coop loan / lowell financial unsure what to do

[sandrock]

Recieved a letter from lowell Financial may last year, didnt ring or write just wrote out a cheque for 1 pound a month just so no ccj action would not start... plus i didnt really know what it was for.

 

Came across this site before new year.......

 

Sent out a C.C.A. to Lowell Financial 5/01/07 as they said I had a debt of 2850 with cooperative bank,

 

recieved a copy of credit agreement for a loan of 3k plus loan interest charge of 1400.00

 

the agreement is dated 10/10/96.........

 

signed by myself and hubby but no other signature on agreement.........

 

sent out a s.a.r. to Co-Op on 5/01/07 but have not heard anything from them yet other than the signature from the post office.

 

what should I do not is this under the limitation act?....

any help here would be great...........

[sandrock]

another thing..... there is no record of this debt on my credit file either.......

 

anyone help with this one???

[sandrock]

[sandrock]

anyone?

[diskmandave]

Recieved a letter from lowell Financial may last year, didnt ring or write just wrote out a cheque for 1 pound a month just so no ccj action would not start... plus i didnt really know what it was for.

 

Came across this site before new year.......

 

Sent out a C.C.A. to Lowell Financial 5/01/07 as they said I had a debt of 2850 with cooperative bank,

 

recieved a copy of credit agreement for a loan of 3k plus loan interest charge of 1400.00

 

the agreement is dated 10/10/96.........

 

signed by myself and hubby but no other signature on agreement.........

 

sent out a s.a.r. to Co-Op on 5/01/07 but have not heard anything from them yet other than the signature from the post office.

 

what should I do not is this under the limitation act?....

any help here would be great...........

 

The agreement sounds wrong, as it should be signed (etc) by the lender too, unfortunately, by paying the £1/mo you might have re-set the limitation. Unless it was already statute barred which IMHO it can't be legally resurrected once already legally statute barred...?

 

If "me" i'ld stop paying the £1/mo and see where it goes as, if they do start hassling you again you can always come back and ask for advise, as they are still only in the first stage of the collection process.

 

I'ld also be tempted to send them the, "statute barred letter" in bold text!

 

I'm sure someone more knowlegeable will advise better

 

(those who don't try don't get!)

 

Best Regards, Dave.

[sandrock]

i started paying the pound a month may 06 im also positive the payments for the loan stopped in 98-99

 

in the letter template it does mention about not paying.....looks like i balls up there.

dont know where to go from here really .... they may have caught me just before the 6 years were up what about the countersiged agreement avenue?

[diskmandave]

CCA must be signed by them too!

 

Unless someone with more experience comes and says i'm wrong, STOP paying and see where it goes, like I said it's still at stage 1 of collection process.

 

Send them the statute barred letter (with dates), should they come back to you, then say they have no legal right to ressurect the debt, even given the payment/s that you were bullied (with legal threats) into making.

 

You could also mention that you are making complaints to OFT/TS/POLICE.

 

This is still only in the 1st stage of collection, come back for more advise or help should you need to.

 

Good luck, Dave.

[sandrock]

can anyone point me in the direction of a thread regarding not having a credit agreement counter signed . Just trying to start a letter in response to the above..............

 

 

????

[sandrock]

DOH!!!

 

recieved a letter today......... from Lowell

 

"we can confirm on our records that you actnowledged the account by making a payment of one pound on 19th January 2007 we would also like to advise that regular monthly payments of one pound have been made since nov 2005. therefore the limitation act 1980 sec 5 does not apply in your case we now require payment of the full balance by return"

 

:o

well any suggestions........:-? (gutted)..........

[diskmandave]

Bummer

 

http://i179.photobucket.com/albums/w289/diskmandave/Cap-one.jpg

 

Is this more or less what they sent you?

 

If so, see my own thread, diskmandave vs Lowell (CapOne)

 

You still need to establish if the debt was already statute barred before you started paying the pound a month! A tiny hope?!

