Follicly Challenged

[Clinging_2da_wreckage]

Hi Caggers,

 

I have being paying token payments on a Bank Loan for a couple of years now, but have now received a default giving me 28 days to settle up or phone to agree a mutually acceptable repayment plan. The time period is nearly up and I am not sure what to do.

 

The loan is for an amount between £10k-£20k and less than three years old.

 

There is no way I can pay this off but I could maybe afford a small increase in the monthly payment.

 

 

Is it better to let the bank pass the account to a DCA or to try and contact the bank, with a letter?

 

Any help or advice would be much appreciated because what's left of my hair is turning snow white.

[harrassed senior]

If the bank have served a default notice, then as you are aware you have a date by which to clear the default amount. It is my opinion that you may well try and get some agreement from the bank, in the end they will most probably pass this on to a DCA anyway.

 

Have you CCA'd the bank to be sure they have the relevant paperwork to enforce this loan?

[Clinging_2da_wreckage]

If the bank have served a default notice, then as you are aware you have a date by which to clear the default amount. It is my opinion that you may well try and get some agreement from the bank, in the end they will most probably pass this on to a DCA anyway.

 

Have you CCA'd the bank to be sure they have the relevant paperwork to enforce this loan?

 

Hi H_Senior

 

Thanks for the quick reply.

 

I assumed that, as this is a very recent loan, that the bank would have all the bases covered regarding the CCA route. Do you think its still worth a try then?

[Rocky Roadster]

Hi Clinging_2da_wreckage,

Harrassed senior offers some good advice. I am just a novice trying to cope with my own issues but I would like to float some thoughts for others to reply to.

 

You asked is it worth sending a CCA request as it is a recent account. From my experience so far I would say there is a chance that the bank have got it wrong, but if you check the DF for legality and wait for them to terminate your account, this can be to your advantage.

Also they often sell debts on as harrassed senior says, and depending who buys it, the DCAS buy it for a fraction of the alleged debt and are worse at supplying CCAs and often just pass it on when they get a CCA request, presumably for a lower price, so the incentive for them reduces. Each debt I have had passed on from DCA to DCA seems to get easier to dispute. They don't pass on the fact that it is in dispute when they sell it.

My personal circumstances mean that I cannot make arrangements and I do not have assets to lose,and so I am standing my ground. Your circumstances will be different and you need to decide a personal strategy.

Hope this is of use.

Good luck and hang onto your follicles,

RR

[Clinging_2da_wreckage]

Hi Rocky Roadster,

 

Thank you for your reply.

 

I think I will offer a small increase and see what happens, at least I can say I have tried.

 

Then I will go the CCA route as you suggested.

 

Good luck with your issues and I'm off to buy some Grecian2000.