Patch's Diary

[nightwatch]

Re: Patch's Diary

OMG I just looked properly at the paperwork sent to me by Lowells and it says Preference Account... wtf is that??

I originally had either a leaflet or something on the bottom of a Littlewoods catalogue statement that offered a loan... I called them and agreed to the LOAN over the telephone.
Then in 2008 when we were desperate for money like a tit I called and asked if the loan could be raised and they said yes and that they would send a courier with the paperwork and I was to sign it and hand it back to the courier.

I had a wisdom tooth removal in the morning and that afternoon was chillin on the sofa when the courier arrived and asked for me, I was given a plastic rainproof folder in which was the paperwork which I signed and then handed back to the motorbike chap who sped off... I 'think' I then had a cheque or did they pay it direct into our bank? I can't recall....

I have no idea what a preference account is .. as far as I know I asked for a loan and then extended loan for more.. never any preference account.

Or are their loans called that?

I worked in a call centre where they did these type of loans, courier came with docs you showed some kind of identifcation, signed paper, if you were still paying the first loan then the courier would phone up after you had signed and the money was released into your bank account within the hour, if not you were asked if you wanted a cheque, or the money was payed into your account 24/36 hours later, often you never saw the T&C

[patchouli]

Re: Patch's Diary

Yeah I can't remember having a cheque so it must have gone into our account.

But I was never issued any bank cards or anything for this so called Pref' Account....

[nightwatch]

Re: Patch's Diary

I think it used to work by letting you borrow money back out of the account, so if you had paid off 500 you could borrow it back upto your limit

[patchouli]

Re: Patch's Diary

I think it used to work by letting you borrow money back out of the account, so if you had paid off 500 you could borrow it back upto your limit

Well I certainly didn't know this and believe me when we were desperate for money HAD I known this I would have done just that. hmmm interesting.

So NIDDY? Do I missing PT the loan too or are you looking into the fact it says pref' acc' ?

[ken100464]

Re: Patch's Diary

OMG I just looked properly at the paperwork sent to me by Lowells and it says Preference Account... wtf is that??

I originally had either a leaflet or something on the bottom of a Littlewoods catalogue statement that offered a loan... I called them and agreed to the LOAN over the telephone.
Then in 2008 when we were desperate for money like a tit I called and asked if the loan could be raised and they said yes and that they would send a courier with the paperwork and I was to sign it and hand it back to the courier.

I had a wisdom tooth removal in the morning and that afternoon was chillin on the sofa when the courier arrived and asked for me, I was given a plastic rainproof folder in which was the paperwork which I signed and then handed back to the motorbike chap who sped off... I 'think' I then had a cheque or did they pay it direct into our bank? I can't recall....

I have no idea what a preference account is .. as far as I know I asked for a loan and then extended loan for more.. never any preference account.

Or are their loans called that?

In the dim distant past on here I seem to remember Niddy saying something about these couriers making the loan wrong. But for life of me cant remember what he said.

[Never-In-Doubt]

Re: Patch's Diary

I've got your email, will reply later.

Regards preference account, yours seems to be a loan cum overdraft which would make it pretty unenforceable but the killer is the courier delivery - you cannot have read everything in the two minutes he waited for you to sign. Remember what happened? A courier came to your door and asked you to sign there and then, you did not get time to sit and trawl through the paperwork did you?

The unregulated and unqualified courier was not in a position to sell a credit agreement to you, let alone at your place of home.

That in itself makes everything a whole lot better

[Never-In-Doubt]

Re: Patch's Diary

With regards to the loan the reply was that it is enforceable

"this is a preference account, ie a loan and overdraft or card and overdraft which were rather weird to say the least." Which is giving me hope!! Not sure what it means though lmao

What DOES that all mean?

if you are quoting me, please email me and don't do it here out of context!!!

[Never-In-Doubt]

Re: Patch's Diary

Sorry... should the above be BE or are we directly quoting someone here and should it say [sic] after?

it is a quote from Carey v HSBC thus "he" is correct. It's a quote from The judgment, made by Judge Waksman.

