NATWEST Card - Misfiled CCA what next???

[5563helen]

Hi

I have recently sent for my CCA agreement for my Natwest Credit card. They have written back returing my cheque, stating that...

...my agreement has been misfiled and they have insufficient information to recreate the agreement.
They appreciate that under s.78(6) of the CCA if I decide not to meet obligations under the card agreement as they fall due they will be unable to take steps to enforce repayment of the debt. However, I should continue to meet my obligations under the agreement bearing in mind that the agreement isn't void, it remains valid and continuing default will be reported to credit agencies.

Section 78(6) only prevents us from pursuing recovery of the debt through the courts....

I am not sure where to go from here.
I have currently not defaulted and do have a good credit rating so would prefer not to ruin it if I have any other options - could I suggest a settlement as the amount outstanding is £11,000!!

Also what do they mean by only prevents them pursuing me through the courts? sounds slightly menacing!

Any advice would be greatly appreciated.:tinysmile_aha_t:

[Amethyst]

Re: NATWEST Card - Misfiled CCA what next???

It means they can trash your credit record and give you years of hassle through various debt collection agencies but they can't enforce the debt in court.

If you want to retain your credit record then yes a settlement proposal is a jolly good plan if you can afford a one off full and final whilst the irons hot on their admission of not having the agreement then you could start negotiating - but whilst in negotiations keep up your minimum payments.

Am sure they'd prefer to get a proportion of the debt back and be done with it now than years of arguing the toss.

[5563helen]

Re: NATWEST Card - Misfiled CCA what next???

Thanks for the advice is much as I thought!

Is there any right way/ letter templates I should use to start negotiating and what sort of percentage of the debt would they consider as an acceptable settlement?

Thanks.

Helen

[LJMcLaw]

Re: NATWEST Card - Misfiled CCA what next???

Some accept as low as 30% and some wont accept less than 95%. Start low and negotiate. NB they will mark your file that you paid a reduced settlement which may affect your credit file.

[5563helen]

Re: NATWEST Card - Misfiled CCA what next???

Ok will do - will keep posted on any further developments.!:tinysmile_grin_t:

[WendyB]

Re: NATWEST Card - Misfiled CCA what next???

Are there any late payment/overlimit charges etc that you could use to reduce the debt as well?