loans question

[jarviscocker]

Sorry if this is the wrong area to post this query. I have heard that if my loan provider cannot produce an original signed copy of the loan agreement I can have it written off, is there any truth to this? Thanks.

[Conniff]

Not written off, the debt will always be there and they can continue to chase you for it, but they cannot enforce it until such time as the agreement turns up and then it will all start again.

 

Of course, if there is no admission (or payment) by you that your owe anything for six years, then it becomes statute barred and cannot be enforced even if the agreement should come to light.

[jarviscocker]

Thanks connif. If the loan still exists and I refuse to pay it c/o no loan agreement, would this not affect my credit record?

[Conniff]

If there is no loan agreement, there will be no permission given for them to pass on your details to others, something required under the data protection act, unless you signed something seperate to give them permission.

 

They will send a default notice and try to frighten you with court threats etc; but you can demand that any notices issued to cra's are removed.

They probably won't and then you start the long process of threatening them if they don't remove them.

 

If they don't have an agreement, they cannot take any enforcement action which includes defaulting you or legally demand any payments once the 12+2 days to send you the copy has expired.

Edited July 31, 2009 by Conniff

[jarviscocker]

great, thanks.