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help with default on loan and no credit agreement


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Hi, I'm not sure what to do next but I have arrears on an oustanding loan and the bank have issued me with notice of intention to file a default. I have a letter from the bank (to a claims company) in which it states, they are "unable to find the loan agreement".

 

I requested a SAR and have received the documentation and there was no loan agreement included. I also complained to the bank and questioned their lending procedures, this was also missing.

 

Could anyone advise what I should do next, I have until the 10 May to pay the arrears?

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No agreement game over :D

 

Keep the written confirmation that they have no agreement. The ball is in your court now, you can either tell them to foxtrot oscar, offer a low F & F or arrange a payment schedule to suit your pocket...

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POSSIBLE Letter when a questionable agreement/application is sent.

A possible letter sent when an 'agreement/application' is received and is questionable..

 

Address

 

Date

 

Dear sir/madam

 

Thank you for your response to my request under the Consumer Credit Act section 78.

In your response you confirm this as a true copy of the original agreement executed by yourselves on the XXXXX.

 

As you must realise this agreement does not conform to sections 60(1) and 61(1) of the Consumer Credit Act 1974 and would therefore only be enforceable by a court under s65. However, the absence of any (prescribed terms / signature) means that a court would be prevented from enforcing it under s127(3).

 

I am granting to you a further 21 days to produce a copy of an executable agreement. After that I will consider that the above account is closed and that you will no longer pursue the alleged debt.

 

After this period you should close the file and cease processing an personal data relating to me on this matter.

 

Yours faithfully

 

Amend to say that as you have written proof that no agreement exists and as said by BB game over.

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No agreement game over :D

Keep the written confirmation that they have no agreement. The ball is in your court now, you can either tell them to foxtrot oscar, offer a low F & F or arrange a payment schedule to suit your pocket...

 

Agreed, Game Over!

 

No further correspondence need be entered into, you have the evidence that they don't have the agreement, therefore, they can't take any 'Legal' action against you to recover the money, and as BB says, if your feeling generous, you could offer them a very low F&F payment, 1 0r 2%, if they don't accept, then they get a big fat 0%!

 

Check your credit file, and if there is anything on there reference this, tell them to remove it, or it will be them paying you for damages..

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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thank you all so much for responding and special thanks to harrassed senior for the letter.

 

What a relief, I paid a firm money to investigate the loan and for the past year they have been in receipt of the letter stating the bank had no agreement but did not take any further action, whilst I continued to make payments totalling nearky £6k. I wish I'd found this site earlier!

 

I am going to write and post the letter today and post an update when I receive a response.

 

Cheers

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I would be going back to the 'firm' you paid money too, and requesting it all back!

Small claims court if needs be!

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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  • 4 weeks later...

I received a reply from regulatory risk stating that they could not help me and I needed to contact the branch that issued the loan. I sent the letter to the branch, the collection centre and regulatory risk.

 

I have received another letter on the 25 May stating that I have ignored their correspondence and requesting payment of the full amount by 3 June 2010 or they will take legal action.

 

Can they take further action, after sending the letter disputing the account? Or will they try and sell the debt on to a DCA? Again, can they do this?

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You already have a letter stating they have 'no Agreement' so this would be your complete Defence should they take it to Court, however, they know that and are just trying to squeeze a last payment from you before, as you say they sell it on.

 

If they do, just send them the Account in Dispute with OC/previous Dca.

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Have you received any statements showing the payments you have made during the last year. How much have the cretins at regulatory risk been taking for themselves under false pretences

I have no legal training, any knowledge I have has come from this forum, and my own experiences. Always balance up any advice you get with your own common sense.

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Not bank statements but a statement showing how much has been paid off the debt and how much of your 5k has gone into their pockets

I have no legal training, any knowledge I have has come from this forum, and my own experiences. Always balance up any advice you get with your own common sense.

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I will ask for a current statement of the account and arrange a meeting with a solicitor after re-checking all my documents from the bank.

 

I am annoyed with myself as I did not realise that the bank have ommitted loan statements from 2008 to date, obtained from the SAR. This is more than likely coincidental but in 2008 I contacted the bank and raised concerns on the affordability of the loan and issues relating to the lending procedure at the time and asked them to investigate my concerns.

 

I know now, I was as good as fobbed off!

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  • 2 weeks later...

UPDATE: Since sending the account in dispute letter, I have received further requests for payment so I followed this with a section 10 request, sent to 3 different departments, risk, collections and my local branch for clarity.

 

I have now received a letter a letter from my branch, informing me they are delaing with my complaint. The letter also states they have been unsucessful in obtaining the documentation of a RBS bank loan.The page long letter makes no mention of my request to cease procesing my data and asks that I telephone the collection centre and inform the branch if I still remain dissatisfied. Mind boggling! :(

 

I kept all my agreements from the bank but I too have no agreement for this loan, I don't think I ever did!

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  • 2 weeks later...

Compliants lodged and awaiting feedback.

 

In the meantime, the account has been passed on to a DCA, and the collections department are denying receiving the account in dispute letter and the section 10 letter. My branch and risk have acknowledged receipt of their letters though. My branch have offered to pass on the letters to the collection department if I re-send them. How kind!

 

They are blatantly giving me the run around but surely the bank must know they cannot enforce the debt without the agreement?

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Welcome to the next six years :( although they do chill out after the first 6 - 10 months.

 

So the fun is only just beginning! I expected the bank would try alternative methods but 6 years worth. I'm presuming that from now they will put the pressure on and I will be contacted by various DCA's? I hope you finally get p&Q from it all very soon.

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