Loss of employment, £50k plus in recent debt, help needed to plan the future

[Badtimes123]

You know.. at the time a parachute account was suggested to me, I was going to ask for your advice as to which bank I should choose but it also seemed like such a simple thing I can do myself. I know there are no stupid questions, but I wanted to do as much as I could myself given how much effort you guys expend on here helping people.

 

Bah! ok well I still have time to change my bank details before I get my first pay at the end of Oct.

 

You guys made me feel much better about my situation when I first posted and certainly every post I read from you lot gives me more and more confidence with how I'm dealing with this. Naturally, and as promised, with my first pay I will be donating, I just wish I could buy you all a beer.

 

 

[Badtimes123]

So Tesco Bank didn't hang around!!

 

Loan debt of £8367.52 passed to Wescot DCA, letter dated 05/10/21

 

Watch this space!

 

Any comments re experience with Wescot?

 

Given how quickly this happened does that mean the debt is 'sold' to them or simply they have been engaged to act on behalf of Tesco and Tesco remain the owning creditor at this time?

 

Thanks

 

[dx100uk]

wetcloths, as with all dca's whereby the letter says our client (original Creditor) ......can be totally ignored.

 

 

[Badtimes123]

Thanks dx and good morning!

[BankFodder]

Open

[Badtimes123]

Thanks for reopen BankFodder.

 

So an update (we knew this was going to be a long road..):

All debts are now in default state with threatening letters being sent on the regular.

 

I have one that has sent me a letter of claim, this is the MBNA debt of £4271.33.

 

The letter is from a solicitors on behalf of LC Asset 2 S.a.r.l

 

Any guidance on this please team?

[dx100uk]

So this MBNA card debt has been sold on now to Link DCA? You've had a notice of assignment? 

 

Click letter of claim.

Follow post 2

.

 

Dx

 

[Badtimes123]

Hi Dx, thanks for reply.

 

Apologies, this is the MBNA loan that was sold on yes. I'm pretty certain every OC has followed the correct process with notifications however recently I've gotten a little lazy with sorting the letters.

 

I'll re-order and file them this weekend and pick out the MBNA one, then update the thread properly.

[dx100uk]

well if debts have subsequently been sold to DCA's and they have written, then you should be firing them off a CCa request for each debt you get a Notice of assignment for.

 

noted this is the MBNA loan not the card with the LOC

 

dx

 

[Badtimes123]

To think it's almost a year ago when I started this journey reaching out for your help.

It's quite the lengthy update to follow, apologies for that.. as you can imagine all OC's have progressed the accounts in some way or another.

It was my understanding that at least until I saw the words 'court' or something similar I could pretty much ignore correspondence. Especially with the understanding of DCA's I have gained from this site and other research, I thought I wait for their moves. That said, I have taken my eye off the ball these last few months dealing with other challenges and perhaps there are things I should have been doing? instead of ignoring the DCA's (which I thought was correct)

To start, all have progressed to a DCA (I have all correspondence filed in order) - perhaps I need to confirm if they are acting on behalf of, or if they actually bought the debt??

 

Some offering reduced payments in full (which is where I want this to go ultimately) to the one that has progressed the furthest, to a letter titled 'Letter of Claim':

 

Kearns solicitors, instructed on behalf of LC Asset

Dated 21/02/22

 

Letter titled Letter  of Claim, requesting my response within 30 days completing an income and expenditure, and tickbox letter for me to tell them whether I dispute it or not (think I've seen Dx link the same form to someone in another thread..)

 

Any help appreciated. I will follow-up today with who is looking after each account now and act on mass where appropriate.

 

Thanks

 

 

This account was assigned to LC Asset on 22nd October 2021 (letter from MBNA)

 

Words in letter that confirm it's fully sold on? - "MBNA Limited has assigned all of it's rights, title and interest in respect of......"

 

1st Feb 22 - Letter from Link Financial, giving me 14 days or they will do the above and assign to Kearns.

 

Happy to list out each account (with dates of letters included, but appreciate it could be a long post.. so here's a summary for now.

 

Both tesco's accounts went to Wescots (offering reduced settlement), now they've both been moved to Moorcroft!

 

Moorcroft:

Tesco CC

Tesco Loan

Virgin CC

 

Wescots:

M&S CC

 

LC Asset:

MBNA CC

MBNA Loan

Halifax CC

 

 

 

 

Edited March 7, 2022 by Badtimes123

[dx100uk]

wetcloths and moorcroft do not buy debt

look at their letters it says our client xxxx. 

safe to ignore any debt until/unless you get a notice of assignment.

 

deal with the letter of claim as already advised.

 

dx

 

 

 

[Badtimes123]

Will do dx,

 

I'm happy to have gotten the letters in order again..

 

Notice of Assignment: Riiiight, I kind of expected this as the title of letters that may jump out at me, like the Letter of Claim does.

