Financial statement

[SusieQ33]

Hi there

Can anyone tell me if I have to fill in a financial statement to a DCA? I have been making reduced payments for 4 years to DLC and the debt was moved to Moorcroft. As I became unemployed I negotiated payments with them of £1.00 per month starting 8th March 2012. The debt has now been passed to Allied International Credit who want to renegotiate the payment and for me to provide a financial statement. I have since found out that Moorcroft did not collect the £1.00 from my account as arranged. I keep getting calls from Allied.

Many thanks

SusieQ33

[SusieQ33]

Thank you for that. At the moment I am on contribution based JS but that will stop in September as my husband has too much in savings.

[SusieQ33]

Hi silverdale247

That is what I was going to do. I have had dealings(successfull I might add) with DCA's before. They do not intimidate me and I am always polite but firm. Thank you for your advice.

Susan

[fredtheshred]

Hi everyone, a newbie here.

I too have recieved a Financial Statement request. This has a deadline of 10 days to complete. It was received with 3 days left before the deadline expires!

I have been paying off my old MBNA via AIC at the agreed rate ( prior to it being sold to Arrow Global in the Channel islands.

I see from the above reply regarding a Financial Statement request that I do not need to fill in and return this, so in the bin it goes.

Am I allowed to know how much the debt was sold to Arrow?

 

Thanks for any help.

 

Fred!

[SusieQ33]

Hi Fred

It is my understanding that DCAs have no legal right to demand a financial statement from you. You can just tell them what you can afford to pay. The debt was probably sold on for about 5 to 10 per cent of the debts value. I would ask to have a copy of the original credit agreement. statements to date and the deed of assignation to prove that they can collect the debt.They have to supply you with this under the Consumer Credit Act 1974 section 77 -79.

Regards

[fredtheshred]

Thank you SusieQ.

Hi silverdale, I do have a debt with my bank..still fighting over PPI, they are however not hassling, I told them what i could afford and they said OK.

[Happyhippy1959]

No they have the same right as I do to your personal information ( absolutely none ) but again this is a debatable issue on CAG, I always start with the line of ( as you know only a District Judge can require me to hand over personal and confidential information ) but out of courtesy I have a court orientated income and expenditure form ( NOTE YOUR OWN IE ) not some pie in the sky DCA form.

[fredtheshred]

Thanks to all who replied.

I phone AIC the other day to make my regular monthly payment, I've never missed one since being back in work, and after making the payment I started getting hasstled again about an Income & Expenditure form. After making the payment, the man on the phone claimed I 'had' to fill one in every 6 months, I kept saying I don't, he kept saying I did, and insisted I forward one by next week, that's just not going to happen. I hung up on him. I pay the same amount which is what I can afford. I apparently have to 'justify' my payment level.

As an extra bit of info, I've never had a statement of account from them since the debt was sold to some firm in the Channel Isles. Is this right?

[SusieQ33]

Hello again Fred. Firstly do not speak to a credit company on the phone. Put everything in writing. Once they are speaking to you you will get all sorts of threats aimed at you!!!! if you look on the template letters bit of this site you will find a letter to write to them asking for a copy of the original credit agreement which must have your signature on it, statements from the beginning of the crdit agreement and a copy of the deed of assignation. You send them a £1.00 fee and they have to provide this information or return your £1.00. It can't be used towards payment on the outstanding debt. If they cannot provide this information the debt may be unenforceable. Send every letter as signed for and persevere!!! There are follow up letters also on this site if you don't get what you want with the first one.

You do not have to make any payment that you cannot afford and they have no right to ask you for a financial statement.

It took me a long time and files of letter writing.

One more interesting point. If you are in dispute with a credit recovery company they cannot sell your debt on.

 

Keep at it

Susie Q

[fredtheshred]

Thanks for that SusieQ.

I'm going to ignore them anyway, just thought I'd check though.

Cheers

Fred