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Benefits In Rescheduling

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Ok was wondering if anyone out there can give me a reason for the following, i smell a rat but cant find it, maybe im wrong.


Have a loan which has arrears of 12 mths, never been pursued heavily for as was out of work at that time, i started working again and started paying it again (1 yr ago) and after dealing with banks I decided to ask the loan company for a copy of my loan agreement, (not CCA request) ok came back quickly and to me it looks properly executed so had a look on my statements that were also sent and there dosent appear to be any charges either so left it, the balance now is under 900 quid.


Then today 2 weeks later a Rep from them appeared at my house and asked my wife to sign for a resheduling of the remainder of the loan, wife said no and he asked if she knew what rescheduling of a loan was then told her.


1. There wont be any interest added to it.

2. The payments will remain the same.

3. Any adverse info on the original loan will be cleaned.


He wanted my wife to sign the new CCA agreement there and then and all it would cost would be 50 quid admin fee.


I may be wrong here but why are they going to this bother when they are not going to gain from it, i suspect something aint right with the original agreement but i may be wrong maybe they are trying to help my credit score after all.


Any thoughts peeps


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as of a few days ago any new agreements will not be TOTALLY unenforceable due to a change in the CCA and thus many lenders are trying to get people to rescheldule their agreements as to offer more protection to the lender.

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I doubt they would be doing it to help your credit score, but I'm cynical :rolleyes:


Certainly appears to be that they are trying to cover their own backs with new legislation coming in re-CCAs and all


Obviously there is something wrong with the original agreement, or they don't have one...but as you say they don't have much to gain, apart from legal cover if you decided to stop paying or requested a CCA and the 50 quid admin fee :rolleyes:

Hit the scales, you know you want to :p

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