Advise please :)

[Amethyst]

Re: Advise please

Brilliant cheers! It's yes personal credit debt - ideally want to settle out of court as do not want the stress hanging over me! Am about to start talking to them but also wanted to check timelines too. Thank you very much!

Might be worth going through the basics here first before contacting them, just make sure you are in as good a position as possible first.

[MK2017]

Re: Advise please

Cheers!
Well I defaulted on the loan around 2-3 years ago, the actual loan was kind of top up loans w/ welcome finance: I took out first in mid 2014 of 4K across 18 months, then after 8 months of paying it off ( but not paying it all off) I took out another loan that merged into that of 2k across 2 years, then I took out s third too up that merged 4-6 months later. All in all, I had the loan/s out for 15 months - I fell on hard times lost my relationship / job and stopped paying in. I had no contact with the lender and it defaulted a few months later. The whole debt amounted to over 15k originally which was mainly interest. The original lender did call me at all hours left really harrssing texts but I didn't save anything. Now the debt has been reduced somewhat not sure why or how and it's 12500.
Anyway, the debt has been assigned I was sent paperwork from agency and lender a few years ago saying agency has bought it and owns loan it's been assigned. I want this off of my back and would like ideally to negotiate a discounted sum. In past I've seen letters offering discounted but have to pay within 30 days which I can't do - I feel I owe money, it's been handled badly, so to meet ( morally ) in middle I pay some of it but it's discounted to compensate for the way it's all been done. If that makes any sense!

[Amethyst]

Re: Advise please

Yes that makes sense. I think you should gather some information to check the position of everything.

When you say merged, do you mean it was a completely new loan which paid off your previous loan and gave you the extra required at the time ? It seems there might be some argument as you had three loans in such a short period to 'top-up' and there may be charges / faults hidden amongst everything that you can use as a negotiation tool. Was your credit file good at the time you were taking these loans out, did they do any affordability checks ? Did each loan increase the monthly amount you had to pay etc ?

It is definately worth your sending a Subject Access Request Letter to Welcome to get hold of all the history and transactions / charges etc made on these accounts, also all the agreements applicable to them.

I would then also send a CCA Request Letter to the 'agent' the debt has been assigned to ( someone like Cabot, Hoist, PRA or Acenden ? ) and a request for a full breakdown of transactions so that you can consider your position and their offer of settlement, although you could wait and do that in response to their letter before claim if they do send one ( do the CCA request though) Even asking for the documents could put you in a better negotiating position. At least you know that if any requests for information do nudge them towards court action any judgment would be 6 months off during which time you can still negotiate if needed.

If the debt has been purchased by one of those companies rather than simply assigned it is possible they only paid something in the region of 10-20% for it so anything above that is profit.

Also financially where do you stand now, are you able to make a one off full and final settlement or would you be tied to monthly installments over a long period ?

[MK2017]

Re: Advise please

Thanks again for the response! My credit rating was bad which is why i went to such a poor credit lender - it was my only option. I had a good income though at the time which i guess accounted for / made up for it. In fact by the time I asked for the 3rd top up the guy in store where i had to go said my rating had been wrecked by payday loans and said that is why the interest on the loan they gave me had to shoot up. Obvs no proof now - i just accepted it as needed the money.

When you say merged, do you mean it was a completely new loan which paid off your previous loan and gave you the extra required at the time ?

Yes

Did each loan increase the monthly amount you had to pay etc ?

Yes

It is definately worth your sending a Subject Access Request Letter to Welcome to get hold of all the history and transactions / charges etc made on these accounts, also all the agreements applicable to them.

Even though its now technically owned by an agency? I am kinda afraid to rock the boat as dont want them to own the loan again and for the amount to go up.

I would then also send a CCA Request Letter to the 'agent' the debt has been assigned to ( someone like Cabot, Hoist, PRA or Acenden ? )

- not got paperwork here so cant recall name of agency.

and a request for a full breakdown of transactions

- would this include all transactions across the loans? including payments i made etc? can i ask for that detail?

so that you can consider your position and their offer of settlement, although you could wait and do that in response to their letter before claim if they do send one ( do the CCA request though)

Even asking for the documents could put you in a better negotiating position. At least you know that if any requests for information do nudge them towards court action any judgment would be 6 months off during which time you can still negotiate if needed.

If the debt has been purchased by one of those companies rather than simply assigned it is possible they only paid something in the region of 10-20% for it so anything above that is profit.

WOW.

Also financially where do you stand now, are you able to make a one off full and final settlement or would you be tied to monthly installments over a long period ?

Not in the best place financially but there may be light at end of tunnel due to possibility of brother helping me out.

- - - Updated - - -

Ps do i have post request letters as outline in last post or can i email this letter/ requests to them too>

[Amethyst]

Re: Advise please

Okay - when you get home find out who currently owns the debt ( who sent you the offer for reduced settlement ? ) and will have a better idea where to go.

