Lloyds TSB CC arrears

[pin1onu]

Hi,

 

I'm not new to the forums but I could really use some advice. (mods - please feel free to move to a more appropriate forum)

 

Currently owe 15000 on a LTSB platinum credit card. Wife got made redundant and we're in the muck. The card was upgraded to a platinum card around 9 years ago.

 

Following a debacle last year where LTSB took two direct debit payments in the same month I cancelled the DD and was making payment via internet banking.

 

Owing to wife's redundancy I've now missed 3 payments and the wolves are circling. I've just downloaded letter A from the DCA letters to stave them off while I obtain advice.

I want to examine the "proper execution" element of the CCA. I've read a couple of threads one advocating using rights under the Credit Act 1974 and the other suggesting using a SAR to obtain a signed copy of the agreement from them. Which is the best method?

 

BTW LTSB registered address is in London but CC's seem to be administered in Brighton. Which would be the best to use. My thinking is use the registered address. Does anyone have thoughts on the subject?

 

I'd be really grateful for any advice.

[jdes26]

there both good methods cca 12 days + 2 and if no agreement you can put the account in dispute

ok do you have ppi on c/c

do you have c/c charges

all this is reclaimable

sar is 40 days so u mite not have that long before default notice/termination

[victoria_siempre]

Hi

 

I'm not an expert but am currently in a similar process.

 

On the advice of National Debthelpline I wrote saying ..financila difficulties.. seeking advice..please hold 28 days. Then due to redundancy can't make any payments.

 

The reaction to this has varied greatly; some have issued a DN, most have not.

 

I have followed up with CCA.

 

Much of this is tactical and tactics change with recent court decisions. My own view is to take it slowly. A debt that genuinely cannot be repaid is less valuable. Two OCs have told me (quite friendly employees) that the debt will just be sold on if I don't meet min repayments of £5 per month or £1 month. I think they will all sell them on anyway after a time.

 

I can't afford to pay anything and I just keep repeating this. I am saving SAR for later in the process whent he debt is passed on; but this is just my tactical view.

 

Hope this helps

 

vic

[pin1onu]

There was PPI which wasn't worth a pinch of s**t when I was unable to find a contract and spent 1 yr out of work. We tried to claim and found as I was a company director (1 man outfit for contract) that they wouldn't pay out. This despite 3 times in the meeting when I signed up asking if they would payout to a company director and being assured I would. This is about 9 years ago so I think it is probably statutue barred to seek re-dress.

 

There have been charges which I will endeavour to work out but I may need to SAR them for that.

[pin1onu]

Well some interesting developments yesterday and today.

 

Received a response to my S78 request yesterday.

 

My scanner has gone pete so I'll type up their response.

 

Dear Mr Pin1onU

 

I write in repsonse to your request for a copy of your consumer credit agreement under section 78 of the Consumer Credit Act 1974 (CCA)

 

I have enclosed with this letter a copy of the re-constituted version of your executed agreement and a signed statement of your account. by providing you with the documents attached to this letter, we have satisfied our obligation to provide a copy of the executed agreement under section 78. There is no requirement under the CCA to provide you with a copy of the original signed agreement. We are endeavouring to locate a copy of your signed agreement but please be assured we would not have opened a credit card account without having a sight of a signed agreement. For the avoidance of any doubt, we have set out in the appendix to this letter your rights under section 78.

 

Having satisfied our obligation under section 78, the agreement you have with us is fully enforceable and we shall continue to treat it as such. We will not be entering into any further correspondence with you regarding the provision of copy agreements.

.......

 

They go on to warn about using the services of a claims management company

 

They finish off with a statement of account.

 

I'll endeavour to get everything to scanned and uploaded, but in the meantime I would welcome any advice on what I do next.

 

I also received a call from Lifestyle Claims today asking if I was interested in them representing me. They were asking for £200 + VAT. Does anyone have any experience of them?

Edited September 28, 2010 by pin1onu

[MandM]

This is about 9 years ago so I think it is probably statutue barred to seek re-dress.

 

 

Don't think it is. I think it's 6 yrs from when you discover that there's a problem (unless you're saying you stopped paying 9 yrs ago. Have you ever complained about the PPI before?

 

SAR would be a good move if you're going to manipulate yourself into a position to defend based on charges and/or PPI.

 

M