statued barred debt?

[Nat77]

Hi guys please could someone help me.

 

I had my home repossed 7 years ago and was made homeless.

 

I had a secured loan against the property but havent had any contact with Welcome Finance since.

 

I have checked my credit file on Noodle today and it says that a dca -mdlp purchased the debt in 2009

( 2 years after it originally defaulted) and updated my file in May 2014.

 

My questions is:

can they do this?

shouldnt this have been wiped off by now from the original default date on 2006/7 with Welcome?

 

it also reads unsecured loan defaulted in 2009 and shows balance.

 

But thent also has default balance £0 .

 

my next question is:

 

when you have a repo does the secured loan then beciome an unsecured loan?

 

any help would be greatly apprecaited thank you

im new on here

[citizenB]

Secured loans and mortgages have a 12 year life span before they are statute barred - although I believe if no contact regarding any shortfall, has been made within 6 years then the information in the following letter might apply.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387506-Mortgage-shortfalls-Lender-should-not-pursue-under-CML-policy

 

If the debt has been assigned/sold to a Debt Purchaser then there would be a £0 balance shown on the date of the sale - the new owner would then be responsible for updating the credit files with the correct balance.

[rebel11]

Hi Nat77

 

Welcome to CAG

 

The guys will advise as soon as they are available.

Thread moved to correct forum.

[citizenB]

If the security of the loan has been repossessed, then I would think yes - it then becomes an unsecured loan. I will check out if the original terms would still apply.

[Nat77]

Many thanks for your quick reply. Welcome Finance do not appear on my file, they off some time ago its the DCA that bought it from them that are coming up. Can they still continue to default me from they date they purchased it? I thought it started from the original default with Welcome

[Nat77]

thanks Citizenb

[citizenB]

Many thanks for your quick reply. Welcome Finance do not appear on my file, they off some time ago its the DCA that bought it from them that are coming up. Can they still continue to default me from they date they purchased it? I thought it started from the original default with Welcome

 

They cannot amend the original default date.. they can only continue to update it.

[Nat77]

unforuntaly they have moved the original default date - is there something i can do about this? should i contafct them, or wait until they contact me?

[citizenB]

You should make a complaint - in writing to their Head/Registered office. You could also make a complaint to the Information Commissioner.

[Nat77]

thank you. can you suggest anything i should stay which would hold ground at all? sorry i have no clue

[dx100uk]

I suggest you read and follow this thread...

http://www.consumeractiongroup.co.uk/forum/showthread.php?425924-MKDP-and-CRa-file-entry-for-Welcome-debt(6-Viewing)-nbsp

 

almost exact same scenario.

 

sar & CCa time too!

 

dx

[citizenB]

thank you. can you suggest anything i should stay which would hold ground at all? sorry i have no clue

 

I see that dx100UK has provided a link for you - if you want to draft an initial letter and pop it on here, we can help you fine tune it

[Nat77]

Thank you.

 

The things is (i know i sound silly) but i have no idea how to word it.

 

I want to say - "having checked my credt file, I see that you have defaulted me in 2009 for an unsecured loan.

 

The alledged debt defaulted with the original debtor at the end of 2006 beginning of 2007.

 

You purchased the debt in 2009 and have regsitered that as the default date which is incorrect.

 

This alledges debt became statute barred some nearly 2 years ago

and I request you remove all entries you have on me." what you think? to lame?

[citizenB]

Thank you. The things is (i know i sound silly) but i have no idea how to word it. I basically want to say - "having checked my credt file, I see that you have defaulted me in 2009 for an unsecured loan.The alledged debt defaulted with the original debtor at the end of 2006 beginning of 2007. You purchased the debt in 2009 and have regsitered that as the default date which is incorrect. This alledges debt became statute barred some nearly 2 years ago and I request you remove all entries you have on me." what you think? to lame?

 

 

Perhaps something along the lines of.

 

Dear Sir or Madam

 

FORMAL COMPLAINT

Account references

 

Having checked my credit files with (AGENCIES) I notice that you have entered a Default Date of DATE on those records.

 

I would point out that Welcome Finance, the original creditor defaulted this acount on DATE.

 

It is my understanding that you are not permitted to alter the original default date. The Information Commissioner advises that reporting by creditors must be accurate and factual. It is obvious that your reporting is nothing like. I must insist that you restore the original default date.

 

Should you decide not to do this, I will be making an official complaint to the ICO and also the Financial Ombudsman and Financial Conduct Authority.

 

I look forward to hearing from you within 14 days from the date of this letter.

 

Yours etc.

 

Send it to the Head/Registered office of the company who now owns the debt at the very least use Recorded deliver in order to obtain a signature of receipt.

[Nat77]

Thank you so much Citizb. this is very jhelpful. should ia l make note that this account is staute barred?

[citizenB]

Thank you so much Citizb. this is very jhelpful. should ia l make note that this account is staute barred?

 

Do you know for sure that this is statute barred ?

[citizenB]

If you are absolutely certain that the debt is statute barred then you will find an SB template letter in the CAG library..

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?403-CAG-Library

[Nat77]

Well I was repo in march 2007. I hadn't paid anything to secured loan for a few months prior to this. Haven't spoken communicated with anyone on this since then

[Nat77]

So I was wondering if I could include that in your draft somewhere..or donu deal with both separately

[citizenB]

Well I was repo in march 2007. I hadn't paid anything to secured loan for a few months prior to this. Haven't spoken communicated with anyone on this since then

 

I think this might all come down to the question asked earlier.. if the security for a secured loan is repossessed.. does the loan then become "unsecured". I have left a message for other site team members to confirm this.. so best hold off sending any Stat Barred letter until we have an answer for that

[Nat77]

Thanks for this. Ill hold off until then

[citizenB]

[fkofilee]

Please be careful with MKDP LLP... They are very Litigious and i would say its best to nip this in the bud ASAP.

If you believe it is now SB then go for it but then again watch closely form CitB s answer.

 

CitB; Ive had a look around on the interwebs for information on what youve suggested and I ve found something on Santanders Website that you maybe very interested in on this one...

 

See attached photo, however i will add this maybe just Santander's version of dealing with shortfalls.

 

[ATTACH=CONFIG]51304[/ATTACH]

 

HERE

[citizenB]

Thanks for those links fk..

 

I was pretty certain that a shortfall became an unsecured loan..

 

However the separate loan secured on the property does not become unsecured. So sorry Nat77, the loan will not be statute barred.

 

I would suggest you look at whether there was any PPI or charges applied that you might be able to use to reduce the liability.

[Nat77]

Thanks guys. My credit file says mortgaes = and then under it it says unsecured loan and amount. so im confused now.