Over £149 million to be repaid by lenders ref CCA failings post contractual info

[dogtired]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

On quick look possible four former accounts, three of which with same group.
How soon should we hear anything?
And (sorry if its been asked before) what happens if original supplier sold n to DCA.?

[Guest]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

On quick look possible four former accounts, three of which with same group.
How soon should we hear anything?
And (sorry if its been asked before) what happens if original supplier sold n to DCA.?

An interesting question.
If the agreement had been the subject of a default notice and terminated prior to sale , the notice would have been incorrect, because the sum stated for remedy would have been miscalculated, this could give the DCA all kinds of problems when the attempt to enforce, an also the balance would be wrong.

[dogtired]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

An interesting question.
If the agreement had been the subject of a default notice and terminated prior to sale , the notice would have been incorrect, because the sum stated for remedy would have been miscalculated, this cold give the DCA all kinds of problems when the attempt to enforce, an also the balance would be wrong.

Thank you Andy, so we just wait, again I suppose :tinysmile_aha_t:

[Guest]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

As said this applies to regulated agreements only, so second charges before 2008 and over 25k will not be applicable.

[winner12]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Oh dear
The DCA having a headache I think its time up for them so lets hope they have to adjust all the amounts I think a few of mine would be paid off

[di30]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Well let's hope they will start on these refunds soon then, I assume the OFT would have given them a timescale.
However, I am sure the OFT expected these involved businesses to be in touch with them (the OFT that is) by the deadline today - in regards of this matter....

[Guest]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

just heard on the news that the Co-op are having problems raising additional funds due to having to address consumer credit breaches.
I wonder if that is related to this.

[Amethyst]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Co-op apparently have already refunded some customers because of this, they announced failings around the same time Barclays did last autumn, but no figures were given.
http://www.co-operative.coop/corpora...-conduct-risk/

Here's an example of the letters that went out after Christmas sometime

Dear MR X

The Following letter is reference to your loan account.

AS you may be aware, we send you periodic statements at least every 12 months to keep you updated on activity relating to your loan account. This is in accordance with the Consumer Credit Act 1974 .

Since we produced your last statement we have noted that some of the wording that is required in accordance with the Act was omitted in error.

We are currently working through the detail of this omission to identify individual customer impacts and we will write to you in again in due course once the review has been completed with further information about what this means for you. As part of this process we have notified the Office of Fair Trading, the organisation responsible for regulating compliance with the Act.

No action is required by you at this time but if you have any questions in relation to the content of this letter, please do not hesitate to contact us on the following number and we will be happy to help you.

Please accept our apologies for any inconvenience the above may have caused you.

Yours sincerely

Joanne Mayer
Head of Banking Operations

Haven't seen yet if anyone actually received a refund.

[winner12]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

I think they should let everyone know who they are as yet again the banks have made millions out us all for long enough.
I know my debts went up quite a bit from me getting into trouble and asking for help to default then to DCA all in space of about 6 months and LLoyds and Barclays were among the worst culprits

[Amethyst]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Co-op also had to repay some mortgage customers last Autumn as well. http://www.telegraph.co.uk/finance/p...ing-error.html

[di30]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Co op is my bank, I moved from Lloyds to these about 2009 lol x

[di30]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

I think they should let everyone know who they are as yet again the banks have made millions out us all for long enough.
I know my debts went up quite a bit from me getting into trouble and asking for help to default then to DCA all in space of about 6 months and LLoyds and Barclays were among the worst culprits

Likewise!! a heaped pile of threatening letters from them within a week of missing a payment and us trying to come to an arrangement, then along came SCUM

[winner12]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Exactly my point not sure how they will get out of this mess though all mine were defaulted but my biggest one with Lloyds is still with them via their in house collections

[di30]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Exactly my point not sure how they will get out of this mess though all mine were defaulted but my biggest one with Lloyds is still with them via their in house collections

We have one sold on full to Cabot and the other 2 Apex but Lloyds still has liabilities with the ones they sent to Apex, one of them is still directly lloyds collections and that is hubby's credit card x

[winner12]

Re: Over £149 million to be repaid by lenders ref CCA failings post contractual info

Sounds like we have something in common then we were both stuffed by Lloyds
I remember at the time asking for a different payment date to try and sort things a little which would of given us some space to breathe but they sent a DD form
I know the same thing happened to friend of mine recently she had changed jobs and the tax buggered up her pay for a couple of months she had the same answer and they sent a income and expenditure sheet she has cleared the arrears thankfully now she only asked for 2 weeks breathing space I did a thread on here at the time
Sounds like the banks have not got any easier to deal with so let be made to pay up again justice I feel as its our money anyway