Regulated credit agreements and S87 Default notices

[fletch70]

Hi

I am after some clarification about statements from DCAs etc.

I understand that creditors need to send regular statements (annual i think)

Does this apply to both credit cards and loans or just one or the other

 

Does it apply to terminated agreements?

 

Although it is relatively new does it apply to accounts that predate that.

 

Thanks in advance

[citizenB]

If you are making regular payments to the DCA then yes, they are obliged to send you statements.

[fletch70]

Thanks. So it only applies if you are making payments?

 

Seems like a contradiction because non compliance is a bar to enforceability. Mind you who said the law was sensible.

[citizenB]

If you are not making payments they are supposed to send you a Notice of Arrears, at least every 6 months.

 

andyorch - amendments to default notices.pdf

[fletch70]

Thank you so much.

I imagine that it is one of those things that can be fixed but its interesting.

[citizenB]

I would think probably so, however IMHO, if they havent been sending them.. then what other mandatory paperwork has been omitted or "made correct" ? I think it is little things like this that are winning some cases. Devil - detail !!

[fletch70]

Thanks again. I do not know how ordinary people are supposed to even have a chance of holding the financial sector to account.

[citizenB]

Thanks again. I do not know how ordinary people are supposed to even have a chance of holding the financial sector to account.

 

Only through consumer forums, and campaigning !!

[fletch70]

True and so morally wrong.

It's amazing that anyone can ever take on a bank and win but of courses they do.

 

Consumer forums are a double edged sword sadly that give excellent advice but sadly some quite dangerously poor advice. That is a general observation and not an accusation,it applies to all.

[fletch70]

I was just after clarification as to when a S87(1) DN is needed and when it isn't

 

I am assuming that it is needed on running credit agreements e.g credit cards, on overdrafts and on fixed term loans if they are being recalled early.

 

However I also assume that a fixed term loan that has expired does not need one

 

In the case of payday loans it will depend on the type....a line of credit such as I think minicredit offer would need one but a fixed term such as WDA (certainly used to give) wouldn't .

 

Am I correct and if not why not

 

Thanks

[fletch70]

With the exception of CAB can anyone advise how I can find a registered money Advisor to help and countersign grant application forms . I can do pretty much everything but these forms all need a counter signature from a registered money advisor

[BRIGADIER2JCS]

With the exception of CAB can anyone advise how I can find a registered money Advisor to help and countersign grant application forms . I can do pretty much everything but these forms all need a counter signature from a registered money advisor

 

 

Institute of Money Advisors in Cross Street, Leeds I think is what you are looking for.

[fletch70]

Thank you. I will have a look

[fletch70]

Had a look and can't see a list of members . Looks like it will be CAB

[BRIGADIER2JCS]

Had a look and can't see a list of members . Looks like it will be CAB

Have you tried the Financial Service Register,.

 

 

I think any "Qualified Financial Advisor" would be able to sign such a document.

So an independent advisor trading locally would be OK.

[fletch70]

Hi

Just after a bit of info on Ruthbridge.

 

I have an account with Hillsden that has gone through their organisation , DLC, MDB a couple of times

 

 

. I always give the same answers and so the merry circle continues.

 

Today I have had a letter from Ruthbridge saying they are now managing the account for DLC, so

 

Are they connected?

 

What is their M.O.

 

I will wait until I get something more before I respond.

 

 

DLC have already had a letter saying make me BR if you think you're hard enough

and sadly they still haven't so I might just send them a version of that .

 

Any thoughts?

 

Thanks

[BRIGADIER2JCS]

Hi

Just after a bit of info on Ruthbridge.

I have an account with Hillsden that has gone through their organisation , DLC, MDB a couple of times . I always give the same answers and so the merry circle continues.

Today I have had a letter from Ruthbridge saying they are now managing the account for DLC, so

Are they connected?

What is their M.O.

 

I will wait until I get something more before I respond. DLC have already had a letter saying make me BR if you think you're hard enough and sadly they still haven't so I might just send them a version of that .

Any thoughts?

 

Thanks

 

 

 

No Fletch, not connected Ruthbridge (The Twickenham Twerps) are the absolute bottom of the DCA pond, usually involve with debts no other company will bother with.

 

 

This lot under the leadership of Emmanual Ammisah has had an approach very similar to MMF MMF in the past.

[fletch70]

Thanks Brig

Looks like I will have some fun on my hands then. Time to play the anxiety card I think . Would be true if I took them seriously , after all whats the worse they can do?

Seems to be the season to pass accounts around

[fletch70]

I thought I would spread this great piece of news.

 

At appeal it was ruled that a claimant who was not registered with the FCA could not bring a county court claim.

 

Now I have no idea what this means for people who already have CCJ's issued to these unlicensed claimants but it may be a ray of hope

I also don't know what the legal arguments were - I guess the solicitor advocate involved will keep those to herself for now 

[dx100uk]

Who?

[fletch70]

I don't know who the unlicensed claimant was but I do know there are at least two out there who are unlicensed. 

 

I know this has been a discussion before about unlicensed debt purchasers but maybe it has now been decided.

[brassnecked]

Interesting, especially if they are Debt Purchasers.  Hopefully details will be out there soon.

[fletch70]

There are some details out there on Twitter and LinkedIn as well as another forum. It is not the Phelan case which debt purchasers have been touting as a loss for the unlicensed argument. This was a different case with, I think a reserved judgement that was handed down this week. It is certainly going to be an interesting time; I do wonder if the debt purchaser will appeal to a higher court - we will have to wait and see

[Peterbard]

Hi Fletch how are you\

 

Are you looking for section 40 of the CCA mate or the amendments in the 2006 section25,

 

I don't think they were repealed by the  FCA.

 

Sorry if I have the wrong end, been a long day

[fletch70]

Hi Dodge

 

I was reading from a post made by a leading solicitor advocate on another forum as well as twitter and Linkedin 

 

You know how it is, I can't put a link to it - all I know is that in an appeal they won on the basis the claimant could not rely on using an authorised representative; they themselves had to be authorised. 

 

Of course the debt purchase industry will be very quiet about it