GDPR Cookie Consent by SimpleServe Privacy Script Not Sure What to do...... - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

Not Sure What to do......

Collapse
X
Collapse
 
  • Page of 2
  • Filter
  • Time
  • Show
Clear All
new posts
Previous 1 2 template Next
  • #1

    Not Sure What to do......

    Hi Everyone

    I'm on the scrounge for advice.

    Earlier this year I successfully reclaimed all my husbands PPI from NR - they repaid all the premiums (£3429) to his account which is in arrears as its part of a DMP (covered by DAS, we're in Scotland) and NR are awaiting on the return of OHs signed new agreement before reimbursting £655 interest, but I've been thinking........dangerous I know but anyway...

    I sent the initial letter to NR 7th May 2010 stating the PPI was missold, and to be honest I was expecting a struggle but they caved in straight away - which has me wondering, are they keen to get DH to resign a new agreement for the remaining loan as the initial one is unenforceable?

    The original loan was taken out 5 April 2007 - on the cusp of unenforceability I believe.

    So - my question, do you think it's worth getting a copy of the original CCA to check the status of the agreement?

    We're keen to make a F&F offer on this loan, the new loan is for £18500 (£23000 with the interest), Im just wondering where to set the pitch.

    Thanks in advance.

    Miss P
    Tags: accounts, apr, arrangement, bank, bank of scotland, bristol, cca, charges, claim, comi, credit, dca, debt, debts, default, defaulted, dmp, email, expenses, financial, free, halifax, insurance, interest, interest payments, legal, letter, loan, money, niddy, paid, pay, payments, ppi, sar, unenforceability, unenforceable, water, welfare, wrong
  • #2
    Re: Not Sure What to do......

    Hiya

    why is the original loan UE, exactly? It is worth asking for the CCA yes, but as it was a day before s.127 was repealed the chances are this will actually be 100% enforceable - ergo, I wondered why you think it is in fact UE as your original post suggests.....

    thanks
    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

    Comment

    • #3
      Re: Not Sure What to do......

      Hi Niddy - no I'm not at all sure that the loan is un-enforceable, it may well be water tight, and probably is.

      I was unsure due to the date the loan was signed thats all.

      As it stands at the moment it's going to take in excess of 10yrs to pay NR back on the DMP so we are trying to pitch a reasonable F&F - no' too much, no' too little.

      Easier said than done.

      Comment

      • #4
        Re: Not Sure What to do......

        Hiya

        The usual process is to claim charges/PPi and make an offer all the same time so that they accept.... in your case i'd have reclaimed PPi and made an offer of 40% of the remainder - so for example you had a £10k loan, £2k PPi i'd have offered £3-4k for me to walk away and them mark it settled....

        Hope that makes sense..... I would say the CCA is watertight, but without looking i'd hate to guess. Personally, you'd be best making a F&F offer and see what they say...?
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

        Comment

        • #5
          Re: Not Sure What to do......

          The new loan they want OH to take is £18,500 - is £8000 F&F a hit or a miss, dae ye think?

          Comment

          • #6
            Re: Not Sure What to do......

            Originally posted by Miss P
            The new loan they want OH to take is £18,500 - is £8000 F&F a hit or a miss, dae ye think?
            Sorry, what are you saying here? That they want him to take anew loan out - why? what is wrong with the existing loan> I'm confused now - really confused. you're being too coy with facts meaning its impossible to second guess you......
            I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

            If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

            Comment

            • #7
              Re: Not Sure What to do......

              I'll go dig put the paper work and get back tae ye, I'm approaching this aw cak handed.

              Miss P

              Comment

              • #8
                Re: Not Sure What to do......

                thanks... just explain to me the easiest way possible lol
                I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                Comment

                • #9
                  Re: Not Sure What to do......

                  Right - I'll try again.

                  Hubs took out a loan with NR 5th April 2007 - the loan was for £25,000, but by the time they added on PPI and interest the total amount to be repaid was near enough £50,000!!

