coop loan / lowell financial unsure what to do

[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.

[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.

[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.

[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.

[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.

[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!

 

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