 

But as I elude to above, it's the wording in the letter body '...(Insert OC) has assigned all of it's rights, title and interest in respect of......'

 

Sorry I know that's probably 101 for you but this is a first for me trying to understand the process and I'm deep in letters and wording with this many accounts

[dx100uk]

2 minutes ago, Badtimes123 said:

t's the wording in the letter body '...(Insert OC) has assigned all of it's rights, title and interest in respect of.

thats a notice of assignment 

the word sold too typically appears.

 

 

[Badtimes123]

Understood. I have 3 to do then, all to LC Asset:

 

MBNA CC

MBNA Loan

Halifax CC

 

My credit score is now 0 and will not recover for circa 7 years, this will not change now these accounts are defaulted regardless of whether I pay or not, even if I pay in full today, in fact, paying anything towards them only prolongs the pain with respect to Statue Barring situations. So I'm incentivised to find another solution.

My intention remains the same as a year ago, default them to start the timer and where possible settle for less than the full amount. There's no benefit to a payment plan other than perhaps a token plan where the debt gets devalued due to time passing with an eventual F&F of factions the value...

 

Thoughts?

[dx100uk]

only reply to letter of claim for any debt.

 

the rest keep radio silent even if sold on.

 

dx

[Badtimes123]

Ok, will do.

 

So, what happens next then usually? let's say they reply with all the info requested.

[dx100uk]

you scan it up.... we check it.

likelihood its its a cut n paste fake or reconstruction.

 

have a good read of other threads in this debt self help forum yours is in.

you'll soon get the idea.

 

dx

 

[Badtimes123]

I've read a number but none are as new of a debt as mine/I haven't scoured deep enough yet.

 

Let me go make a brew and get to reading

 

Thanks dx

 

Wow, just finished reading

 

Read all of it what a success!

 

I guess the difference with mine could be they are so recent there is no way they don't have the paperwork.. or perhaps I'm giving them too much credit? lol

[Badtimes123]

So that was a first me using PO's also the lady at the counter didn't realise you could create a PO with no name, she was happy she'd learned something new after years doing the job, she had actually advised people previously that they must, it wasn't until I said I was pretty sure you can that she said "oooh, you know what I'll try to click next without entering one, see what happens" haha it was a fun experience. Anyway, enough waffle.

 

Just to confirm now I'm at another juncture with these debts, the advice is:

- Ignore all DCA comms while they are working on behalf of OC

- CCA request to debt purchasers upon receiving Notice of Assignment.

- Follow the PAP instructions should I receive a Letter of Claim.

Any paperwork received following CCA requests/PAP response, return here for upload review, then take action on each individually depending if it's enforceable.

 

^^that all correct please?

 

Just want to double check before I potentially go radio silent again while I action them, I will of course update the thread with anything relevant in between.

 

MBNA Loan assigned to Link, letter of claim received from Kearns: I've sent the CCA to Link and the PAP forms to the solicitor with reason for dispute to the solicitor as 'I do not acknowledge the debt, and the debt purchaser is yet to respond to my request for documentation' - I hope that's right? awaiting response on both of them. Both were sent at the counter and I have proof of posting.

Edited March 25, 2022 by Badtimes123

[Badtimes123]

Update:

 

Letter from solicitor received dated 25th March confirming receipt of my correspondence and stating they have 'requested the documentation' and it will be sent to me when they get it..

 

I haven't received any letter replies from the debt purchaser yet since my CCA request which was posted 22nd March.

[Badtimes123]

Morning CAG Team.

 

CCA request sent with proof of postage 22/03, the 12+2 requirement - is that 12 working days please?

 

Also, what are the next steps if I don't hear back within the 12+2 please?

 

Thanks

[dx100uk]

Click CCA request and read 

 

Dx

[Badtimes123]

Yeh multiple times, I was asking for clarity - I understand this is a self help forum..

 

When I've asked to confirm my understanding in previous posts I've received no responses, so thought I'd ask the simple question in the hopes of elaboration.

 

My understanding, as follows:

 After 12+2 (still dont know if it's working days...) they are in default

If the solicitors continue to chase I send them another letter referenced in the library:

 

But what happens if I don't hear anything back from solicitors? can I take any action to close it off?

What happens if I do hear back but it's say after 30 days or a year?

 

Thanks

[AndyOrch]

Working days and if the creditor is unable to comply then they cant enforce the agreement in court until their complience.....no need for you to do anything once the request has been made.

 

 

.

[Badtimes123]

Ok thanks, 12+2 working days.

 

Having read the provisions of CCA too on gov.uk, I've found it hard to understand for a layman

 

In posts above there seems to be contradiction (or again my lack of ability to understand!!) - last bit of clarity I feel I need for now please.

 

" safe to ignore any debt unless/until you get a notice of assignment " Post #36

But then told

" only reply to letter of claim for any debt " Post #40

 

So am I responding to notice of assignments with a CCA, or waiting for letter of claim before sending of CCA's?

 

Thanks