CCA Request

[chris260483]

Hi,

I requested Lloyds tsb to send me a copy of my credit card agreement and im confused by what i received and need some help please.

Their letter says the following -

I write in response to your request for a copy of your consumer credit agreement under section 78 of the Consumer Credit Act 1974 (CCA)

I have enclosed with this letter a copy of the reconstituted version of your executed agreement and a signed statement of your account. By providing you with the documents attached to this letter, we have satisfied our obligation to provide a copy of the executed agreement under section 78. There is no requirement under the CCA to provide you with a copy of the original SIGNED agreement. We Are endeavouring to loacate the copy of your signed agreement but please be assured we would not have opened a credit card account without having sight os a signed agreement. For the avoidence of any doubt, we have set out in the appendix to this letter your rights under section 78.

Having satisfied our obligation under section 78, the agreement you have with us is fully enforceable and we shall continue to treat it as such. We will not be entering into any further correspondence with you regarding the provision of copy agreements.

it then goes on to say the OFT has recently issued a press release etc

with this letter the sent me - Lloyds TSB asset, Gold and Platinum credit card terms and conditions

and for some reason

a statement of an old loan i had with them which had nothing to do with the credit card.

so i have no agreement from them just terms and conditions. Nothing with my sig on and nothing which even looks to me like a credit card agreement.

Any advice??

cheers

[jackreacher]

Re: CCA Request

more docs

In my opinion this is UE The default Charges not particularised. This is definitely a no no.
Also as you do not know what card or credit limit you are going to get you do not know at the point of signing your interest rate.. regards Jack

Re: CCA Request

If payment was sent via postal order how would this hold up via contract like a 3rd party etc?

The idea of a third party cheque was that it is clearly somebody else's money they are cashing, not yours, a PO could be from them, you or AN Other. When backed up by a letter signed by the third party setting out the details of the settlement, and often people write on the rear of the cheque 'Cash only if you wish to be bound by the conditions' (unsure how much weight that carries), it's designed to protect you as much as possible.

No F&F is ever 100% secure and watertight, as they are governed by common law. You make them as secure as possible. :beagle:

[chris260483]

Re: CCA Request

If payment was sent via postal order how would this hold up via contract like a 3rd party etc?

Re: CCA Request

Some are able to negotiate Settled in Full on their CRF, but if you can live with 6 years without credit, that's OK. The main thing you need in writing, which they have not put, is that the balance will reduced to zero and any outstanding balance (there won't be any if it's been reduced to zero) will never be sold on or assigned to any third party.

When making payment, if possible get a friend or family member to write a cheque and covering letter stating it is in full and final settlement against a/c # abc123, on the understanding that the balance be reduced to zero and a statement issued accordingly, and your credit reference file marked as [whatever you negotiate]. Please cash this cheque only if you agree to these conditions.

By doing it through a third party, the contract is agreed with them, so they will find it harder to come back to you.

Good luck! :beagle:

[chris260483]

Re: CCA Request

letter received from Wescot today --

We refer to your recent communication enclosing an offer of £4450.00, in partial settlement of the outstanding balance.

Your offer has been accepted and payment can be made by Debit Card (subject to acceptance) by calling the Wescot Payment Hotline on 0844 824 1157 or pay online at www.paywescot.co.uk.You can also pay using Paypoint or by sending a cheque or postal order to the address below. Please ensure your Wescot reference is quoted at all times.

If the above payment is received our client agrees not to pursue you for the remaining balance and will not pass on the remaining balance to anyone else to pursue.

Please note payment of a partial settlement will result in this account being recorded as ‘partially settled’ on your credit file. This information will remain on your credit file for 6 years from the date of default. If you are in a position to repay the full balance your credit file would be recorded as fully satisfied for this account

Failure to make the payment as agreed, will result in the full balance being payable.

Yours sincerely


Wescot Credit Services Limited

Is this good enough??

[chris260483]

Re: CCA Request

thank u sir

Re: CCA Request

At 30% of the figure owing they'll be happy, and if you're happy, that is what matters at the end of the day. Just make sure you get everything in writing, especially any agreement over your CRF, and the fact the remaining balance will be written off in full and not sold on to any third party. Get a statement showing the balance owing from the high figure as £0.00 :beagle:

[chris260483]

Re: CCA Request

went back with a counter offer and they accepted 4450, just awaiting to see it in writing from them:tung:

[chris260483]

Re: CCA Request

lets just wait and see what they send me in writing

Re: CCA Request

You don't sound dumb at all. Settled in full means exactly what it says on the tin - it is settled, over and done with, in the past and not to be considered in the future, rather like a spent criminal conviction.

As to whether they will do it or not, that is part of the F&F negotiation which nobody can predict I'm afraid.

[chris260483]

Re: CCA Request

Thanks labman,

in your opinion if I ask will they mark it as settled in full with a partial payment?

And even if they did mark it as settled in full it will still show as defaultd in 2009 which can't be removed and will still effect my CRF?

sorry if I sound dumb :tinysmile_cry_t:

Re: CCA Request

If it is marked a 'Settled in Full' it shouldn't affect your credit file; if it is marked as anything else, it is not worth arguing for as it will still affect your credit whatever the word they use.

[chris260483]

Re: CCA Request

I would rather have it say paid in full then partially settled as this would look better on crf?

or would it be pretty much the same due to the default?

[chris260483]

Re: CCA Request

I've seen on some forums about people partially paying but getting the banks to mark paid in full? Is this just nonsense?

once I receive there letter I will go through it and make them change anything that I'm not happy with, I.e making sure that this relieves me of any liability on this debt and neither westcot, Lloyds nor any other associated company will take any action to enforce or pursue this debt. Correct?

Im probably going to see if I can get the offer lower to about 3k and see what they say

thanks