[Never-In-Doubt]

Re: Patch's Diary

Well I certainly didn't know this and believe me when we were desperate for money HAD I known this I would have done just that. hmmm interesting.

So NIDDY? Do I missing PT the loan too or are you looking into the fact it says pref' acc' ?

nothing to look into, it is a preference account - search AAD for it, loads of people have them and I've said the same every time, they are unenforceable as such an agreement is a dual product and the terms were never tailored to the bank account part of things, only the loan/credit element.

In your case the courier changes things, not the loan agreement itself or type of product - the courier. Undercover Elsa had the same and we got hers pretty much wiped out, as with other others here.

[Never-In-Doubt]

Re: Patch's Diary

In the dim distant past on here I seem to remember Niddy saying something about these couriers making the loan wrong. But for life of me cant remember what he said.

Its a regulated product, a courier is not qualified or authorised to give financial advice nor to offer a credit token at your doorstep hence the agreement must be UE as you were out in a position that they rushed you into signing without allowing you time to "cool off" having read the terms etc nor could you have asked questions as they couldn't answer. Usually with a loan you'd phone, get accepted, get sent an agreement, read, check & sign it then return it, then the funds appear.

If in between receiving the application and the funds you had questions, you'd call and ask. You cannot do that once the courier leaves your house and the funds go in the account later that day.......

Plus the fact these preference accounts merged an unregulated and regulated product into one package alters things, imagine it - you get a £5k loan to spend in a bank account style thing, but once it's all gone and there is a -£5k debit against the bank account, it's pretty hard to enforce against the regulated loan isn't it - technically you owe money against an unregulated product. Hmmmmmmm

[patchouli]

Re: Patch's Diary

There was a list of things I had to do and couldn't do.

On of the things was NOT to speak to the courier about the contents of the envelope.

He came, handed me the envelope, I read the do this do that list, signed it all and handed it back... he left.

I am sorry I anger you so often. I am an idiot and don't know your rules on here. I only quoted you so I could continue the flow of what was happening and also to see what a preference account was if anyone knew. I never meant to offend you and mistakenly thought it was in context as it was to do with the thread. Sorry. It's weird but when you tell me off (which this is about the 3rd time) I feel like I did as a child lol like I have upset a parent or something.. lol

I'm a clutz and will try not to slip up again.

OK so.... now what do I do send missing PT's to BOTH barclays and HBOS or do I need to send something different to HBOS as it's a preference / courier thingy?

[Never-In-Doubt]

Re: Patch's Diary

I'm not telling you off - divvy!!

if it continues then you'll get 100 lines and an hour detention

But seriously, don't think like that - I just tend to type as is and don't always read into it, I'm pretty laid back and to get me mad you'd have to actually go and get a job with MBNA or summat silly like that

[Never-In-Doubt]

Re: Patch's Diary

I would send missing PT's to both - see what they come back with. That said HBOS will be different so keep us updated on that one, plus it's a few grand isn't it? They may try and get heavy but check others on AAD - they seem to be ok....

[patchouli]

Re: Patch's Diary

I think it's the !!!!!!! For some reason it makes my insides burn and I think "Oh crap.... I've gone and upset someone I respect!"

You like your !!! I guess lmao....

ok I'll calm myself.

You know I have been so wound up like a coil over these loans for so long that learning to relax and that they MAY be dead is so so hard... I am a strong woman but this debt rubbish is killing me.

Now I am uber confuised about the biggy.. the £17k debt... last week I had hope it was UE... all weekend I have been on the verge of tears thinking it was E.... today I am sitting here thinking What the total feck is going on??

It's like I'm going nutzo whacko! lol

[patchouli]

Re: Patch's Diary

I would send missing PT's to both - see what they come back with. That said HBOS will be different so keep us updated on that one, plus it's a few grand isn't it? They may try and get heavy but check others on AAD - they seem to be ok....

excellent... PT's to both will be sent tomorrow.

Thank you. :-)