Assistance / advice gratefully received

[distressed66]

Hi guys & gals, found this website and thought / hoped some-one on here may be able to help. It’s a bit of a long story so I’ll give you the initial outline and then I’ve done a bullet point list to help more clearly display what has happened to date over the last 4 years.

 

In 2005 I took out an unsecured loan (I’ll keep company anonymous in attempt not to give too much detail away)

I made regular repayments on the account with the last payment being made on 26th May, 2008.

However, following a credit check in 2010 I discovered an outstanding balance still showing as in default in respect of this loan. Story begins.........

 

· 18.02.2010 Called loan company (LC)

I advised that I understood the loan had been completely re-paid and settled for a long period. That I had not received any correspondence from LC or a 3rd party organisation advising me to the contrary.

LC advised there was a balance of over £4,000 showing as outstanding on their system and this was on verge of being passed to a 3rd party.

He confirmed that no regular statements / chasers had been sent however he did believe it was company policy to send an annual statement. I responded by confirming that no annual statement had been received.

He lastly confirmed that the “Account was charge off. The loan had expired and interest had been frozen since 30 April, 2008.”

· 10.05.2012 Letter from LC advising that loan was being transferred to Britannia recoveries S.a.r.l. and will be managed by Arrow Global Receivables Management Limited (AG) w.e.f. 21.05.2012

· 14.05.2012 Letter from (AG) confirming Notice of Assignment.

· 07.08.2012 Letter from (AG) – Annual Statement.

· 15.10.2012 Letter from Rossendales Collect (RC) – trying to establish if I lived at the address they had written to.

· 05.11.2012 Letter from (RC) advising since they had no response to previous letter, further action may be taken and debt will be pursued.

· 26.11.2012 Letter from (RC) intending to recover debt immediately.

· 28.12.2012 I sent Royal Mail recorded / signed for letter to (LC) asking for full copies of all contract which they believe existed. List of transactions and statements. Copies of documents etc. etc. Letter received by (CF) 31.12.2012.

· 07.03.2013 Letter from Transcom Worldwide (UK) Limited (TW) on behalf of (AG) chasing payment of balance.

· 15.05.2013 Letter from (AG) confirming Notice of Assignment from Britannica Recoveries S.a.r.l.

· 13.12.2013 Letter From Akinikia Debt Recovery Limited (ADR) – trying to establish if I lived at the address they had written to.

· 23.12.2013 Letter from (AG) advising management of account has been transferred to Akinika Debt Recovery Limited (ADR)

· 30.12.2013 Letter from (ADR) confirming their appointment, their intention to recover the outstanding debt and their further intention to arrange for a Doorstep Collector to visit my home to confirm liability of the “overdue balance”.

 

This is where the story ends... for now.

Should I respond to any of these debt collection companies by phone, in writing, or perhaps I should just continue to ignore them. I understand the debt becomes statue 6 years after the last payment had been made (unless person in debt had accepted liability for the outstanding debt in writing - of which I have not done)

 

Pretty sure these debt collection companies have no powers (as a Baliff would have) but the threat of sending some-one around to my house has now got me a little concerned.

 

Sorry for the long posting and if I need to explain anything clearer please let me know.

Yours faithfully

[citizenB]

The statute barred period is as far as I understand it from the time from which the company COULD have taken action.

 

My understanding of that is that a payment becomes due and is missed - the creditor COULD take action the day after - eg issue a Default Notice, after which time if you hadnt remedied the breach they could then issue a claim. So you would be looking to count the SB timing from about 6 to 8 weeks after the first missed payment.

 

I am a little puzzled..

 

 

In 2005 I took out an unsecured loan (I’ll keep company anonymous in attempt not to give too much detail away)

I made regular repayments on the account with the last payment being made on 26th May, 2008.

However, following a credit check in 2010 I discovered an outstanding balance still showing as in default in respect of this loan.

 

What was the term of the loan ? You appear to have believed that the last payment was made on 26th May in order to clear the account, or that it WAS the last payment you made prior to defaulting on the account ?

[citizenB]

What was the value of the original loan and over what period of time was it to have been repaid.

 

Regular statements should have been sent out. Also from 2008 they are obliged to have sent out Notice of Arrears letters - if they havent done this at least once a year, then they might have a few problems.

 

 

Did the original creditor ever send you a Default Notice - issued under s87(1) of the Consumer credit Act 1974 - this would have advised you were in arrears and given you 14 days to remedy the breach ?

[citizenB]

 

Pretty sure these debt collection companies have no powers (as a Baliff would have) but the threat of sending some-one around to my house has now got me a little concerned.

 

You are correct, they dont have any powers. - if the were to send someone simply ask them to leave. If they cause a fuss, you can call the police. You can also complain to the OFT.

[distressed66]

Hi Citizen B thank you for that.

 

I have some old rough notes from my telephone conversation with the loan company (have none of the original documentation) I took out a smaller loan amount in the 1st instance, "re-financed" - loaning an additional amount and then I think I recall "refiniancing" for a 3rd time.

 

From the note I made I believe I was told as at 29.10.2005 the final loan amount borrowed was £5,740.88 with a total to be repaid of £9,459.06. He also confirmed (I think) that I had made 26 payments of £242.54 which I calculated to leave a balance of just over £3k. I think this is why were unable to resolve on the phone as they were now telling me I had a balance @ £4.5k

 

My phone note also shows that I questioned the fact absolutley no chasers / statements or any correspondence was ever received by them in relation to an outstanding amount. His reply was that he thought it was company policy to issue an annual statement only.

I can categorically say that no notice of arrears letters had been received but I cannot confirm if I ever received a notice of default. I would ASSUME they did but I certainly don't have a copy of it now if so.

 

It's vague but back in May 08 I was sure my last payment was made in order to clear the account. It is certainly THE last payment I ever did make though prior to it supposedly defaulting.

 

Apologies if none of this makes much sense or seems to add up.

[citizenB]

You might find it worth sending a Subject Access Request to the company - this is a request for all data in respect of your financial relationship with them. It might provide some insight as to what has happened.

 

You should certainly establish if there have been any default / penalty charges added to the balance, because you can reclaim those.

 

Any activity taken on the accoutn should be recorded on their communication logs/diary of events.

 

It will cost you £10.00 - they have 40 calendar days in which to respond with the data. You will find a draft letter in the CAG library - highlighted in green - top left of the screen

[distressed66]

Hi C.B., per my breakdown of events;

 

· 28.12.2012 I sent Royal Mail recorded / signed for letter to (LC) asking for full copies of all contract which they believe existed. List of transactions and statements. Copies of documents etc. etc. Letter received by (CF) 31.12.2012.

 

The letter I sent seems to be a much longer verions of the SAR letter you recommend. In brief, it requests copies of all contract, list of transactions/statements, all documentation including invoices and emails/copies of transcipts or any other correspondence.

 

At the end of the letter I say that prior to processing the request, to inform me if they require a fee to be paid.

I finish by saying I look forward to receiving information within 40 days.

 

Safe to say I had no repy at all direct from them.

 

I would be happy to send the SAR letter provided in the CAG library along with £10 payment if you think the letter I previously sent is of no use.

 

Can I just ask, would the original Loan company still be obliged to send me the information/documents requested in the SAR - even if they no longer hold my account and the debt has been passed on (numerous times) ?