working days later, which makes it Monday 18th, thus not allowing 7 clear days. Am I right?

 

If there SAR shows as sending on the Thursday :-D then the calendar 7 days dont start till the following Monday.

 

Your calculations are correct and they didnt give you the prescribed 7 clear days to rectify.

 

S.

[the_shadow]

Oh dear :lol:

 

Without wishing to sound pathetic, but not wanting to make any silly mistakes.......would it be best to advise a solicitor of this when they are threatening legal action if payment isn't made?

 

You could be cheeky and state you'll be happy to pay the arrears on the default notice in monthly payments as legally thats all they can claim since they defaulted and terminated the account in breach of the CCA1974 act.

 

Its a large arrears amount though

 

S.

[the_shadow]

Hi Shadow,

Can I hypothesize as to whether, if they take their time terminating after the DN..ie drag on for a few months just sending arrears notices each month, then terminate/demand full balance, can they only claim the arrears stated on the DN, or the arrears accrued up to the actual point of termination? The latter would seem more logical, unfortunately?

Elsa x

 

I would think as the default notice is invalid it would therefore be the arrears at that point in time of termination, which in the case you have made would be a larger amount than that at default stage.

 

Dont forget though, just because the lender doesnt send a letter of termination doesnt mean the agreement isnt in termination, by a) asking for something they are not due till the end of the contract (complete repayment) or b) selling the debt to an agency that is unable due to licencing to run a rolling credit service (most DCA's) or c)Initiate court action.

 

Just my opinion as always.

 

S.

[the_shadow]

Thanks Shadow,

I've been researching this and had initially assumed it was the amount stated on DN, but to the point of termination does make more sense.

For some reason one I'm dealing with for a relative seems very reluctant to use the T word, just keeps sending those tedious arrears notices and acting as if the loan ac is still active...yet their in house gaXngsXters sorry Solicitors are asking for full balance.

Elsa x

 

Those tedious arrears notices under section 86© are now required I believe, it came in under CCA2006.

 

Just my opinion on the amount of arrears, Banker_Rhymes_With is the king of default info if you want to ask for a more enlightened opinion

 

S.

Edited May 28, 2009 by the_shadow
cant spell

[the_shadow]

Just a quick question...........is it best to send a reply quoting all the failings and regs, or just send a generic reply and hold back some ammunition?

 

If you are uncertain if they've terminated then its not wise to inform them of the failings of the default notice in my opinion.

 

S.

[the_shadow]

Hi thanks for the advice. According to my paperwork I had a solicitors letter 'making a formal demand....to repay the balance as quoted above less any rebate....' and yet more threats of legal action. September 2003.

Surely that constitutes a termination?

 

It certainly implies termination as already mentioned but it would have to be argued tbh.

 

S.

[the_shadow]

Nawty girl Cymru

 

You know you can never be too careful when there are OCs and DCAs involved

 

The wise sage Banker_Rhymes_With :D counselle d me to always read my letter as if a judge was looking at it impartially.

 

S.