Financial statement

[SusieQ33]

I am currently paying off a loan to DLC with reduced payments. Every 6 monthes they phone me up and try to get more money off me. I refused to give then any details when they last phoned last week and have now received a financial statment request from them to list income and outgoings so that they can review my payments. Am I legally obliged to give them this information.? I have always made the payments on time and am not in arrears.

Many thanks

[cerberusalert]

No you are not legally obliged to give them that information.

[SusieQ33]

Hi there

Thanks for that. What should I put in my letter of reply to them? Help needed!!!!!

SusieQ:)

[cerberusalert]

Just ignore it for now and continue your normal payment.

 

What type of debt is it, credit card, loan, overdraft?

[SusieQ33]

Hi there

It is for an Egg credit card with £1300 owing on it

Thanks

Susan

[cerberusalert]

Have you sent a CCA request http://www.consumerforums.com/resources/templates-library/86-debt-collectors/581-cca-request-letter to see if the agreement is in fact enforceable?

[SusieQ33]

I have done that and I received a copy of the signed agreement and the statements of account. I am also going down the same road with Barclays via CDCS who have passed the debt onto CSL. I have received an unsigned agreement from CSL and have written back to say this is unacceptable.I have stopped payments on that account......What fun!!!!!!

[cerberusalert]

If you start a new thread for each one & post them up after removing personal details we could have a look for you. You never know they may not be enforceable.

[SusieQ33]

Thank you. I would appreciate you looking at them. What exactly do you want me to do? I am new to posting things

[SusieQ33]

egg card 1.doc

egg card 2.doc

Edited October 20, 2009 by cerberusalert

[cerberusalert]

I've unapproved the attachments because they contain personal information. I've edited it for you and uploaded them as image files.

[SusieQ33]

Thank you

Can you tell me if that agreement is enforcable?

[cerberusalert]

I'm not up on Egg agreements so I'll move the thread to the Egg forum.

[cerberusalert]

Thread moved

[SusieQ33]

Hi there

I have just received a Notice of debt recovery from DLC in response to my letter to them saying that their Egg card agreement was unenforceable due to the words 'approved limit' in the terms and conditions. I am not in arrears with the monthly payments and have continued to make the required payments. Can they send in the debt collecters simply because I refused to up my monthy payments and did not send a financial statement? Any suggestions as to what to say in my reply. I have been asked to phone them but guess what!!! I am not going to.

Thanks for any help

Edited January 11, 2010 by SusieQ33
spelling mistake

[Mistermind]

Hi there

I have just received a Notice of debt recovery from DLC in response to my letter to them saying that their Egg card agreement was unenforceable due to the words 'approved limit' in the terms and conditions. I am not in arrears with the monthly payments and have continued to make the required payments. Can they send in the debt collecters simply because I refused to up my monthy payments and did not send a financial statement? Any suggestions as to what to say in my reply. I have been asked to phone them but guess what!!! I am not going to.

Thanks for any help

Your letter

 

(1) Your monthly 5% payment is up to date

(2) You refused to pay increase monthly instalment (to what %)?

(3) You refused to send an income and expenditure statement

(4) You alleged your debt to be legally unenforceable

 

(2) Best to check the fine print of your agreement re an option for Egg to increase monthly minimum payment the way they are authorised to increase monthly debit interest rate. If you never agree to such an option, then Egg can whistle for it.

 

(3) If you have not defaulted and have not given notice of intention to default on payments, your I&E is not their business. Might as well ask their MD to send you his I&E.

 

(4) This is the grey area. When you volunteered your opinion that you regarded your debt as unenforceable, were you saying you would continue paying, or not continue paying? Did you say nothing at all on that score?

 

It would require a Test Case to clarify whether an (implicit?) intention to default in future, declare in black and white is sufficient to justify Egg initiating debt collection activities. Your precise wording will be relevant if this is going to court and the judge reaches for a decision in a grey area.

 

A creditor takes a debtor to court, and the judge will rule if the agreement as legally enforceable or otherwise. Until then all is a matter of opinion. The last three Test Case verdicts surprised many.

