No response to offer of repayment

[angel49]

Hello

 

I have a loan that I had fallen behind with when my circumstances changed. I sent off a budget sheet along with a request for reduced repayments. This was in March, I have had no response other than further demands to bring my repayments up to date.

 

Today, I have received a further notice of another default sum of £25 added to my account.

 

I have written and reminded them that I am waiting for a response to my offer, is there anything further I can do because they are adding this £25 on each month.

 

Thank you in advance

[the_shadow]

Hello

 

I have a loan that I had fallen behind with when my circumstances changed. I sent off a budget sheet along with a request for reduced repayments. This was in March, I have had no response other than further demands to bring my repayments up to date.

 

Today, I have received a further notice of another default sum of £25 added to my account.

 

I have written and reminded them that I am waiting for a response to my offer, is there anything further I can do because they are adding this £25 on each month.

 

Thank you in advance

 

Hi angel,

 

This loan, is it for less than £25k and CCA1974 regulated, when did you take it out? If pre April 2007 have you CCA'd the lender?

 

If you can answer the above more accurate advice can be given.

 

As a first step, to get a response you could head a letter FORMAL COMPLAINT and just mention in the letter that they are not responding to a valid request for reduced repayments. But you could be better off doing a s78 request, depends on the answers to the questions above.

 

S.

[angel49]

Thank you for your reply.

 

The loan was for £3000 and taken out in 2007/2008.

[the_shadow]

Thank you for your reply.

 

The loan was for £3000 and taken out in 2007/2008.

 

Ok loans taken out that recently are more likely to be enforceable and dont benefit from pre-april 07 rules on missing prescribed terms. It still might be worth doing a s78 request though!

 

I would send the formal complaint and see what they respond with, they have to respond to this, if they dont you can go to FOS and complain about the companies conduct (although you will have to wait 8 weeks )

 

Meanwhile I would just keep paying the amount you can afford. The default sums they have added can be challanged later on down the line.

 

S.

[dx100uk]

yep

don't ASK permission for a lower payment rate.just write and TELL them they will only get £xx of xx mts.

they have no legal right to ask details of your in/out, so dont bother in the future.

 

if and a big IF it ever went to court, no judge would ever make you pay more htan you can afford, infact in many cases, he will laugh them out he door and order a lower repayment.

 

its YOUR money you control where it goes

 

dx

[angel49]

Thank you for your help.

I'll get a letter out tomorrow. Will let you know what happens, thanks again.

[andydd]

yep

don't ASK permission for a lower payment rate.just write and TELL them they will only get £xx of xx mts.

they have no legal right to ask details of your in/out, so dont bother in the future.

 

if and a big IF it ever went to court, no judge would ever make you pay more htan you can afford, infact in many cases, he will laugh them out he door and order a lower repayment.

 

its YOUR money you control where it goes

 

dx

 

True to an extent but its always better to have their agreement, without it they can just keep adding extra interest, charges, and default notices on your credit record.

 

If you have an agreement with them and you stick to it you can avoid all of the above.

 

Andy