New U/E diary

[Jollyman1]

Thinking further about the above Di (dangerous for me lol), is the thought that I should be submitting a CCA request to Lowell to see what (if anything) they can come up with? Being a fairly recent account (opened 2016) I wasn't really holding out much hope of that they wouldn't be able to come up with it.

Not sure that I'm following on why a lack of default by the original creditor might benefit me, as surely the terms of any agreement are likely to have allowed the creditor to assign their interest?

[Jollyman1]

Thanks Di, I'll hang fire on the SAR for now.
An alternative might be to SAR the CRAs for historical data, as all previous information for the Lowell accounts before they owned them doesn't show on any of the CRAs (except default dates for the 2 out of the 3 that have definitely defaulted.

[Joanna Connolly Solicitors]

My thinking with a SAR was that it would disclose if perhaps the account had defaulted but not been notified as that to the CRAs (unlikely perhaps) and if not to ask them to backdate the default date.

This was a loan rather than a CC so I hadn't thought about interest being stopped as no further interest has been added, but I guess it was front loaded at the start. Does anyone have experience of how creditors should or do approach this where interest is front loaded? Would be great if at least some of the interest could be refubded/deducted.

Please don't do anything about the default issue yet.

It may be to your advantage if the original creditor got it wrong.

You don't have the facts to make an informed decision (yet).

If you challenge the original creditor over potential interest issues they may decide (wrongly) to simply adjust the balance which they assigned to the debt purchaser (Cabot) if you're correct in your challenge. This wouldn't benefit you and could possible harm your situation (legally speaking).

You then have to consider whether your challenge has compromised your legal position.

Don't send a SAR yet.

Di

[Jollyman1]

Thanks Moonmonkey. My thinking with a SAR was that it would disclose if perhaps the account had defaulted but not been notified as that to the CRAs (unlikely perhaps) and if not to ask them to backdate the default date.

This was a loan rather than a CC so I hadn't thought about interest being stopped as no further interest has been added, but I guess it was front loaded at the start. Does anyone have experience of how creditors should or do approach this where interest is front loaded? Would be great if at least some of the interest could be refubded/deducted. Thanks for making me give it some thought.

[Moonmonkey]

Hi Warwick.

All have interest frozen and all except the Creation Loan have definitely defaulted. Did receive a letter (which I assume to be a notice of assignment) when Creation Loan was sold to Cabot, and it mentions the total balance due not having been received by them, which tends to suggest it was defaulted. There is no default showing for it on CRA reports though.

You may want to complain to creation about not defaulting - they may have been charging interest up until they passed to Lowell. I took creation to the ombudsman in the end - took a year but got a backdated default and £1300 back in interest charged plus £150 compensation. I guess if you get all accounts defaulted in 2018 then you know you will have a good credit rating in 2024. :-) I have found my journey easier by looking forward instead of backwards - Good luck and look forward to reading your diary as it progresses.

[Joanna Connolly Solicitors]

I came across this inspirational board on AAD and that set me thinking that I should think about seeing if any of my debts might be unenforceable

. . . . They go on to quote Carey v HSBC to say that resconstituted agreement is acceptable

Hello

Joanna Connolly was the lead solicitor in the case you quote.

I personally feel that some debt purchasers make statements in correspondence which are not always accurate or factually correct (in legal terms). The Judgment was specific and defined exactly what and what isn't legally acceptable.

For a credit agreement to be accurately reconstituted you would think that the source/basis of that claim would need to be proved/evidenced.

I'll take a peek at your thread tomorrow.

I look forward to helping you.

Di

[Jollyman1]

Oh and welcome to AAD. Using this method I got my life back and got rid of 50k of debt

Thanks for the welcome.

[Jollyman1]

Sorry, should have said when Creation loan was sold to Lowell, not Cabot.

[Jollyman1]

Hi Warwick.

All have interest frozen and all except the Creation Loan have definitely defaulted. Did receive a letter (which I assume to be a notice of assignment) when Creation Loan was sold to Cabot, and it mentions the total balance due not having been received by them, which tends to suggest it was defaulted. There is no default showing for it on CRA reports though.

[Warwick65]

Oh and welcome to AAD. Using this method I got my life back and got rid of 50k of debt

[Warwick65]

Hi
Can you let us know if these companies have defaulted you and/or frozen interest.

Are there some other debts which you have not included , if they are unsecured might be worth looking at them.

Just for now I’m would hang fire on the SAR. Get the cca requests done first.

[Jollyman1]

BARCLAYCARD CREDIT CARD

Date commenced 2013
Approx. balance £7,800
Date last DMP payment June 2020
Payment amount £48
Last Full payment approx. November 2017
Default: January 2018
Account owner: PRA
Notes:
ACTIONS:

[Jollyman1]

CREATION LOAN
Date commenced 2010
Approx. balance £7,000
Date last DMP payment May 2020
Payment amount £47
Last Full payment approx. November 2017
Default:
Account owner: Lowell
Notes: Never appears to have defaulted, showing late markers for past 6 months or so
ACTIONS:

Thinking of SAR to Creation to establish if defaulted

[Jollyman1]

CREATION CREDIT CARD

Date commenced 2010
Approx. balance £2,900
Date last DMP payment June 2020
Payment amount £17
Last Full payment approx. November 2017
Default: June 2018
Account owner: Lowell
Notes:
ACTIONS:

[Jollyman1]

SYGMA/CREATION CREDIT CARD

Date commenced 2010
Approx. balance £1,200
Date last DMP payment June 2020
Payment amount £7
Last Full payment approx. November 2017
Default: July 2018
Account owner: Lowell
Notes:
ACTIONS: