Barclaycard secured loan (First Plus)

[greenhill]

Hi,

 

First time posting and hoping for a little advice.

 

Just had a letter land on my door mat from Credit Solutions Ltd with regard an £80,000 secured debt with Barclaycard Secured Loans.

 

No other details apart from the usual "give us a call, we are really nice and helpful".

 

the property that this loan was secured against was repossessed over 5 years ago ( I won't go into details as it was the same story for a lot of us back then).

 

I have sent off the prove it letter and am awaiting a reply.

 

I cannot actually remember the amount that was outstanding and think that the sum quoted is really high?

 

I have no paperwork relating to the loan and even though I had contacted them years ago about being made redundant

and unable to afford payments on both the main mortgage and their loan, I heard nothing back until last week through this DCA?

 

I am not sure what I can actually do about this but

one thing they cannot do is kick me out of that house!

 

I have no fear of the DCA's and cannot be intimidated with silly threats.

 

What I would like to know is what my next step should be?

 

As I say the loan is no longer secured, I have no possessions as such, not much money left at the end of the month etc and was wandering what they can actually do to me?

 

Thanks in advance for any advice you may have.

 

Cheers

[dx100uk]

have a look at your cra file

 

see below

 

is this debt showing?

when was YOUR last payment?

 

dx

[greenhill]

Hi dx,

 

Thanks for the speedy reply!

 

I have just joined experian and am awaiting my pin number to access those details. Hopefully will have it in the next few days.

 

Regards

[dx100uk]

ok good

 

have you tried noddle?

 

usually same day info if the card you use for verification is registered at your current address.

 

their daya can be old

but in this case, that's of no real importance.

 

dx

[greenhill]

Hey DX,

 

Just sorted it out with Noodle. Yes the debt is on there and the last payment was May 2008.

 

Regards

[slick132]

Hi Greenhill and welcome to CAG

 

Even though you may well know the following, I'll mention it anyway, as a warning to others.

 

Repossession of a property does not mean debts are settled and no longer payable.

 

Some folk are tempted to hand over keys and hope that's an end to a loan secured on a ppty.

 

But the reality can often be that, with admin and legal fees, a sizeable debt can be left owing and a DCA may well come looking for this long after a ppty was repo'd.

 

Let's see what your CRA shows about the alleged debt. Then we can advise better.

 

As you very rightly say, if you have nothing to give them and no assets they can threaten, what can they do.

 

[greenhill]

Hi Slick,

 

Thanks for the welcome.

Yes I was one if the those who thought the debt just went when they had everything but clearly not the case.

 

With regard the credit file entry it states the amount owed, last payment date and that's it really?

Not sure what their next move will be after my prove it letter but I'm guessing a load of threats.

 

Would it be worth telling the DCA to stick it and deal directly with the original creditor?

 

Cheers

[dx100uk]

so may next year before SB date.

 

is it still listed with the original creditor?

 

dx

[citizenB]

When your property was repossessed, was there a shortfall on the mortgage ?

[greenhill]

Hi DX,

 

Yes it is still registered with First Plus and yes unfortunately 9 months short of SB

 

Cheers

[greenhill]

Hi CitizenB,

 

To be honest so much was going on at the time I completely imploded and took very little interest. I know there is nothing outstanding with the original lender and I can only assume that there was nothing left for First Plus? After 5 years I am finding it hard to remember much.

 

Regards

[slick132]

If the loan was secured, then would the SB date not be 12 years as opposed to the normal 6 that applies to unsecured debts.

 

Maybe first Plus should approach the primary lender that repo'd the ppty, to see if they should have received any surplus in equity after the primary mgge was cleared.

 

[greenhill]

That's a good point Slick!

There must have been enough in the sale as the primary lender is not showing on my credit file?

Is there a letter template available for me requesting that they seek some form of payment from the primary lender?

Also the debt of £80,000 consists of around £16,000 for PPI upfront!

Again, how would I go about getting that removed from the outstanding balance?

 

At this point I feel there is no other alternative than to petition for bankruptcy.

I don't want this debt hanging over me for the next 20+ years.

 

Thanks for your help.

[42man]

Do you have all the original paperwork, A SAR to the lender might be a good start...£16k of PPI is a lot of money especially so as you could probably add compounded interest...

[greenhill]

Hi 42man,

 

I have found a load of paperwork and am just going through it. Shall I tell the DCA that I am now going to deal with the actual lender and submit a SAR request?

 

Regards

[42man]

Do Credit Solutions actually own the debt or are they chasing 'on behalf of' (as far as you know)

[42man]

You could send them a letter stating that as you understand it there is a significant amount of clearly missold PPI which you are chasing and you will advise them of your next steps on receipt of the results of your Subject Access Request. Bear in mind that you will be acknowledging the debt after 5 years though. And it would restart the 12 year clock again.

[greenhill]

They have stated in their letter "On behalf of their client" so I assume that First Plus still own the debt and First Plus are showing on my credit file.

[greenhill]

Yeah, I think I will await the DCA response then hit First Plus with an SAR letter. I don't think it's possible to run this debt down so accepting liability doesn't affect the outcome too much.

[dx100uk]

blimey that much ppi wow!

 

i'd get that sar off to the original creditor and get all the statements

 

though if you've paid nothing for a good few years you might already have them in the stuff you are finding.?

 

something doesn't sit right here with this debt.

 

why would first plus sit on a debt that large for sooo long

without doing anything about it?

 

dx

[greenhill]

I have thought the same thing? It is a lot of money and they must have known where I was as it clearly shows on my credit file? I've been dealing with other DCA's for CC's etc for the last three years (all unenforceable as it turns out). I just wish I knew what the problem was so I could fight back.

 

Cheers

[slick132]

Hi GH,

 

Wow, with that much PPI in the picture, that could change things significantly with interest.

 

If you can find old paperwork about the loan and the PPI element, it could be literally worth many £000's to you. Is there any chance you have relevant papers stored away somewhere.

 

Of course, it would also depend on whether the PPI was mis-sold, inappropriate, etc.

 

[greenhill]

Hey Slick,

 

Found loads of paperwork for the debt. There is a separate PPI document stating the amount etc and it comes in at just over £16,000. Never claimed PPI so not sure how I would prove mis-selling?

[42man]

Did they ever ask you if you had any other cover at the time ? Did they ever take a needs statement from you at the time of taking out the PPI ? any medical issues at the time ? self employed ?

[42man]

You may find this useful too - http://www.consumeractiongroup.co.uk/forum/showthread.php?61081-PPI-Some-Notes-for-Claimants..%281-Viewing%29-nbsp