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Creditors won't accept offer of token payments - what next?

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Bit of advice please.

 

One loan with Co-op (£8K) and a loan (£10K) and overdraft (£1K) with HSBC, all after 2007 so enforceable unfortunately.

 

I've been making token payments of £2 to both for the last two months, in the form of postal orders with a cover letter stating that this is all I can afford, and also asking to freeze interest/charges.

 

Both have now replied to say they won't accept the offer, yet the payments are showing as credited on the accounts. I have read somewhere that by not sending payments back they are deemed to have accepted my offer - is this correct?

 

What would my next step be? Just keep sending the same letter every month, and enclose the postal order, or is there something better? I saw a letter/template on here a while ago (didn't keep it, head was not screwed on) that had a phrase along the lines of 'I am disappointed at your refusal to accept my offer of payment', or similar. If someone could link me to this, it would be much appreciated. The last letter from Co-op actually sounds more serious, threatening legal action etc., so I'd like to 'up my game' as well so to speak.

 

 

Many thanks in advance for any assistance.

 

poundhound

 

 

P.S. Slightly scary - whilst I was writing this message, there was a knock on the door, and it was actually someone from Co-op! :eek: He started by saying they've been trying to contact me, which was as far as he got. I cut him off and told him I won't discuss anything in person or on the phone, only in writing, and shut the door. Wasn't prepared for this I have to say - even more reason for a good letter now!

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Bit of advice please.

 

One loan with Co-op (£8K) and a loan (£10K) and overdraft (£1K) with HSBC, all after 2007 so enforceable unfortunately.

 

I've been making token payments of £2 to both for the last two months, in the form of postal orders with a cover letter stating that this is all I can afford, and also asking to freeze interest/charges.

 

Both have now replied to say they won't accept the offer, yet the payments are showing as credited on the accounts. I have read somewhere that by not sending payments back they are deemed to have accepted my offer - is this correct?

 

What would my next step be? Just keep sending the same letter every month, and enclose the postal order, or is there something better? I saw a letter/template on here a while ago (didn't keep it, head was not screwed on) that had a phrase along the lines of 'I am disappointed at your refusal to accept my offer of payment', or similar. If someone could link me to this, it would be much appreciated. The last letter from Co-op actually sounds more serious, threatening legal action etc., so I'd like to 'up my game' as well so to speak.

 

 

Many thanks in advance for any assistance.

 

poundhound

 

 

P.S. Slightly scary - whilst I was writing this message, there was a knock on the door, and it was actually someone from Co-op! :eek: He started by saying they've been trying to contact me, which was as far as he got. I cut him off and told him I won't discuss anything in person or on the phone, only in writing, and shut the door. Wasn't prepared for this I have to say - even more reason for a good letter now!

 

Hiya.

 

The fact that they have accepted your cheques doesnt mean that they have accepted an agreement to only accept £2 a month, after all the full amount must be a lot higher than that, have youre circumstances changes since taking out the loan ?, and if so, are the companies aware of this.

 

In my expereience i wrote to the loan companies, but they would accept any reduced payments untill I had been in contact with Payplan and sorted out an I & E sheet, it was only then that the companies accepted a montly token payment and froze charges & interest.

 

So your steps are:-

 

1) Inform them of any change in circumstances.

 

2) Prepare an I & E sheet (perhaps phone Payplan for advice, I found them helful)

 

3) I'm assuming you havnt CCA'd them yet ?. If not send them a CCA request.

 

Andy

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Thanks for the reply Andy.

 

I've been out of work for some time now, and have told both creditors. I've even sent Co-op an I&E sheet (even though they have no right to that info), showing that there is Zero surplus. Had contacted CCCS a while back, who told me they cannot act on my behalf as there is insufficient surplus income to set up arrangements with creditors, so I thought I was all on my own. Presumably Payplan have the same policy?

 

No point doing a CCA request - both loan agreements are from after 2007, so both are valid and enforceable.

 

ph

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Hi poundhound ,the link that you are probably looking for is below.

http:http://www.consumeractiongroup.co.uk/forum/generel-debt-issues/20758-creditors-dcas-letter-templates.html

  • Haha 1

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That's the one blueda, many thanks.

Yuor welcome poundhound, let us know how you get on.:)

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Thanks for the reply Andy.

 

I've been out of work for some time now, and have told both creditors. I've even sent Co-op an I&E sheet (even though they have no right to that info), showing that there is Zero surplus. Had contacted CCCS a while back, who told me they cannot act on my behalf as there is insufficient surplus income to set up arrangements with creditors, so I thought I was all on my own. Presumably Payplan have the same policy?

 

No point doing a CCA request - both loan agreements are from after 2007, so both are valid and enforceable.

 

ph

 

I had help from PP when i was employed, I dont think my earnings mattered as they didnt arrange a plan for me or anything, all i had to show the loan companies was that id contacted them and Id filled in a I & E sheet. They all (egg, Barclay and cap1) accepted £10 a month, this was reduced to £1 when I was actually made redundant.

 

It would appear there is not a lot more you can do if they refuse your lower amounts, if they were to chase you to court and get a CCJ and attachment of earnings it would still only end up getting a few quid each month.

 

Andy

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