My next move...

[nerfherder]

Hi everyone,

 

I have a few old debts and I'm now at the stage where I have them pretty much under control

and I am thinking what my next move should be to try and rid myself of them for good.

 

To bring you up to speed

they are held with DCA's (Lowell is one of them) and

I have been paying nominal amounts each month to them for about a year now,

 

I was thinking about writing to them all offering full and final settlements of 10% of each

(I'm almost in a position where I could afford this) and seeing how they respond.

 

There is one that recently came out of the woodwork for an old Barclaycard

that I haven't been making payments to but I was going to try the same tactic regardless.

 

However,

reading this site for advice on the full and final offer

I saw people recommending to write to DCAs under the CCA 1974 to have sight of the agreement to see if it is enforceable.

 

This isn't something I knew you could do and

since these debts are all with DCAs and

not the original creditor

 

I was wondering how likely it would be that I may be able to get the debts written off on this basis

and if you all could offer me any advice on this process,

or on the full and final process.

 

Thanks in advance.

[dx100uk]

are these on your CRA file

[nerfherder]

Hi,

 

I'm assuming you mean on my credit report? like from experian? (sorry if I'm not up to date with the terms) To be honest I haven't asked for a copy of my credit report for a number of years, I would assume they are, but considering the saying about assumptions I'm thinking you're going to tell me there is a really important reason I should check?

 

Thanks for replying.

[dx100uk]

it helps in getting the whole picture

 

typically, if a debt does not show

esp if you have been [blindly] paying a debt for years to a dca

 

there may well be a good chance of cash cowing.

 

noddle is free see below

 

just make SURE all you old addresses are showing as linked

 

dx

[fletch70]

Depending on the date the agreement was taken out a cca request can be a good idea. It is unlikely they will write off the debt but it could be rendered unenforceable. This means they can not enforce in court but it does not mean you sit back and do nothing. Just because it is unenforceable doesn't mean the creditors won't try and get a judgement by default. I have found the first year the hardest but now most accounts are sleeping nicely

[nerfherder]

Depending on the date the agreement was taken out a cca request can be a good idea. It is unlikely they will write off the debt but it could be rendered unenforceable. This means they can not enforce in court but it does not mean you sit back and do nothing. Just because it is unenforceable doesn't mean the creditors won't try and get a judgement by default. I have found the first year the hardest but now most accounts are sleeping nicely

 

Ah, I see.

It might not be what I was looking to do then.

I'd assume if it was unenforceable though it would give you more power in negotiation for a full and final settlement?

 

They are varying dates,

the Barclaycard one for example I've probably had since about 2005?

One of the lowell ones is a loan that I had in 2009.

 

I don't really want them to remain for long with no update on the credit file,

I'm beginning to get myself back on track debt wise and will be looking to try and get a mortgage in the next two or three years.

 

So while there may be a bad "history" on my file I wanted it to be just that, history,

with nothing in arrears when I try to get my own place.

[nerfherder]

it helps in getting the whole picture

 

typically, if a debt does not show

esp if you have been [blindly] paying a debt for years to a dca

 

there may well be a good chance of cash cowing.

 

noddle is free see below

 

just make SURE all you old addresses are showing as linked

 

dx

 

Thank you for the noddle link. It's fantastic. The loan I have been repaying with lowell isn't on it, any advice?

[dx100uk]

the key to each debt is the default date from the cra file

 

if a debt does not show

then thus its already been defaulted for more than 6yrs

so has been removed

never to return!!

 

so off you go get that file.

 

once you have that

give us a list

for each debt:

 

when was it taken out

what was the type of credit

who was the original creditor

who it is with now and what you pay

is it on your CRA file

[dx100uk]

Thank you for the noddle link. It's fantastic. The loan I have been repaying with lowell isn't on it, any advice?

 

ok dear beginning to smell a cash cow here

 

get a CCA request off to them

don't sign the letter

use a blank £1 PO

 

dx

[nerfherder]

Thanks dx. That's been really helpful.

 

Could I ask another noddle related question, one of my accounts is showing as "satisfied" with the balance still outstanding. It's on the open accounts list and was last updated earlier this month, is it more likely that the creditor has written this off or assigned it to another DCA?

[dx100uk]

is it still shown under the OC's name

[nerfherder]

It's on the "closed accounts" section under the original creditors name where it says it's satisfied

 

but if you drill down into the detail it shows it as being assigned.