[SusieQ33]

Hi there

Thanks for that. Originally they asked for an I and E form from me which I did and agreed payment, then every 6 months they would phone me up to get an increase in payment. The last time they did this I refused to speak to them and they put the request in writing which is when I wrote back and said as my circumstances had not changed I was going to continue with my current payments. I am paying £17.00 p month on the debt of £1300. I have not defaulted on the payments and they are up to date. I said nothing about continuing or not continuing to pay when I told them I thought that the agreement was unenforceable. I received another computer call from them today asking me to call them dispite having written and asked for all communication to be in writing. Presumably this is in response to my lettter sent the other day saying that as I was not in arrears and continuing to make payments I did not see why they had served a Notice of Debt Recovery on me!!!!!

 

I will wait and see what happens next

 

Susan

Edited January 13, 2010 by SusieQ33
missed a bit

[Mistermind]

Hi there

Thanks for that. Originally they asked for an I and E form from me which I did and agreed payment, then every 6 months they would phone me up to get an increase in payment. The last time they did this I refused to speak to them and they put the request in writing which is when I wrote back and said as my circumstances had not changed I was going to continue with my current payments. I am paying £17.00 p month on the debt of £1300. I have not defaulted on the payments and they are up to date. I said nothing about continuing or not continuing to pay when I told them I thought that the agreement was unenforceable. I received another computer call from them today asking me to call them dispite having written and asked for all communication to be in writing. Presumably this is in response to my lettter sent the other day saying that as I was not in arrears and continuing to make payments I did not see why they had served a Notice of Debt Recovery on me!!!!!

 

I will wait and see what happens next

 

Susan

 

In this war of nerves both sides are hard-up, we don't know how hard-up Egg is but they evidently need every penny they can get, so they will push for as much as possible as often as possible. Repeated requests for I&E are a nuisance, as all means tests are. Suggest you reply to the next request with

 

"Regret I have not yet won the lottery so cannot increase payment. Will inform you soonest as soon as I do. "

 

As far as I know "they had served a Notice of Debt Recovery on me" is not a document recognised by law or by the regulator, and triggers no consequences. They made up the name then dignified it with Capital Letters. You could also serve them with a "You Are Seeking Blood From a Stone Notice".

 

If Egg's agreement to accept negotiated monthly payments is in writing I suggest you stand on that and remind them of same with a copy, together with the undisputable evidence that you honoured your side, now let them honour theirs. If Egg's letter said they accepted it subject to a review every six months, then that would weaken your case to be left alone.

 

I doubt if opening a fresh argument overe enforceability will soften Egg's position. More likely your case will be escalated, transfered from a softline manager to a hardline manager. If a raft of Test Case verdicts due over the next few weeks were to come down strongly in favour of cardholders on unenforceability, then that would be the time to broach that subject.

 

Best of luck!

[SusieQ33]

Hi all

Latest in the ongoing battle with DLC!!!

I wrote to them offering a final settlement figure of £236 on my outstanding debt of £1300. I also mentioned that as a debt recovery firm they would have bought the debt at a fraction of the balance owing.

They wrote back and said they were working for Egg and had not bought the debt!! and would only accept £980 in settlement or an increased monthly payment of £96.50. I am just about to write to tell them what to do with it!!!

I think my next course of action should be to stop my £17.00 a month payment and let them take me to court where I can challenge the enforceability of the original agreement as it has the words ''approved limit'' in the prescribed terms.

What do others think?

Regards

Susan

[Mistermind]

You want F&F settlement at 18%, they want 75%. Settlement well in excess of 50% would normally be a DCA's bargaining position, unless they have reason to believe you are about to go bankrupt or leave for the Irish Republic.

 

As for daring them to go to court, that decisive move would be unlikely until the smoke clears imminently in the Enforceability Test Cases in Manchester. If these verdicts were to come out in favour of creditors, they are likely to rush to court roaring gung-ho.

 

If or in that eventuality the emboldened creditors will be even less likely to settle for a low figure whether for F&F or monthly payment. Why would they when they can be assured of obtaining CCJ, and a court ruling assessed on obligatory I&E details, plus attachment of earnings and charge order on those who own a house? The Test Cases could of course come out the other way. Your call, but good luck.