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Notice of Sums in Arrears when in Debt Recoveries


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Can somebody please provide some guidance on the following:

 

Loan

Should a Notice of Sum in Arrears be sent to a customer when their Accounts is transferred (due to Arrears position) over to Debt Recoveries under a Debt Management Plan.

 

Is this a CCA requirement to send out a NOSIA at this stage of the process?

 

I am aware that one should be sent when in arrears, but not after its been defaulted and in Debt Recoveries.

 

Please advise

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It is my understanding that Notice of Sums in Arrears should be sent regularly (at least once a year) , even when the account has been assigned to a DCA or in a DMP.

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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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though you might not see it

 

esp if your DMP is with a fee paying company [bad idea]

and they handle all your mail regarding your debts

 

tell us more about this and all your debts please

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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It is my understanding that Notice of Sums in Arrears should be sent regularly (at least once a year) , even when the account has been assigned to a DCA or in a DMP.

 

Thank you for the reply..

 

Can you please provide confirmation on this in a statement. Is it a CCA regulatory requirement or OFT.

 

I can't find anywhere in the OFT DMP guide that it states this.

 

Regards

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Yes they have to proved a statement of account , at lest one a year if in arrears or not.Have you any unlawful chareges or ppi added on to this debt , you my find you don't owe as much as you think or even be able to clear it.

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One of my DCAs failed on the annual Statements of Account, so they were in default of the CCA 1974 during that time. However, it is such a simple thing to remedy that I didn't get precious about it.

 

Be aware that the (old) OFT guidance merely requires a one line statement of the amount owing (and by when if the debt has not defaulted) for a fixed term account (loan). Even DCAs get this wrong and think a Statement of Account is all the statements from account inception.

 

A statement of account should also be part of any CCA request. It is legally binding and as far as I know a mistake in your favour is not reversible.

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Thank you for the reply..

 

Can you please provide confirmation on this in a statement. Is it a CCA regulatory requirement or OFT.

 

I can't find anywhere in the OFT DMP guide that it states this.

 

Regards

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?161927-Amendments-Default-Notices-CCA-1974-from-Oct-1st-2008&highlight=Notice+of+Sums+in+Arrears

 

All the information you require is in the link above - it has nothing to do with the OFT, (who no longer exist by the way) it is part of the Consumer Credit regulations.

 

It is a mandatory requirement and is not a de minimus issue if these have not been provided.

Edited by citizenB

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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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A Notice of Sums in Arrears has nothing to do with a Statement of account ?

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2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Ok sorry citizen B thought they had to show arrears on statement .

 

This is a statement of account and what it should identify.

 

[ATTACH=CONFIG]51526[/ATTACH]

 

 

 

A notice of sums in arrears advises the amount of arrears and that no interest will be charged for 28 days. I am still trying to locate a copy to post up.

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

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Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi CitizenB,

 

I was going to reply stating this is nothing to do with a Statement of Accounts but you got there before me.

 

This is purely a NOSIA (Notice of Sums in Arrears). I know this is issued once 2 contractual payments down, but this query is about when the account has defaulted, closed and in Debt Recoveries using a DMP with a DCA collecting the payments on behalf of the client, but the debt is not sold on.

 

Does NOSIA need to be sent at this stage of the process?

 

Hope this makes sense

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Hi CitizenB,

 

I was going to reply stating this is nothing to do with a Statement of Accounts but you got there before me.

 

This is purely a NOSIA (Notice of Sums in Arrears). I know this is issued once 2 contractual payments down, but this query is about when the account has defaulted, closed and in Debt Recoveries using a DMP with a DCA collecting the payments on behalf of the client, but the debt is not sold on.

 

Does NOSIA need to be sent at this stage of the process?

 

Hope this makes sense

 

If the original creditor still owns the debt, then it is they who should be sending the Notice of Sums in arrears out, mradvice.

 

Do you have a new arrangement with the creditor to repay the smaller sum ? If so, I dont think that NOSIA actually come into play, unless you breach the new arrangement !

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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