Bos preference account - been assigned

[DebtSufferer]

Hi Debt Sufferer,

1st Credit do seem to have recently bought a whole batch of accounts from HBOS. Ironic, as in 2009 HBOS dropped them like a hot brick because 1st Credit were in trouble with the OFT for aggressive debt collection practices , eg issuing Statutory Demands willy nlly, so have been under observation.

HBOS has obviously just forgiven them, hence the sudden spending spree on accounts. They would probably pay in the region of 10% of the debt value. Immoral.

 

Elsa x

 

Hi Elsa

 

Many thanks for that info Elsa, I had read something, somewhere regarding this but couldn't find it again.

 

Do you know if 1st Credit are still under observation ?.

 

10% is such a pittance considering the amounts they have bought, am I correct in thinking that they then can collect full outstanding amounts.....if so thats some profit margin.

 

We are waiting for a response to letter we sent last week, will keep you all updated as soon as we get a response.

 

DS.

[Undercover-Elsa]

Hi DS,

Yes they do chase the full balance. There is something so fundamentally wrong about this system!

 

I believe the sanctions ended after August 2010, but obviously it's going to be a raw nerve and all the more reason for anyone having a problem with them to complain to the OFT. This is really important as they need to be made aware if 1st credit are continuing their wicked ways.

 

Here's the link for the OFT press release:

http://www.oft.gov.uk/news-and-updates/press/2009/20-09

 

and a copy of the requirements imposed upon them is attached. Use the info wisely in your response to them

 

1stcreditrequirements.pdf

[DebtSufferer]

Hi Elsa

 

Many thanks for the info and the attachments, I had read somewhere about the press release but I have never seen the Requirements info before, this is very much appreciated.

DS

[DebtSufferer]

Hi folks

 

We got a reply from 1st credit today, saying they were going to contact BOS and let us know what they say.

 

Seems like a few people have all received the same letter.

 

Do we just sit tight until they get back to us.

 

DS

[Undercover-Elsa]

Yep, sit tight!

[Abby25]

Update - 1st credit have sent me a letter advising that as I have failed to contact them (a lie) they are considering issuing bankruptcy proceedings.

[DebtSufferer]

Update - 1st credit have sent me a letter advising that as I have failed to contact them (a lie) they are considering issuing bankruptcy proceedings.

 

 

Hi Abs

 

What on earth are the playing at...It seems as though 1st Credit haven't learnt their lesson, according to the link Elsa gave me, you think they would tread a bit carefully now.

 

Has the Royal Mail site acknowledge 1st Credit receiving your letter (we had a problem with this, no details on RM site only said Try Later....however after applying to RM it appeared that the company did receive the letter, just chancing their luck.

 

Update from us - All quiet at this end. I suppose they are still waiting to hear from BOS, not had mail today as yet so we'll wait and see.

 

Will keep you updated.

 

DS.

[DebtSufferer]

Hi everyone,

hope you all had a great Xmas and a Happy Healthy New Year, here's hoping 2012 shall be better for many people.

 

We received a letter today in reply to our letter regarding this preference account.

 

They state in their letter if we look clearly we will note that the document states at the top that this a a Credit Agreement Regulated by the Consumer Credit Act 1974 so the Preference account my relative had is regulated under the Consumer Credit Act and says so at the top of the document/agreement, (this is a two part agreement and has got Credit Agreement regulated by the Consumer Credit Act 1974 on the personal loan side but not on the Preference Account side) you can see a copy of the agreement in Post #9 of this thread.

 

However after checking this agreement once again I do notice that the two signature boxes (1 for personal loan and 1 for Preference Account) the personal loan box states " This is a credit Agreement regulated by the Consumer Credit Act 1974, Sign only if you want to be leagally bound by its terms. On the Preference Account application side the signature box does not contain this statement.

 

Also there is two sets of terms and conditions on the back of the agreement the Personal Loan side states - subject to th provisions of the Consumer Credit Act 1974. However nowhere on the Preference side of terms and conditions does it mention the Consumer Credit Act 1974.

 

They are now considering Legal Action as they are saying this account is regulated by the Consumer Credit Act 1974 and they are fully aware of the Consumer Credit (Agreements) Regulations 1983 and all terms are present in the agreement.

 

Please Please Please can somebody help us, we are not sure what to do next.

 

I know Undercover-Elsa, Abby25 and ReallymadWoman had dealings with this lot, I have been waiting on Abby25 getting back to me but notice she has not been on here for a wee while.

 

 

Any guidance would be extremely appreciated.

DS

[Abby25]

Hi, sorry I've missed you .. The preference side of the agreement also has to have the correct heading, which at the mimum must state that it is a credit agreement regualted under the CCA74. They were using the way this is set out to try and argue that the pref was an Overdraft arrangement, so didn't have any regulation under the CCA74 - however it appears they have learnt that this is the WRONG way of trying to get out of it ... instead they are now saying, yes it is regulated - which if so (to be lawfully executed) the agreement needs to have the heading as noted.Abs

Sorry for merged paras - the fault has never been rectified by the site team - which is why I don't post as much.

Edited January 11, 2012 by Abby25

[Abby25]

Refer to the attached in your response .

 

Firstly, the agreement is confirmed by your Client, to be a regulated consumer credit agreement in accordance with the Consumer Credit Act 1974 (The Act).

To which ‘The Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553)/SCHEDULE 1’ ‘Information to be Contained in Documents Embodying Regulated Consumer Credit Agreements other than Modifying Agreements’ states the following requirements in compliance

(1) Subject to paragraph (2) below, a heading in one of the following forms of words

(a) Hire Purchase Agreement regulated by the Consumer Credit Act 1974

(b)Conditional Sale Agreement regulated by the Consumer Credit Act 1974

©Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974

d) Credit Card Agreement regulated by the Consumer Credit Act 1974 as the case may require.

 

 

(2) If none of the headings in 1(a) to (d) above are applicable a heading in the following form of words Credit Agreement regulated by the Consumer Credit Act 1974 is required

 

If the agreement does not contain the above it falls foul of the CCA requirements, it must also contain all cancellation rights, and all prescribed terms .. within the 4 corners of the preference account agreement .... they can not use those noted under the loan element, as they are 2 indiviudal accounts - proven by the 2 individual signatures to both.

 

;Abs

Edited January 11, 2012 by Abby25

[DebtSufferer]

Hi Abs

 

Many thanks for replying, we are just leaving to go to hospital appointment will try and decipher the info you have sent me.

 

Its greatly appreciated, they seem to be trying bullying tactics with us, and I'm not quite sure how to handle them, however, with your generous experience and knowledge cpmbined with RMW and U-E hopefully they will gwet the message.

 

Have you heard anything from them recently.

 

DS

[Abby25]

Nothing ... I just ignore now anyhow .. they have been told the agreement is unenforceable, and that their previous claims it was a bank account have been proven as incorrect.

 

Sorry for any reading issues, I have worked out how to manually insert para breaks - but is bloody time consuming !!

 

abs