 

Regards, Dave.

[sandrock]

there is only my signature on the credit agreement not countersigned does this make a difference?

[sandrock]

[diskmandave]

there is only my signature on the credit agreement not countersigned does this make a difference?

 

I found this on another thread a few days ago, hope it help...

 

OFT rsponse to failing to provide agreement:

 

 

For your information, the general effects of sections 77-79 requires the creditor/owner

(in the case of a hire agreement) under an agreement for (fixed-sum credit, running

account credit and hire agreement) to provide the debtor/hirer with a copy of the executed

agreement and a statement of account on request.

 

If a creditor/owner fails to comply with a valid request within a period of 12 days

(not including the date of receipt of the request) he may not enforce the agreement at all.

This prevents enforcement with or without a court order. If a default lasts for a month

(for example a calendar month) it constitutes an offence. We understand your concerns in

this matter but please do remember however that once the creditor/owner complies with

the request albeit out of time, he may once again enforce the agreement.

 

A ‘true copy’ of an agreement principally consists of the terms and conditions of the agreement

and the statutory content of the agreement. The name, address and signature of the debtor do

not have to be provided. Additionally, the creditor must supply the total sum paid under the

agreement by the debtor; the total sum which has become payable under the agreement but

remains unpaid; and the total sum which is to become payable under the agreement by the debtor

(the latter two must include the various amounts comprised in that total sum and the date when

each is/was due). However, the copy must be a copy. It need not be exact on immaterial points,

but it cannot be a conjectured reconstruction. If the trader has no original copy, the trader will have

difficulty showing that he has complied with the regulation by supplying a ‘true copy’, since nobody

would know what was in the original. When the trader comes to enforce the debt in court, he needs

to have a signed copy of the agreement in order to enforce. As the law stands currently he cannot

otherwise.

 

In the absence of a copy of the original agreement someone's liability for a debt can only lead to

further query. However in circumstances like this we would view it is as unfair practice under

section 25(2) (d) of the Act and relevant to licence fitness if a trader failed to investigate and/or

provide details as appropriate when a debt is queried or disputed.

[sandrock]

so basicaly they have to have a signed copy which they have, but there isays no countersignature from the loan company .........sooo........it does not say anything about the countersignature/

[diskmandave]

so basicaly they have to have a signed copy which they have, but there isays no countersignature from the loan company .........sooo........it does not say anything about the countersignature/

 

Apperently not, you could basically make up your own arguement/s from that and see how Lowell's run with it.

[sandrock]

its very confusing.........

[diskmandave]

In whatever you write to them, i'ld be tempted to include this paragraph unless you can use more to your advantage/situation:

 

A ‘true copy’ of an agreement principally consists of the terms and conditions of the agreement

and the statutory content of the agreement. The name, address and signature of the debtor do

not have to be provided. Additionally, the creditor must supply the total sum paid under the

agreement by the debtor; the total sum which has become payable under the agreement but

remains unpaid; and the total sum which is to become payable under the agreement by the debtor

(the latter two must include the various amounts comprised in that total sum and the date when

each is/was due). However, the copy must be a copy. It need not be exact on immaterial points,

but it cannot be a conjectured reconstruction. If the trader has no original copy, the trader will have

difficulty showing that he has complied with the regulation by supplying a ‘true copy’, since nobody

would know what was in the original. When the trader comes to enforce the debt in court, he needs

to have a signed copy of the agreement in order to enforce. As the law stands currently he cannot

otherwise.

[diskmandave]

its very confusing.........

 

Slowly slowly catchy monkey!

 

Don't give up, use this excellent site to your best advantage

[sandrock]

sandrockDOH!!!

 

recieved a letter today......... from Lowell

 

"we can confirm on our records that you actnowledged the account by making a payment of one pound on 19th January 2007 we would also like to advise that regular monthly payments of one pound have been made since nov 2005. therefore the limitation act 1980 sec 5 does not apply in your case we now require payment of the full balance by return"

 

well any suggestions........ (gutted)..........

