Do DCAs have the right to add interest and charges?

[FSpencer]

I've got a loan from 2003 which was sold to a DCA back in 2005. Interest was frozen and I've been paying off a bit each month since then. I've not heard anything from them for over three years now, but the cheques I send are always cashed promptly.

 

Recently another creditor (the original bank - they didn't sell the loan to a DCA) has been demanding a higher monthly payment and is increasing interest. I'm concerned the DCA may decide to do the same. I could handle them asking for a higher payment, but couldn't cope with any interest being added.

 

Any thoughts?

[PGH7447]

This is a grey area, but what I would do now in your case is submit a cca request for the agreement, they want to play silly buggers then make them work for it.

 

the cca can be found in the templates section

 

it costs £1 postal order only, send recorded to the dca and do not sign.

 

they then have 12+2days to supply an enforceable agreement

 

did this loan have ppi if yes then claim it back

 

in the meantime ignore any threats etc

[FSpencer]

I wouldn't say they're playing silly buggers (last I heard from them was a letter three years ago offering a 25% reduction for a final settlement, but I had no cash then to pay this), but I'm worried about them starting to to pester me one day again.

 

If I ask them for this cca thing after years of no communication, is there not a risk it could 'wake them up' and they start hassling me for more money?

 

I've seen adverts from companies offering to clear your debts by asking for the cca and proving it's unenforceable. This looks a bit dodgy to me. Are these companies trustworthy?

[lickthewallfatboy]

no,they are not

[cerberusalert]

I've seen adverts from companies offering to clear your debts by asking for the cca and proving it's unenforceable. This looks a bit dodgy to me. Are these companies trustworthy?

There is nothing that these companies can do that you can't yourself.... at a lot less cost.

 

As PGH7447 has advised send a CCA request which will cost the princely sum of £1 + recorded delivery. When you receive it back scan it and post it up after removing identifying details & we'll advise you from there.

[dx100uk]

something smells here

 

if the dca are offered 25% discount thats usually a sign of they have no agreement.

 

you need to get the CCa done & p'haps an sar too

i wonder if those payments HAVE actually gotten off your balance.

 

as CB says its a bit grey this charges and int by dca's

my take on it is if they OWN the debt, then yes they can but inline with what is contained it the original agreement.

if they do nolt OWN the debt, but are just collecting - a dca can add NOTHING themselves.

 

my take

 

dx

[FSpencer]

Very interesting,

 

So if I do this CCA thing, and they can't produce the agreement, then I should stop paying them until they do produce it? Could this go on indefinitely? I don't really like the idea of having this spectre of a debt haunting me, are they likely to agree a full and final settlement of say 20% of the outstanding?

 

If they can produce it, I should just keep paying as I am? Is there a danger they'd get 'tougher' with me?

 

One thing I did a month ago was check my credit files with all three companies (equifax, experian, and callcredit), and I found that curiously this particular debt is not mentioned in any of the files.

Can the debt management company still apply defaults to my file, if the debt isn't even listed on there?

 

Can they check my file?

[dx100uk]

Very interesting,

 

So if I do this CCA thing, and they can't produce the agreement, then I should stop paying them until they do produce it?

yes

Could this go on indefinitely?

yes

I don't really like the idea of having this spectre of a debt haunting me, are they likely to agree a full and final settlement of say 20% of the outstanding?

 

yes

 

If they can produce it, I should just keep paying as I am? Is there a danger they'd get 'tougher' with me?

 

no

 

One thing I did a month ago was check my credit files with all three companies (equifax, experian, and callcredit), and I found that curiously this particular debt is not mentioned in any of the files.

Can the debt management company still apply defaults to my file, if the debt isn't even listed on there?

 

no not after this time.

 

 

 

Can they check my file?

 

yes

 

 

 

i'm also concerned that your payments might have not been getting to the A/C.

 

i'd do an SAR to the OC

 

 

dx

[FSpencer]

i'm also concerned that your payments might have not been getting to the A/C.

 

i'd do an SAR to the OC

 

 

dx

 

Thanks dx, I'm doing this now, will send the CCA request separately.

 

Good to know they can't mess up my credit file anymore.

[dx100uk]

Thanks dx, I'm doing this now, will send the CCA request separately.

 

Good to know they can't mess up my credit file anymore.

 

the word here should be shouldn't

 

but i'd not trust a DCA as far as i could kick one.

 

if they do we can address it.

 

now debt management company ... i think they might be upset if you confuse them with a debt collection agency.

 

dx

[Bazooka Boo]

Have they failed to send you Statements of Account? I thought that was now a legal requirement??

 

OFT, TS, via consumer direct, would be my next port of call after the CCA:rolleyes:

[angry cat]

Old News but relevant!

 

Legal news - The Consumer Credit Act 2006 starts to bite - Wragge & Co - Law Firm

[FSpencer]

>Have they failed to send you Statements of Account? I thought that >was now a legal requirement??

 

Yes, they've not sent me anything since a balance of account and offer of 75% full and final. This was three years ago, been paying regularly each month since.

 

Am getting the CCA req. underweigh.

[Bazooka Boo]

Send it off ASAP, if they have already offered you a F&F, then they will have no paperwork at all and will pass it back to the OC...

You need to make a complaint to them, and the OFT TS via Consumer direct, for failing to provide the necessary legal requirement every year..

 

Consumer Direct

[FSpencer]

Thank you very much for the ongoing advice.

 

The DCA has not sent me a statement for three years, if I complain to the OFT about this what will it actually acheive?

 

I'll start a new thread once I get the CCA request response, am currently still reading other threads and researching the subject.

[MandM]

Subbing.

 

M