 

On the "open accounts" section its under the DCAs name showing as default up to April 2014

but it shows as satisfied as it appears on the list on lenders.

[dx100uk]

ok so its been sold

look at the default date on the summery line

 

it should be the same on the closed/open entries

 

what is that date?

 

dx

[nerfherder]

Oh, its the same debt,

from the original creditor on the closed accounts section to the DCA on the open accounts section.

 

It's just confusing me because under the DCAs name on the open account section it shows as satisfied.

 

I'm thinking the two possibilities are

1) They have written it off.

2) The DCA has sold it to another DCA, even though it doesn't show as debt assigned.

 

It's actually an amount I dispute I owe in the first place,

 

HP on a car which I voluntarily terminated at the halfway point of the contract and handed the car back.

 

They say I owe the balance, I say I was entitled to hand it back at the midway point in the agreement, as the contract states.

The original creditor defaulted me at the VT date, and a few months later passed it to a DCA,

I've basically ignored the DCA and tried to only deal with the original creditor,

I'm wondering if they've finally agreed I'm right. As they should ;-)

[nerfherder]

I suppose I should wait and see what it says next month. I think I know why the loan debt isn't showing on the report, it was a Welcome Loan that has been passed to Lowell. I saw from another thread that you posted in that the Welcome debts have been removed from credit reports pending the outcome of an investigation?

[dx100uk]

start a thread in the WF forum

get an sar off to welcome

bet theres loads to reclaim

what is the defaulted date

dx

[theoldrouge]

Oh, its the same debt,

from the original creditor on the closed accounts section to the DCA on the open accounts section.

 

It's just confusing me because under the DCAs name on the open account section it shows as satisfied.

 

I'm thinking the two possibilities are

1) They have written it off.

2) The DCA has sold it to another DCA, even though it doesn't show as debt assigned.

 

It's actually an amount I dispute I owe in the first place,

 

HP on a car which I voluntarily terminated at the halfway point of the contract and handed the car back.

 

They say I owe the balance, I say I was entitled to hand it back at the midway point in the agreement, as the contract states.

The original creditor defaulted me at the VT date, and a few months later passed it to a DCA,

I've basically ignored the DCA and tried to only deal with the original creditor,

I'm wondering if they've finally agreed I'm right. As they should ;-)

tell us more about this one, who was the oc?,do you have a copy of the hp agreement?who is chasing you for this?

[BRIGADIER2JCS]

Is this a Welcome Finance HP account?

[nerfherder]

The HP was with Santander.

 

They passed it to a company called Bluestone Credit Management who started writing to me about a car I never had.

 

I'm not too fussed about that one as I still have the contract and it clearly states I was within my rights to do this.

 

I sent a letter terminating the agreement with the keys and V5 document by recorded delivery

and they sent someone round to pick it up a couple of weeks later.

So I think I'm in a pretty strong position on that one.

 

dx advised me to start a thread about the Welcome Finance loan on the welcome thread,

there's more details about that one there under the title,

 

"Welcome-Finance-Loan-Lowell-CRAs" if you're interested and can offer some advice.

 

Sorry it won't let me post the link.

[BRIGADIER2JCS]

The HP was with Santander. They passed it to a company called Bluestone Credit Management who started writing to me about a car I never had. I'm not too fussed about that one as I still have the contract and it clearly states I was within my rights to do this. I sent a letter terminating the agreement with the keys and V5 document by recorded delivery and they sent someone round to pick it up a couple of weeks later. So I think I'm in a pretty strong position on that one.

 

dx advised me to start a thread about the Welcome Finance loan on the welcome thread, there's more details about that one there under the title, "Welcome-Finance-Loan-Lowell-CRAs" if you're interested and can offer some advice.

 

Sorry it won't let me post the link.

 

 

Replied on WF thread.

[nerfherder]

CCA Request off to Lowell today,

 

looking at some other outstanding ones I have to do the same possibly.

 

I'm going to hold off on the SAR to Welcome at the moment, dx,

 

I'm pretty sure there is no PPI or anything,

 

if Lowell hold an enforceable CCA I'll probably go down the SAR route then to see what "might" be there.

 

Thanks for the advice.

[dx100uk]

pes i'd not do that

 

as soon as welcome sniff a dispute out comes the shredder.

 

get it done.

 

dx