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When I first joined this group I had some serious credit card and overdraft debt, incurred in the hope that I could keep my ailing company going. The amount involved was probably between £80,000 to £100,000. I would emphasise that the spending was made in the expectation that I would get the money back out of the company to clear the borrowing, but in the end that didn't happen and I was personally saddled with it all. I certainly didn't run the debt up by flying first class backwards and forwards around the world on luxury holidays or by buying expensive motor cars!
I don't know quite how, but I managed to fend every company off without going to court and without paying them anything at all, bar one! The only thing I am now left with is a small debt (less than £5,000) to one of the debt purchasing firms, who purchased my old Barclaycard account. Ironically it was also the smallest debt of all.
This account is quite interesting. It started out as a Morgan Stanley Dean Witter (MSDW) account in 2000. Barclays took over their accounts in 2008.
When I hit the financial brick wall, I asked Barclays for a copy of my original agreement. All I received back was a copy of their standard Ts & Cs, which were completely irrelevant. They then sent me a copy of some MSDW Ts & Cs, but these were clearly not for the product I signed up for.
Eventually, seven years later, I received a copy of the original agreement I signed from the company that now owns the debt.
I took out the account following a mail shot, to the bottom of which was attached an application form. There was no other document in the envelope. I still have the top part of that letter.
The copy document sent to me is totally illegible in places and barely legible in others. However, I have been able to deduce that is contains less than three of MSDW standard terms. It says that the other terms can be found in their full terms and conditions. Although the MSDW Ts & Cs I initially received were for the wrong product, they actually contain 22 terms in all. So it is fair to assume that those for my product would too.
Has anybody got any experience of dealing with similar accounts? My understanding is that the current owner of the debt is now completely f***ed because the original agreement is blatently incomplete. There is no way an application form containing only three out of twenty two terms is valid.
I recently received a letter of claim from one of the well known firms in that field, but I have written back to them and told them to f*** off!
I would be interested to hear from anyone that has also found themselves in a similar situation with MSDW. I am pretty sure I am on solid ground, but as always with these things, you never quite know!
I don't know quite how, but I managed to fend every company off without going to court and without paying them anything at all, bar one! The only thing I am now left with is a small debt (less than £5,000) to one of the debt purchasing firms, who purchased my old Barclaycard account. Ironically it was also the smallest debt of all.
This account is quite interesting. It started out as a Morgan Stanley Dean Witter (MSDW) account in 2000. Barclays took over their accounts in 2008.
When I hit the financial brick wall, I asked Barclays for a copy of my original agreement. All I received back was a copy of their standard Ts & Cs, which were completely irrelevant. They then sent me a copy of some MSDW Ts & Cs, but these were clearly not for the product I signed up for.
Eventually, seven years later, I received a copy of the original agreement I signed from the company that now owns the debt.
I took out the account following a mail shot, to the bottom of which was attached an application form. There was no other document in the envelope. I still have the top part of that letter.
The copy document sent to me is totally illegible in places and barely legible in others. However, I have been able to deduce that is contains less than three of MSDW standard terms. It says that the other terms can be found in their full terms and conditions. Although the MSDW Ts & Cs I initially received were for the wrong product, they actually contain 22 terms in all. So it is fair to assume that those for my product would too.
Has anybody got any experience of dealing with similar accounts? My understanding is that the current owner of the debt is now completely f***ed because the original agreement is blatently incomplete. There is no way an application form containing only three out of twenty two terms is valid.
I recently received a letter of claim from one of the well known firms in that field, but I have written back to them and told them to f*** off!
I would be interested to hear from anyone that has also found themselves in a similar situation with MSDW. I am pretty sure I am on solid ground, but as always with these things, you never quite know!
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