CitiFinancial :(

[PaulDaggers]

My 1st ever post on a forum like this,

resorted to after a couple of weeks of going out of mind with worry about an old situation

I thought had gone away.

 

Around 9 years ago I took a loan (I think of around) £1500 with Citifnancial.

 

I had gambling issues and within a 2 year period they 'allowed' me to re-finance a couple of times, also taking out further sums.

Total amount lent was now around the £4k mark I believe.

I thought I knew what I was doing at the time and whilst I was earning was able to make the repayments of around £240 p/m.

 

Back in May 2008 however I ran into even bigger financial difficulties and told them I needed to make a payment arrangement.

I cancelled the direct debit set up at the time and they said they would contact me to discuss an arrangement in due course.

 

From then, until Feb 2010 I had heard nothing whatsoever from then and was quite happy, at the time, not to chase them to go through the arrangement.

I had still heard nothing, no monthly or annual statements, no chasers, no nothing.

The payments had stopped and I perhaps stupidly thought I had got lucky.

 

I ran a free credit report and this Citifnancial Loan was still showing as o/s.

Still, I thought if I could get through until 5/6 years (??) without hearing from them,

the debt record would be automatically wiped form my records (I dont know how accurate this actually is/was)

 

Nevertheless I did actually call Citi to query the a/c.

I still have the phone notes from my call of 18Feb10.

 

I explained that I had heard nothing from Citi and thought my debt had been cleared (yes I told a porky pie here)

they told me interest had been frozen and debt was on verge of being passed to a 3rd party.

It was left there & unresolved.....

 

Until 2 weeks ago, where

 

I received a letter from Citi saying the loan has been transferred to Britannica Recoveres S.a.r.l.

acting in the name and on behalf of Arrow Global Receivables Management Limited.

 

they said the a/c would be transfered on 21May12 and I would here from Arrow accordingly.

 

And so, I have now received the letter from Arrow, repeating that the loan had been withdrawn etc.

and the account will be managed onbehalf of Arrow by Wescot Credit Services.

It finishes by saying "If you are not making regular payments on this account please contact Wescot Credit Services as soon as possible"

 

I don't really know what to do next.

 

On one hand I know I was stupid, foolish for both taking the loan(s) out in the 1st place

AND for ever assuming the debt was just going to be left forever

(even though it has taken what seems like forever for some-one to actually contact me)

 

I think I understand my 1st step would be to ask Wescott,

by recorded delivery for a copy of the credit agreement but does it have to be an actual copy of the signed agreement?

 

Also, does the amount of time the debt has just been left give me any advantage/disadvantage at all??

Do I have any leg to stand on??

I am working but still have other debts and certainly could not afford the £240 monthly repayments to have to start again.

 

Would sincerely appreciate just even the most token piece of advice anyone on here can provide.

 

Yours most faithfully,

[Shelley181146]

Hi Paul,

Welcome to CAG. You are amongst good people on here.

 

Firstly, I am NO professional and any opinions or suggestions are only based upon my own personal experience.

With that said, lets move onto how we tackle this.

 

1) How long has passed since you last made any payment to this account (to anybody)? If 6 years has passed, then the debt becomes Statute Barred (SB).

2) NEVER EVER be tempted to phone original creditor or any debt collection agency (DCA) about this account unless you have a facility to record ALL conversations.

3) Have you obtained a recent copy of your Credit file? If so, what does it mention about this debt?

4) Do you remember if the loan you signed had Payment Protection Insurance applied to it?

5) Have you sent Citi a SAR yet?

 

Shelley

[PaulDaggers]

Hi shelley, thank you for your reply... l was starting to think my case was a lost cause!

 

In answer to your questions, the very last payment l made was in May 2008. So still another 2 yrs until SB would come into it.

 

I did the free equifax credit report yesterday and there is no mention whatsoever of this debt. Assume this is one positive thing?

 

The loan definitely had ppi.. unsure of the exact amount of it though.

 

Havent sent an SAR yet..

 

Thanks again

Paul

[dx100uk]

i'd sit on your hands!

 

dx

[PaulDaggers]

Really?? Sit tight n hope for the best eh??

 

Slightly other worrying thing is that the mentioned two letters have gone to mums house. l moved out just over a yr ago. Worried they will start bombarding the house with more letters and/or send people knocking there.

[dx100uk]

no doorsteppers or DCA have any legal powers

they are not BAILIFFS

 

 

and never will be.

 

dx

[PaulDaggers]

thanks dx... thats something good to know... doubt they are gonna now just leave me alone completley until may 14....that is quite some big ask!

 

any idea why it may not be showing on the credit report? ls the free, 1st report not a full report??

[dx100uk]

get another cra file

noddle is free

 

see below.

 

dx

[PaulDaggers]

Dear all, I'm back..

 

So since my last post(s) I had received a statement of account from Britannica/Arrow

simply showing payments that had (or should I say hadn't been made on the account)

And a couple of days ago I received Notification of a change to my Equifax Credit File.

 

On checking, there is now an entry in the name of Britannica/Arrow.

Previously there was no mention of this loan with Citi on the Credit File at all.

 

Do you still suggest I sit tight and wait for them to contact me further?

 

Getting slightly nervous about proper action being taken against me now ...

Appreciate all / any help or advice.

 

Kind regards

[dx100uk]

when was the loan taken out?

 

dx

[PaulDaggers]

The loan was taken out initially in 2003 but then 'refinanced' another 1 or 2 times within the 2 years that followed.

 

Last payment ever made to them was May 08 and up til recently (July 12) my 1st post on here, I had received nothing from Citi. Now Britannica/Arrow have been getting involved.

[dx100uk]

then that SAR is a priority.

 

as you've refinanced you'll have ppi on ppi and ppi int on ppi int

 

you are in for a windfall.

 

dx

[PaulDaggers]

Dear DX, I

 

have a development of such.

 

I didn't send an SAR to Arrow / Brittanica.

 

I received a letter dated 15Oct from a company called Rossendales saying they are trying to contact me regarding a personal matter

and had been provided my address as a possible address.

 

I ignored this and yesterday received a further letter from them.

 

In short it said that id failed to respond,

 

I should be in no doubt that payment I owe will be pursued and company will utilise its experience blah blah

and I must contact them within 7 days or collection procedures will continue.

 

Interestingly, it says the client is Arrow Global RML (and not citifinancial)

 

does this mean arrow bought the debt from Citi and now Rossendales have bought it from Arrow?

 

I note your previous message regarding PPI and I found an old telephone note for a convo with someone at Citi Mar10

& they confirmed there was a PPI premium on my a/c of £640.88.

 

Does this give me any sort of bargaining tool?

 

Should I contact them now and if so do l do so by phone or letter?

 

Apologies for the length of this post.

Kind regards

[dx100uk]

get that sar to citi done

 

sit tight

 

never ever ring a dca

 

dx