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Cooperative / Pheonix suspect fast tracking of small debt?

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I'll try to put this as briefly but succinctly as possible but I really can't see why I am in this situation given the series of events... We have just had our first child, my partner is on Statutory Maternity Pay and I get just my NI Stamp from JSA. We're applying / waiting for everything else at the moment.

 

Firstly a short background, I had setup a Coop' Current, Pathfinder savings account, and a Visa credit card some five years back. During this process they asked if I was a homeowner so I know they have known that I owned my home since then. On becoming a Student I also had offered, and took on, a Student account with £2000 overdraft which after paying off a load of escalating charges on both the Current and Savings account which I closed, all that remained was the Visa and Student Overdraft which brings me to the current situation.

 

My Student overdraft lasted all four years of my course, no complaints from bank and no payments going in and it stood at £1700 on graduation. Then it was converted to a Current account and interest started to be applied; It was supposed to be interest free for one year after graduation. I rang them and asked what had happened and they said the course was 3 years, mine was 4 years, and that I would send them proof in the form of my support letters from LEA, which they told me would sort the matter out.

 

Upon leaving University I have been unemployed since.. Architecture nice timing eh:rolleyes:

 

My next letter was to tell me that my "request" for an interest free overdraft had been rejected due to point 1) of the terms and conditions "the debtor will make regular payments into account... or similar" and further that since it had been taken over the limit by £20 odd, I was in breach, the overdraft had been removed making the amount in full payable immediately. I quickly brought the amount back under by covering the interest payments monthly (five or so now times I beleive) but negotiations were non-existent even offering me seven year long consolodation loans fully knowing I was unemployed and unwilling to put these proposals to me in writing:eek: Every time the amount in full had to be paid, no installments nothing...

 

So having been paying (£21 interest plus £9) £30 a month it is now in the hands of a Coop subsiduary "Pheonix Credit Services Limited". I received the letter asking for my Statement of Affairs, or at least there equivalent and I thought 'well fine, now finally I have the opportunity to proove we couldn't really afford the payments we were making..

 

Going through all the calculations with Pheonix, I soon proved we had no money beyound our level to subsist, yet the fact i was a home owner soon elevated the tone to "we might apply for a charging order":mad:

 

Now I know they have to get a CCJ first but we have been paying them money and they still want it all, I am going to make an offer (which we can't afford but hey) just to try and avoid litigation but I strongly feel that this is going to be ignored just as the payments we have made...

 

My greatest fear at the moment is that this is the future when the law becomes fully implemented over charging orders for creditors to see it, and in my case it feels exactly like, a corridoor to run down as quickly as possible, to get CCj, get charging order, get sell order, no leaneance at all given:eek:

 

My only hope is that the County Courts will still look unfavourably on people who have given a SOA and a formal offer of what they can truly, honestly, afford to repay and follow the correct letters etc; but I really feel that the new threat is if you're a homeowner your up for grabs for a new fast track aggressive approach to even the smallest of debts, which previously, you would never have beleived you could lose the roof over your head over, less were informed of that possibility.

 

The complete lack so far by the coop to consider our circumstances leads me to suspect there subsiduary Ltd company Pheonix is just a guise to dodge potential PR damage and express train small debts toward secured debts plus nice expensive fees(if awarded)...

 

The only hope is that the County Courts will begrudge them this track, but would you or your families risk it? Suddenly a potential CCJ has anew big unfair sting in it's potential tail! So what is left for us just to cough up or put our family homes at risk?

 

Dangerous times ahead.... Oh I got a petition to sign so should you all too:cool:

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siteteam please to delete above post thanks


If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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oh where did that go how strange


If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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Sorry I don't see why you are protesting over my post.

 

This is how I see it, I'm just a Joe Public and not a professional so this is simply my opinion (DISCLAIMER) :~(

 

The "rules" or civil law is about to change and I cannot see why this doesn't have relevance.

 

Creditors could always just go for a CCJ, fine before now, for someone like my partner and I it would in fact be beneficial in a way, allowing me to get a proper re-payment judgement proportionate to our genuine circumstance at the time of judgement.

 

Point in case is that if we had been paying more than we could afford and the return line was "more more" or "all now now" we felt somewhat confident that a County Court Judge would see that the debt had been pushed into such litigation even when a true 'Statement of Affairs' and an offer of a temporary 'Debt Management Plan' had been properly made, debtors' fees would be less likely to be awarded and, thus, be a negative return route for debtors taking such action on those who's circumstances (temporarily) should not warrant such actions.

 

Now, however, if you are a home owner there will, soon, be a route by which a debt as low as £1000 could mean a CCJ will also have the added threat of your debtor/s being able to apply for a charging order and/or a sell order (they would need a forthwith judgement or you to default on a repayment judgement I hope and suppose?) on even the UK average house price, say 140K even conservatively? .

 

THIS IS HIGHLY DISPROPORTIONATE

 

For example here am I with a combined unsecured personal debt of less than £4000 now really, truly, worried that if we don't find a way to pay up as quickly as possible this could escalate to a charging order (not that I beleive they would have a chance of getting a 'forthwith' judgement but still, just one default on any CCJ repayment could, technically, lead to me either A) having an unpayable debt locked into the value of my property (converted to a secured debt) and accumulating 8% p/a as long as I choose to stay in my property; or B) an application by the creditor for a sell order forcing myself, my partner, my 5 week old son out of the roof over our heads seeing being sold at auction for alot less than it's already delapidated price!

 

So this thread is of relevance as the social impact and financial impacts are considerable to say the very least.

 

We are lucky, we may be able to do a 0% credit card shuffle for the next 3 years... but this change in already passed legislation, when enacted, will put many peoples unsecured debts at risk of suddenly being secured and held against the rooves over families heads!

 

Act now sign the petition!!

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Not protesting over your post at all those commeents i put above are not related to your post.

 

When i was in here reading your very interesting post on the 24th july someone had posted an advertisement here hence the:

 

siteteam please to delete above post thanks

 

Now I reported this event to siteteam and when i came back the advertisement post had gone Hence the:

 

oh where did that go how strange

 

Sorry to confuse you, but i hope this explains

 

Regards

 

PF


If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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Not protesting over your post at all those commeents i put above are not related to your post.

 

When i was in here reading your very interesting post on the 24th july someone had posted an advertisement here hence the:

 

 

 

Now I reported this event to siteteam and when i came back the advertisement post had gone Hence the:

 

 

 

Sorry to confuse you, but i hope this explains

 

Regards

 

PF

 

NP sorted :cool:

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