GDPR Cookie Consent by SimpleServe Privacy Script 1997 Loan , Is it enforcable? - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

1997 Loan , Is it enforcable?

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    1997 Loan , Is it enforcable?

    Hi All,

    New to the site and I hope someone can help. I took out a loan in 1997 for 10k, In 1998 i got into financial difficulties and i have been making reduced payments ever since, The creditor refuses to freeze interest & the current balance is over 11k.

    I have a copy of the credit agreement i got from a sar back in 2008, but no one at the time could tell be if it is enforceable, its not signed by the creditor for a start.

    I would be really grateful if someone could take a look at it for me.

    Spitfire
    Tags: 123, action, agency, cca, cca request, court, credit, credit agreement, creditor, debt, debt collection, debt collection agency, default, default notice, financial, fire, freeze, help, information, interest, legislation, letter, loan, mat, niddy, payment plan, payments, sar, signature, statute barred, stop, unenforceable
  • #2
    Re: 1997 Loan , Is it enforcable?

    Originally posted by spitfire View Post
    Hi All,

    New to the site and I hope someone can help. I took out a loan in 1997 for 10k, In 1998 i got into financial difficulties and i have been making reduced payments ever since, The creditor refuses to freeze interest & the current balance is over 11k.

    I have a copy of the credit agreement i got from a sar back in 2008, but no one at the time could tell be if it is enforceable, its not signed by the creditor for a start.

    I would be really grateful if someone could take a look at it for me.

    Spitfire

    Hi and welcome...

    Here-----> http://forums.all-about-debt.co.uk/s...ll=1#post46532
    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.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment

    • #3
      Re: 1997 Loan , Is it enforcable?

      Originally posted by spitfire View Post
      I have a copy of the credit agreement i got from a sar back in 2008, but no one at the time could tell be if it is enforceable
      Hello Spitfire and to AAD

      Documents received from a SAR are information. Documents received from a section 78 CCA request are ammunition in court.

      Is this creditor giving you a hard time because we can help you deal with that situation by equipping (empowering) you with the relevant legislation if they are.

      We look forward to hearing the backstory of this debt (and any others you may have) soon

      Comment

      • #4
        Re: 1997 Loan , Is it enforcable?

        Hi Spitfire and welcome to AAD
        How much was the debt when you started your payment plan? Who is the lender and has it been sold on to a debt collection agency? They haven't treated you very fairly advising a long term low repayment plan without freezing interest!
        If it was me I would send a CCA Request ASAP and stop payments immediately.
        You need to force them to default and terminate the account so that interest stops. How to proceed then depends whether the agreement is enforceable or not. If it's unenforceable then we tackle them on that issue and wait for it to become Statute Barred. If it's enforceable it can be blagged for a while to hold them off, and then if there's no other option we can help you negotiate a low monthly payment that's not bloated by interest...and try to get them to remove the interest that's been added over the last few years. I think you've paid your dues to them by now!
        Elsa x

        Comment

        • #5
          Re: 1997 Loan , Is it enforcable?

          Hi All,

          The debt has never been sold on.It was £10,000 when i took it out in 1997,In 1998 when i found I couldn't pay the full monthly payments, a collections agency agreed a lower monthly payment and claimed interest would be frozen,of course i now know they lied. I stopped making payments in January and they are charging £10 a letter and have got as far as threating to issue a default notice.........16 years after i did default!, never got one at the time.

          I got a copy of the application form i signed as part of a SAR request back in 2008, which has my signature and my handwriting on it which I am certain is what would come back as part of a CCA request. I am about to email a copy of what I have to Niddy just to see if it is enforcable or not.

          I would rather not get embroiled with Court action if the agreement is enforcable.

          Emailed Niddy

          Comment

          • #6
            Re: 1997 Loan , Is it enforcable?

            OK see what Niddy says to it

            Glad you've stopped paying. Let them issue that default notice (save a copy of it with the envelope too) and terminate the account.
            They may well have supplied one with a SAR back in 2008, but whether they could still find it all these years later to satisfy a CCA Request is another matter. Things go missing over time...

            Comment

            Previous template Next
            Working...
            X