                  In no time at all DH was having trouble meeting the payments, he ended up with the wolves at his tail, which is when I found out what was going on.

                  I got intouch with Welfare Rights and an advisor came out to speak with us at home.

                  As he was in a multiple debt situation (to the tune of about £86,000!! ;EEK ) and we had a house and a young child he opted for the DAS solution.

                  The DAS kicked in about June/July 2008, and he was making reduced payments to NR via Pay Plan.

                  In May 2010 it started to dawn on me that perhaps there were other ways to start reducing the debt hubs had accrued, so I set about claiming back PPI from NR.

                  I sent a letter stating that the PPI had been mis-sold as the staff stated or led hubs to believe that taking out a policy was a precondition for a loan.

                  and

                  That staff had stated or led him to believe that taking out a policy would improve his chances of a successful application for a loan.

                  Low and behold they wrote back 18th June agreeing with me that the policy had been miss-sold.

                  NR took the total of the PPI premiums £3429 and reduced the arrears on the account with it, and agreed to repay hubs the interest £655 on completion of a new credit agreement.

                  NR have sent out the new agreement to sign but DH hasn't signed as we both smell a rat -are we too suspicious?

                  I hope this makes more sense to you now.

                  Miss P

                  Comment

                  • #10
                    Re: Not Sure What to do......

                    Crystal clear - so they applied the PPi to the original loan and after refunding it, the interest payments on the portion paid equates to £655 so they want to give a whole new loan and in exchange they will give you a cheque for this £655?

                    If so then go ahead, so long as the apr etc the same, and the term is lessened by whatever the existing loan was by. Basically as it was so close to the end of s.127 I doubt the original loan would be UE therefore if they offer you £655 i'd take it!
                    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                    Comment

                    • #11
                      Re: Not Sure What to do......

                      We'd love to get rid of it completely Niddy - and I may have the means to do it.

                      The new loan amount is £18800 (with APR 6.4% thats £23100) - what would a reasonable F&F figure be to pitch at them?

                      Comment

                      • #12
                        Re: Not Sure What to do......

                        Originally posted by Miss P
                        We'd love to get rid of it completely Niddy - and I may have the means to do it.

                        The new loan amount is £18800 (with APR 6.4% thats £23100) - what would a reasonable F&F figure be to pitch at them?
                        Ahh okies, so if you're looking at F&F then i'd be starting around £7k and expect to pay around £10k...... there is a way to do it, but not sure if it would be best for you - that is to default, in which case they may sell it to a dca who buy debts for as little as £0.12 in the £1 so you could risk that and then i'd expect you to be able to settle for around 30-40% of loan value (£6k or so)...

                        but you will be defaulted, that is the downside to that... so you need to establish if a default that lasts for 6yrs is worth £12k or so.....
                        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                        Comment

                        • #13
                          Re: Not Sure What to do......

                          I've often wondered about that method of doing things - I have to say I'm tempted, but as OH is in DAS I don't want to the lot to go t!ts up.

                          I was in the same ball park as you saying £8000 - might split the diffrence and offer £7500 see where that gets me.

                          I think OH has learned his lesson - he's quite happy for me to act on his behalf, the financial industry is a great mystery to him - obviously!! LOL

                          Thanks for your advice - its appreciated.

                          Miss P

                          Comment

                          • #14
                            Re: Not Sure What to do......

                            Are you meaning your hubby works for DAS, i.e. legal expenses insurance?

                            They used to be based in Bristol many moons ago.... lol - dunno if they still are!
                            I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                            If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                            Comment

                            • #15
                              Re: Not Sure What to do......

                              No DAS as in Debt Arrangement Scheme - I'm north of the border.

                              I think its like a DMP with advantages, I'm sure you'll have heard of it.

                              If its not too naughty

                              http://www.moneyscotland.gov.uk/das/Mon ... S_Homepage

                              Comment

                              Previous 1 2 template Next
                              Working...
                              X