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  • #1

    COOP's idea of default is odd....

    Thought i would share as i dont know what to make of it..

    Had a coop credit card in about april/may of 2007, if i remember correctly i filled in a form and balance transfered.

    Now i figured they most likely have an agreement but figured due to the current state of my credit file i may as well let it default and at least interest should stop.

    Anyway, after two missed payments this year, they have sent me a default notice and then a termination letter as expected (although quite quickly). All going well.

    Since then it appears they are still adding interest and 24 quic a month charges even though i sent offer of payment (refused) and it is defaulted.

    So, mr angry here phones up to be told it isnt defaulted. I say it is. They say it isnt.

    I hang up and go and dig out the letters to make sure i havent got confused but i am right, so......

    I phone back up and tell them it has so why the charges and interest. They say, well its not defaulted until they report it to the credit agency and that could take up to 12 months or when they decide i am a lost cause! They hope they can help me arrange a payment plan. But even after 12 months of that they will default me anyway if i havent cleared the arrears!

    Also to add, i get a letter from COOP asking if i would like to make a reduced offer on the debt to end this now.

    So, immediately my spider senses made me think that i should definitely ask for a CCA. I was going to wait until the first DCA scum got in touch but hey ho.
    They dont offer reductions this early unless there is something afoot with paperwork i reckon.

    Any know if that is correct about the default? Its for about 2700 GBP by the way.

    What a bunch of cheeky monkeys eh?
    Tags: act, agency, april, arrears, card, cca, cca request, charges, cra, credit, credit agency, credit card, dca, debt, default, default notice, defaulted, fun, game, help, interest, letter, letters, lost, payment plan, payments, phone, phones, share, state, stop, unfair, update
  • #2
    Re: COOP's idea of default is odd....

    Hi JSW,
    What they've told you is wrong on so many levels! Was it the tea boy you spoke to?
    They do not have to wait until the default is registered in order to stop interest. The default must be registered with the CRA's in a timely manner, ie within 6 months.

    I wouldn't ring them again, keep it in writing.

    I'd send a CCA request and see what they send back.

    Elsa x

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    • #3
      Re: COOP's idea of default is odd....

      However Elsa, what they can do is issue a DN and not act on it.

      Ive had 2 from M&S before. They can send as many as they like, they dont have to follow it through.

      Its unfair though.

      What bugs me is the termination letter, that to me suggests it was, and im sure it would be frowned upon should they argue it was an error.

      Id def send a CCA Request off now, know where you stand and if its UE they can add as much interest as they like.
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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      • #4
        Re: COOP's idea of default is odd....

        Quite right, they don't have to follow a through. But if they do it has to be within 6 months in terms of the CRA entry.

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        • #5
          Re: COOP's idea of default is odd....

          Thanks guys, i thought they were being a bit cheeky.
          I know i shouldnt phone but they made me see red lol.

          Anyhow, i will request a cca now and ignore anything else until i know its defaulted.

          Fingers crossed on the cca but at that age i doubt it.

          Must admit though, i was fun on the phone listening to the attempts at blackmail via my credit rating. I said look mate, its well shot to bits long before you got your hands on it and credit is the last thing i ever want again.

          Kind of throws them a bit

          Comment

          • #6
            Re: COOP's idea of default is odd....

            The first thing is to ensure it is a DN and not a notice of default. A pucker DN will be issued under s87 of CCA.

            If it is a pucker DN, then they cannot issue them like confetti. They issue one and then update that, unless the default is settled. In that case, if settled within the time allowed, matters are treated as if the default had not occurred. Game is reset and if you default again, then they can issue another.

            If they genuinely default under s87, then terminate, they should not be adding interest.

            Also you mention that the DN is for £2700. If this is the full balance and not just the arrears, then the DN is poo.

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