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I have had a CO for the last 6 years on my property and looking at the court forms interest is being added every month.

 

The issue is that since the charge was granted I have had absolutely no contact from the creditor at all.

 

 

I did ring them once to try to set up a payment plan but was rudely rejected

and told to pay the whole amount plus interest or they were not interested.

 

So my question is,

are they meant to send me an annual statement of interest as I have no idea how much the debt stands at now?

and when in a few months I have enough saved to pay off the amount of the CO but not any interest, can I have the CO removed?

 

Any advice would be appreciated thanks

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What type of CO is it?

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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tell us about the debt etc

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 was a car loan.

 

Total of £8300 was placed on a charging order.

 

The loan was covered by the cca 1974 and the court papers specifically mentioned adding interest after the judgement.

 

The debt is in my name only but the mortgage is jointly held..

 

i rang the creditor about a year ago to speak to them about a payment plan and they refused to discuss it and asked for the full amount.

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who was it.

 

 

did the car get repo'd or something.

 

 

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 was RCI finance and the car was repo'd..

 

Fasttrack (Lester Aldridge) were dealing with it,

 

but after some digging I found it had been transferred to Matthew Arnold Baldwin at some point..

 

As I said I have had no contact since the judgement in 08

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I am not sure if you should be getting statements sorry

but an SAR will get them all for you.

 

 

as a footnote

RCI finance are well known here and rarely follow the correct procedures.

 

 

shame you didn't contest everything as I bet bottom dollar the repo was unlawful.

 

 

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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You would need to refer to the terms of the Judgment (N24) to establish what and if interest is allowed to accrue.

 

Regards

 

Andy

We could do with some help from you.

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If you want advice on your thread please PM me a link to your thread

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The terms state that interest is being accrued, It is merely the point that in 7 years I have had zero contact from whoever holds the debt... No statements or notification of the debt changing hands.. I have dug up some info that tends to suggest that they should have been providing statement to show the interest being added..

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as per #9, need to find out if its statutory interest or contractual interest they are asking for, whats in the judgment. you mentioned # 5 that the papers mentioned interest after judgment.

PJCI (post judgment contractual interest) wld require a separate claim to the original.

yes, contractual interest statements wld be required.

IMO

:-):rant:

 

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Statutory interest is not allowed on a CCA regulated debt. Isn't a car loan usually CCA regulated? As for contractual interest, there had to be a clause in the original agreement to allow this AND if they are charging interest in this way then they have to comply with a CCA request. Also if the default notice was dated after 2006 (I think) it should state post judgment interest is payable.

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. Also if the default notice was dated after 2006 (I think) it should state post judgment interest is payable.

 

2008

the para 9A (re PCJI) of Schedule 2 of the consumer creditlink3.gif (Enforcement, Default and Termination Notices) Regulations 1983 was inserted and in force on 1/10/08 (page 7-9)

IMO

:-):rant:

 

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Thanks, couldn't remember the date re default notices and post judgment interest.

 

The poster needs to check if this is stat or contractual interest. The court has no juristiction to impose contractual interest and cannot impose post judgment stat interest on a CCA debt. If this is contractual interest than it has to sit in a seperate pot and cannot be part of the restriction. If they are arguing contractual interest than the poster is entitled to make a CCA request and the results should show they are entitled to PJ interest. Plus where are the annual statements?

 

 

2008

the para 9A (re PCJI) of Schedule 2 of the consumer creditlink3.gif (Enforcement, Default and Termination Notices) Regulations 1983 was inserted and in force on 1/10/08 (page 7-9)

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Hi guys, really appreciating the advice....

 

The initial claimant application asks for Contractual Interest to be added.

The interim charging order paperwork states the amount of debt + any interest and charges becoming due.

The application for charging order on land or property states... The judgement or order required the judgement debtor to pay £xxxx (including any costs and interest). The amount now owing is £xxxxx (which includes further interest payable on the judgement debt)

 

I actually have one letter from Lester Aldridge who still do hold the account from last year stating contractual interest is still being added. This letter was requested by me when I rang to make a payment plan offer.

 

I have the original CCA paperwork which states interest can be added at the original rate after any court judgement or order.

Edited by neiljules
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I have read the suggested post and s77a of the CCA1974 and my conclusion is that they covered all their bases regarding interest to be added after the judgement but have negated all of it by not sending any statements. So the best course of action is to pay off the CO amount in a few months and then tell them to stick the interest?

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Creditors frequently say interest is still running post judgment, doest mean their legally entitled to it. They just hope the debtor doesnt know this.

 

I know I've said it before but statutory interest cannot run post judgment on a CCA regulated agreement. As for contractual interest, the court can't order it either. Contractual interest would have to sit in a separate pot and they would have to sue for it seperately. Just pay the restriction and when you have done so, if they start chasing the interest, make a s77 CCA request and see what it says about post judgment interest.

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What is the safest way to pay off the order? I don't like the idea of trusting the creditor with an £8000 payment without ensuring that the charge is lifted. Especially with the interest side of the debt being in dispute and the attitude I received last time I spoke to them.

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The judgement or order required the judgement debtor to pay £xxxx (including any costs and interest). The amount now owing is £xxxxx (which includes further interest payable on the judgement debt)

 

.......

 

must be re interest up to judgment as PJCI cant 'merge' with a judgment debt, has to be a separate judgment.

did you see the Flintstone thread, latter posts re recent case http://www.consumeractiongroup.co.uk/forum/showthread.php?329861-Can-Interest-be-applied-post-Judgment-urgent-advice-needed/page20

IMO

:-):rant:

 

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