Lowell Financial

Enterprise House

1 Apex View

Leeds

Yorkshire

LS11 9BH

 

 

19TH February 2007

 

Your Refxxxxxx

Original Creditor : Co-operative Bank

 

Dear Mr Beaver

I do not acknowledge any debt to your company

 

Thank you for your letter dated 15th of February 2007 in response to my letter dated the 12th of February 2007 in regards to the Limitation Act 1980 Section 5, to which the points you raised I have noted.

 

In regards to my request which I sent you on the 5th of January 2007 requesting a copy of the credit agreement along with further information (copy attached), I received a copy of the Credit Agreement duly signed by myself and my partner. May I draw your attention to the following:

 

Section 127 (3) of the Consumer Credit Act 1974

 

The court shall not make an enforcement order under section 65(1) if section 61(1)(a)

(signing of agreements) was not complied with unless a document (whether or not in the

prescribed form and complying with regulations under section 60(1)) itself containing all the

prescribed terms of the agreement was signed by the debtor or hirer (whether or not in the

prescribed manner).

And Section 60(1) (a) of the Consumer Credit Act 1974

 

a document in the prescribed form itself containing all the prescribed

terms and conforming to regulations under section 60(1) is signed in the

prescribed manner both by the debtor or hirer and by or on behalf of the

creditor or owner.

I therefore , unfortunately, I have to inform you that you have not complied with my original c.c.a. request which you signed for on the 12th of January 2007 .

 

I trust you will look into this Credit Agreement that you supplied a copy of unsigned by the creditor, and I look forward to your prompt reply in relation to this matter.

I will be informing the OFT regarding this breach of my original request and the FSA to which I will forward a copy to yourselves.

Yours faithfully,

sandrock

 

what ya think........ any more info I could put in here??????????

[sandrock]

is it right??.........so little faith in myself............

[PriorityOne]

Hiya Sandrock,

 

What a nightmare !! Ok, firstly, since the CCA that they have sent you has only one signature on it, they have not fully complied with your request. The CCA needs to have both signatures for it to be enforceable; yourself and the creditor.

 

I would write to them about this first. If they do produce the document with both signatures on it (Hmmm), you can then move onto Stage 2... asking for proof of when the last payment was made on the account, prior to you sending off £1 in 2005 because the account may already have been statute-barred. However, if they cannot comply with your CCA.... then there is no point asking them about this. They are very late anyway....

 

I have made some changes to you letter... you are being too nice to them

 

Your Refxxxxxx

Original Creditor : Co-operative Bank

 

Dear Mr Beaver,

 

Please note that I do not acknowledge any debt to your company.

 

Thank you for your letter dated 15th of February 2007, the contents of which have been noted.

 

Unfortunately, the copy of the Credit Agreement supplied by you does not appear to have been properly executed. As I am sure you are aware, section 127 (3) of the Consumer Credit Act 1974, states that a Consumer Credit Agreement does not comply with the regulations under section 60(1), unless it is signed by both "debtor/hirer" and "creditor/owner" and also contains all the prescribed terms and conditions of that Agreement.

 

As you have been unable to comply with my request, I must inform you that until I receive a properly executed Credit Agreement (per my request of xx/xx/xx, the above account remains in dispute and any further action taken by your company to try and enforce an alleged debt will represent a further offence until such times as a properly executed Agreement can be produced in court.

 

Yours sincerely,

 

 

Anybody have any views on this ? If not, send it by recorded delivery and keep a copy for your records.

 

Sandrock, at this point I cannot say if the debt is statute-barred or not, but if it was me... I would fight them with every last breath. I hope I have been of some help on this occasion...

 

[sandrock]

wow can always reply on you!! thanks:rolleyes:

[PriorityOne]

No problem...

[PriorityOne]

Hi again Sandrock.... have edited the letter. It should read as it does now... "debtor/hirer and creditor/owner"...