Settling LTSB loans with DCAs

[nelliewops]

Re: Settling LTSB loans with DCAs

Hi guys,

Just another update on this one -

Today I received a letter from the person at LTSB who originally made the F&F offer to me. It is dated 11 days ago. There is of course no postmark to confirm exactly when it was sent. In it he states that a previous letter was sent to me regarding this matter on 7th January and he encloses a copy of said letter.

Obviously I never received this previous letter, which he admits must be the case.

Not wishing to call LTSB's integrity into question, but I seriously believe they deliberately hold letters back and/or put earlier dates on them than that on which when they were truly written, in an attempt to prevent the customer getting back to them within the given time-frame :tinysmile_cry_t:

The first letter states that they are not able to accept my counter offer (20%) and will only accept the full amount (30%), that because I have received a refund of PPI direct to me this is the best they can offer and that my credit file can only be marked as partially settled.

The first letter gave me an additional 28 days from the date it was written to get the F&F payment to them, but as I never received this letter until today's copy arrived the 28 days actually expires in 3 days, which to be honest doesn't really allow me enough time to get the F&F third party cheque organised..................

Not sure really what to do now - gut feeling is to go back with a higher counter offer, say 25%.

Your advice and suggestions would be most welcome

Many thanks,

Nells x

[pompeyfaith]

Re: Settling LTSB loans with DCAs

Nellie,

You know what I am going to say lol

Go with your gut feeling my dear and mention that you would like more than 3 days to arrange it :tinysmile_hmm_t2:

[Bill-K]

Re: Settling LTSB loans with DCAs

I agree with PF, too.

I would be inclined to mention the dubious dates and non-arrivals of correspondence, pointing out that the rate at which this happens is clearly either a deliberate ploy or an administrative mess - and whichever it is, it needs to be sorted. I would suggest that you ask them to email you copies of correspondence, as well as snail-mail it - at least until they can get their mailing procedures sorted out.

Also, I don't see how they can link the PPI refunds to the loan settlement negotiations. The PPI was an entirely separate matter, involving money wrongly taken from you, and subsequently returned. The return of that PPI was NOT a favour, and should NOT be connected in any way with the loan settlement, IMHO. It was YOUR money all along - NOT theirs. Its' return was not a favour - it was an obligation upon them.

You might even consider repeating your offer of 20%, mentioning the above, but be prepared to accept 25%.

[nelliewops]

Re: Settling LTSB loans with DCAs

Hi PF and Bill

Well, I'm definitely not going to stand for their ploys and tactics, that's for sure!

I'd like to think that was the case Bill, and that we are correct in thinking that the PPI refund has no bearing on other matters, but as always (and as the bank obviously want to happen, lol!), being the pessimist that I am I'm starting to have my doubts. Do you think one of you guys could have a look at the figs for me - when you get a mo - no rush!

I'm guessing that LTSB know who I am on the forum by now and are probably watching even as we speak so I'm not too fussed about giving the figs here.

The original loan amount was £6000 over 84 months plus the PPI at £1685.19.

Monthly instalments including PPI were £144.08 (£31.59 of which was PPI).

The total repayable over 84 months including PPI ands interest would have been £12102.72.

I repaid 33 months totalling some £4754.64, although there were some missed months where payments bounced and interest was still charged.

The outstanding balance is £6327.74.

PPI refunded totalled £2755.23 which broke down as £1137.37 PPI premiums (although I made the figure £1042.47), £353.08 8% interest and £1264.78 difference between settlement with and without PPI.

Let me know if you need to know anything else!

Many thanks in advance if you can help me shed further light on this,

Nellie x

[Bill-K]

Re: Settling LTSB loans with DCAs

I've put your figures into a spready here, Nellie. It needs to have dates put in, and any PPI rebate given has to be taken into account. Does it help ?

[nelliewops]

Re: Settling LTSB loans with DCAs

I've put your figures into a spready here, Nellie. It needs to have dates put in, and any PPI rebate given has to be taken into account. Does it help ?

Many thanks for that Bill - I will have look tomorrow as off to bed now, but it's much appreciated as always! xxx

[Bill-K]

Re: Settling LTSB loans with DCAs

LOL.

Figs. Dates. Laxatives.

We're a healthy bunch here, aren't we?

Just sitting here on our @r$es...

.......Must get out more.....

.............LOL.

[Turboman]

Re: Settling LTSB loans with DCAs

LOL.

Figs. Dates. Laxatives.

We're a healthy bunch here, aren't we?

Just sitting here on our @r$es...

.......Must get out more.....

.............LOL.

You stay there mate--you could be dangerous on the loose!!

Sorry I cant keep up Nellie--I've had a few probs with NHS & now some other stuff-& the Gorilla is forcing me to understand DI & CI & it hurts my head--I just stay in his dungeon & make his spreadies look pretty cos he's got no dress sense!-lol

[nelliewops]

Re: Settling LTSB loans with DCAs

You stay there mate--you could be dangerous on the loose!!

Sorry I cant keep up Nellie--I've had a few probs with NHS & now some other stuff-& the Gorilla is forcing me to understand DI & CI & it hurts my head--I just stay in his dungeon & make his spreadies look pretty cos he's got no dress sense!-lol

You two are hilarious Bill, you must let me have some of what you're on, lol !!! Turbs - I quite understand - hope you're ok now? Don't worry I'm fine in the hands (!!!) of the gorilla, as long as he doesn't give me any of those figs 'n' dates !!!

[pompeyfaith]

Re: Settling LTSB loans with DCAs

Must admit there comical side does help and breath fresh air into our posts.

Well Done Turbs and Bill

[nelliewops]

Re: Settling LTSB loans with DCAs

Must admit there comical side does help and breed fresh air into our posts.

Well Done Turbs and Bill

Very true PF - I couldn't agree more and don't know where I, for one, would be without them! xxx

[Bill-K]

Re: Settling LTSB loans with DCAs

LOL - You're very kind guys.

...I think.....

[pompeyfaith]

Re: Settling LTSB loans with DCAs

Oh a photo of Bill and Turbs lol

[nelliewops]

Re: Settling LTSB loans with DCAs

Hi folks,

Just a quick update to say I wrote back increasing my offer slightly and mentioned their obvious problems with getting mail out on time etc etc and am now awaiting their response. Will keep you posted

Nellie x

[nelliewops]

Re: Settling LTSB loans with DCAs

Hi guys,

Just a very long overdue update on this one -

A month after I wrote to LTSB regarding my increased F&F offer I received a reply saying they are sticking to what they originally requested and that I could take my complaint to the FOS if I wasn't happy with their response. Having already been down that route to no avail with OH's account I thought that would be pointless.

Yesterday I received a 'letter' from Credit Security Ltd demanding the full balance, so the DCA merry-go-round is off again, lol

It's the usual threat-o-gram nonsense, trying to scare me into submission with threats of 'local collectors' or legal action if I don't either pay up in full within 7 days or else make an arrangement to pay weekly instalments till the full balance is cleared. I love the way it is worded...............'I promise to pay £...............' - promise - it sounds so childish - typical of the type of person they employ at these DCAs!!!

Anyway, due to other overriding circumstances, I am no longer able to do the F&F as planned - LTSB should have bitten off my hand when it was originally offered - so I am about to fire a letter off to them telling them where to go basically.

If LTSB paid up the PPI they owe me on my one remaining complaint with the FOS (potentially enough to clear this account in full) I could get shot of this one at long last, but until the banks decide whether to go for the JR appeal there's not much chance of that happening.........................

Will let you know how it goes!

Nellie x