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Loan arrears - secured


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Hi all

 

Im going to baffle a few of you now with the following issue I currently have.

 

Basically, me and my wife got into arrears with a secured loan back in July 2008.

 

Total amount was just over £1,000

 

We where contacted by Wragg and Co saying that Citi Financial wanted to put a suspended possession order on our house even though Wragg had agreed with us to pay an extra £50 a month off to clear the arrears.

 

This was in October last year!

 

So, we have been paying back our regular loan amount as well as £50 a month as agreed.

 

TODAY we received the letters from court stating the date and time of the hearing (in Feb).

 

As it stands, Im now able to pay off the full amount of the arrears so when I phone Wragg to ask for a final figure, they informed me it was just over £1,200!!

 

The court papers and MY records show we only owe £889.

 

So my wife phoned CITI and this is where the fun begins.

 

They told her that we HAD NO ARREARS on our account?

 

After being on hold for 10 minutes until they got to the bottom of the issue, they came back and said they can find no arrears but can they phone us back later. My wife told them in no uncertain words they are running a micky mouse operation and that the information we require should be easily accessable! After all, it only took us both 5 minutes to work out what we think we should now be owing by looking online at our bank account!!

 

So, we then phoned Wragg to tell them what CITI had said and they left us on hold until they themselves phoned CITI.

 

Wragg came back another 10 mins or so saying we no longer had any arrears!

 

My wife said put that in writing and I hope this is the end of the threatened court case - in which Wragg agreed to do.

 

Wragg then went on to inform us that CITI have put an EXTENSION on? My wife asked what did that mean and the lady said they had added the arrears onto the final loan figure?

 

Now, surely both me and my wife should have been informed of this `agreement` because this is news to us! And CITI apparently did this in November of last year - so basically we where £100 out of pocket by paying two installments of £50 a month!

 

Im sure CITI havent followed some sort of procedure? One minute they want a possession order, then they add the arrears to the final amount outstanding, they never informed Wragg of their intentions and thats why Wragg had just followed protocal etc etc etc!

 

Any help people on this?

 

As it stands, we are now back to paying our regular monthly payments and no court case to look forwards too but Im damn sure CITI have acted illegally somewhere!

 

Oh forgot to add, we didnt go down the SAR and all of the other `prove it` routes etc as we just thought it quicker to offer a repayment plan etc. yeh, stupid we know! lol

Edited by ChrisD36
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Hi, sorry I can't help, but have you checked with the court that the case is no going ahead? Just in case ..........

 

 

Hiya,

 

As this has all just `kicked off` this morning (so to speak), I spoke with the courts AFTER we had spoken to both CITI and Wragg.

 

The lady at the court said until WE had it in writing from Wragg that the case is to be dropped we should attend as normal in February.

 

Wragg have said they will close the case and put it in writing so its a waiting game now.

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Another thing; as CITI have effectively changed the original loan agreement (by adding our arrears to the outstanding figure) should we have signed a NEW agreement or at least signed SOMETHING!

 

It just all seems so back handed!

 

Can loan companies ADD arrears onto your outstanding amount without your say so?

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Just a thought, but have you checked your CF just in case one of them has placed a default on your file.

If I have been helpful please tickle my scales or better still contribute to CAG.

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Just a thought, but have you checked your CF just in case one of them has placed a default on your file.

 

 

Not as yet but something we are now going to do! Thanks for the advice.. It all helps!

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Just tht i'd ask, cos some sneaky bu**er put one on mine, until i got it taken off.

If I have been helpful please tickle my scales or better still contribute to CAG.

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