I would send the Subject Access Request to Welcome now anyway - they have offloaded the debt onto a DCA ( depending on above but it's likely ) so they have no interest in it, but they still must comply with the Data Protection Act and send you copies of all information they hold about you. You never know what that might bring to light and how it will help you further along the line, so worth doing - it will cost you a tenner and will take up to 40 days for them to comply so best to do it sooner rather than later - and the current owner of the debt won't even know about your request. It will need to go by post to their data controller.... two tics


registered data controller is;

WELCOME FINANCIAL SERVICES LTD
MERE WAY
RUDDINGTON FIELDS BUSINESS PARK
RUDDINGTON
NOTTINGHAM
NG11 6NZ

[Amethyst]

Re: Advise please

Alsooooooooooo.... have you read Debt Camel's payday loan complaint article ? https://debtcamel.co.uk/payday-loan-refunds/ Might be worthwhile.

asked for the 3rd top up the guy in store where i had to go

What kind of store was this ? did you get the loan via a broker or direct with Welcome?

[Diana M]

Re: Advise please

I assume this thread relates to your other thread from yesterday here > http://legalbeagles.info/forums/show...l=1#post768573

I posted on some questions on that thread because it appears that the debt purchaser may have assignment issues (and PPI?) >

Who currently owns the original Welcome loan and who is the DCA chasing you on their behalf? You believe the debt has been assigned (sold) but DCAs only act as 'collection agents' for the owner.

Did you have PPI on the Welcome loan?

How did you take out the loan (broker etc)?

Did you send a formal s 77-79 CCA Request with the £1 statutory fee in order to obtain the credit agreement or was it simply a request by letter/email?

I had a letter saying the debt has been assigned to the agency I cant remember their name. WF also sent me a letter saying they no longer own the debt it has been assigned. On my credit file its changed and its the agency that now are the named owner of the debt. I took the loan out with the company WF direct.
I understand there may be a chance this debt is not legally theirs and I will look over the paperwork with the fine tooth comb to check as this is really useful advice.

If you decide to make an offer make sure it's headed "Without Prejudice Save as To Costs" to protect your legal position if proceedings are subsequently issued.

Making an offer can be viewed as an admission of the debt which could result in a CCJ if the other side produce it as evidence further down the line.

If there have been three loans (two appear to have been consolidation loans) then the current owner may have a problem.

Di

[Amethyst]

Re: Advise please

Ahhh I didn't notice another thread on the same issue - I shall merge together Thanks Di.

Edit: Done.

[Diana M]

Re: Advise please

from when the claimant files their DQ, how long does it take for court date to be set? Is it immediately , is it a matter of days / weeks etc. Basically I'm seeking to understand what the shortest timeframe could benefits s judgement is given - and just to be double sure: once a judgement is given the defend went has 30 days to pay the agreed sum ( to avoid Ccj bring lodged) or arrange payment plan wth ccj being lodged?

lastly, as this is over 10k but only by a few grand, this could be processed thru small claims? If so is the minimum timeline as per above too?

There is no definitive answer to your question(s). Each court claim is different depending on the facts so it's dangerous to speculate since there are so many legal manoeuvres which can take place, such as either side making Applications for Disclosure, or a Summary Judgment, or a Strike Out, or a stay and so on.

If a claim is over £10k it can sometimes be allocated to the Small Claims Track if both sides agree and the court doesn't object (they have the last word on this).

Some debt purchasers and their solicitors prefer Small Claims Track so as not to risk costs if they lose the case. Others like the Fast Track so the Defendant would have to pay their costs if they win (subject to unreasonable conduct).

As for the time it takes to set the court Trial date that will depend on which area of the country you live in, and what backlog the court has. It also depends on what happens once the case has been transferred (like Applications from either side as I've mentioned).

This is the typical timetable for Fast Track cases where you'll see it's 30 weeks from allocation (by your local county court) to Trial >http://www.justice.gov.uk/courts/pro...rt28/pd_part28

Di

[Diana M]

Re: Advise please

by the time I asked for the 3rd top up the guy in store where i had to go said my rating had been wrecked by payday loans and said that is why the interest on the loan they gave me had to shoot up. Obvs no proof now - i just accepted it as needed the money.

^ ^ ^ I think this issue needs exploring.

If the two subsequent consolidation loans were at a higher interest rate then the original loan (incorporated in them) the question is were they missold?

Without the full facts it's not possible to advise whether you should settle or not, or how long everything would take from start to finish.

Di

[Diana M]

Re: F&F settlement help!

Can you answer two important questions please.

Have you received a Letter Before Claim with a form to complete?

Was the credit agreement you were sent by the 'DCA' in response to a formal s 77 - 79 CCA Request including £1 for the statutory fee?

post # 1 >

I have been offered 60% reduction of my debt which is over 8k. I have asked for CCA etc and they have provided it.

. . . . I may be able to ask a family friend to help with a bit more but that will I guess take a while to sort out and may be longer than the 30 says they the DCA have given me.

Di