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LTSB cc default and termination?

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  • LTSB cc default and termination?

    I was given a LTSB cc with a silly credit limit, about 9 years ago. Got into financial difficulty in 2003, received a DN followed by a letter from SCaM 'making a formal demand on you to repay the account balance as quoted above' the full amount outstanding. However they end the letter saying that LTSB will consider a reduced lump sum or minthly repayments.

    I continued paying a token payment. In 2008 had a letter saying the arrears had been cleared and that a couple of terms from t&cs were being amended, but no new comtract was issued. This year they have taken me off the agreed payment plan, asked for full monthly payments and started adding interest. I have pointed out that I cannot pay those amounts and increased my payment.

    They have now issued a new DN.

    My question is, can they issue a new DN, by defaulting and legally requesting the full amount in 2003 does this constitute termination of the account and all my payments have been in good faith but not part of a legal contract? Can I point this out to them and that unlawful rescission means I only have to pay the defaulted amount.

  • #2
    Re: LTSB cc default and termination?

    hi can you let me know what happend with this as they have done the same to me

    I have written and asked them to explain how they can close and report a default on the account in 2002 while still reporting payments under an arrangement to pay,and then saying they are reporting the account as defaulted again in 2010

    this was in feb not heard a word from them

    thanks Missp

    Comment


    • #3
      Re: LTSB cc default and termination?

      Hi, sorry I hadn't seen your post. My account has gone to Wescot who have supplied a poor copy of the original application. I a, mow waiting to hear who 'owns' the account!
      So, no agreement for the 'new agreement'.
      2 sets of DNs. both of which I think are incorrect, plus SCaM had demanded the full amount.
      Therefore I am no further forward and still playing a waiting game.

      Comment

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