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Re: Help needed for f&f settlement with egg loan please!
Hi bob
Thanks lexis 200! My friend was thinking if they cannot come up with an agreement, he's going to stop making payments. And how can they default you when the account is in dispute? Thought they are in default for not supplying the cca?
Yes, they are, but it's not like it's an offence for them any more (not that it did much good when it was!) so them being in default by not supplying the agreement and/or not complying with the CCA fully simply means the debt is unenforceable.
The creditor is precluded from enforcing the debt, but this sadly (and I think unbelievably unfairly) is taken to mean taking court action. All actions up to this point are not seen as enforcement. How ruining your credit file and harassing you day and night is not enforcement I don't know, but there it is.
All I can tell you is that nearly all my agreements and my OH's are toot or non-existent, and yet we have defaults littering our files. Admittedly some of mine were pre-CCA requests, but all of OH's are post.
One other very important thing for your friend to bear in mind is that even if the agreement cannot be found, if they do turn it up months/years down the line, they can immediately enforce it again. This is IMHO yet another unfair rule, but one worth bearing in mind. I'd suggest either your friend tries to keep a bit of money back so that should an agreement turn up he can pay the missed months, or (and this is what I did as I can't afford to keep the payments back!) once you've CCA'd them, also SAR them. They may bluster around with a CCA request, but an SAR is a little more important for them to comply with. Technically they needn't send an actual copy of the agreement here either, but out of all the ones I've done only one company has sent just the information as opposed to a copy of an agreement/application.
Doing this just gives an extra level of confidence that they really do not hold anything harmful before you decide whether or not to withhold payments.
hi. without wishing to hi-jack bobo's thread, just one quick quezzie on the above point: as I have an arrangement to pay Egg, and their default is inaccurate, am i shooting myself in the foot asking them to remove the default? they could just as easily say "fine, we've adjusted the default, its now £X but is dated 14.9.10 and not 1.1.05"
Hi
Have they not sent a termination notice in that time? When they defaulted me they sent the termination fairly soon (within a couple of weeks if memory serves) after the remedy date expired.
Or are we talking at cross purposes and you're saying default as in a big 'ol 'D' on your credit file, as opposed to a default notice through the post (the 'this notice is served under section 87.1' etc letter), which is what I read it as?
If it's the 'D' on your file and the date you gave is the real one, I think I'd be tempted to just leave it and let it drop off in 8 or so months. I'd wager it would take at least this long to get anywhere with getting it removed anyway, and it would save you a load of hassle. Also in this case they would not be able to add another default as they can only have one per account on your file. I'd guess, but I'm not certain, that they would be prohibited from fiddling with the dates too, as this would give them carte blanche to muck up peoples ratings forever and a day!
If it's the notice in the post and no termination has followed, I'm afraid I'm not entirely sure what I'd suggest. On the one hand banks are generally not exactly great at putting two and two together, so you'd likely not cause a problem if you raise the question of the default being removed. On the other hand you might get the person who happens to be on the ball and decides to re-issue another notice. Again, if the date of 1/5/5 is right, personally I don't think I would bother arguing about it anyway, even if it is wrong. As I said, it can take a very very long time to get defaults removed (and it's notoriously hard), so you may find it disappears before you get anywhere with it!
Hi bob
Thanks lexis 200! My friend was thinking if they cannot come up with an agreement, he's going to stop making payments. And how can they default you when the account is in dispute? Thought they are in default for not supplying the cca?
Yes, they are, but it's not like it's an offence for them any more (not that it did much good when it was!) so them being in default by not supplying the agreement and/or not complying with the CCA fully simply means the debt is unenforceable.
The creditor is precluded from enforcing the debt, but this sadly (and I think unbelievably unfairly) is taken to mean taking court action. All actions up to this point are not seen as enforcement. How ruining your credit file and harassing you day and night is not enforcement I don't know, but there it is.
All I can tell you is that nearly all my agreements and my OH's are toot or non-existent, and yet we have defaults littering our files. Admittedly some of mine were pre-CCA requests, but all of OH's are post.
One other very important thing for your friend to bear in mind is that even if the agreement cannot be found, if they do turn it up months/years down the line, they can immediately enforce it again. This is IMHO yet another unfair rule, but one worth bearing in mind. I'd suggest either your friend tries to keep a bit of money back so that should an agreement turn up he can pay the missed months, or (and this is what I did as I can't afford to keep the payments back!) once you've CCA'd them, also SAR them. They may bluster around with a CCA request, but an SAR is a little more important for them to comply with. Technically they needn't send an actual copy of the agreement here either, but out of all the ones I've done only one company has sent just the information as opposed to a copy of an agreement/application.
Doing this just gives an extra level of confidence that they really do not hold anything harmful before you decide whether or not to withhold payments.
hi. without wishing to hi-jack bobo's thread, just one quick quezzie on the above point: as I have an arrangement to pay Egg, and their default is inaccurate, am i shooting myself in the foot asking them to remove the default? they could just as easily say "fine, we've adjusted the default, its now £X but is dated 14.9.10 and not 1.1.05"
Hi
Have they not sent a termination notice in that time? When they defaulted me they sent the termination fairly soon (within a couple of weeks if memory serves) after the remedy date expired.
Or are we talking at cross purposes and you're saying default as in a big 'ol 'D' on your credit file, as opposed to a default notice through the post (the 'this notice is served under section 87.1' etc letter), which is what I read it as?
If it's the 'D' on your file and the date you gave is the real one, I think I'd be tempted to just leave it and let it drop off in 8 or so months. I'd wager it would take at least this long to get anywhere with getting it removed anyway, and it would save you a load of hassle. Also in this case they would not be able to add another default as they can only have one per account on your file. I'd guess, but I'm not certain, that they would be prohibited from fiddling with the dates too, as this would give them carte blanche to muck up peoples ratings forever and a day!
If it's the notice in the post and no termination has followed, I'm afraid I'm not entirely sure what I'd suggest. On the one hand banks are generally not exactly great at putting two and two together, so you'd likely not cause a problem if you raise the question of the default being removed. On the other hand you might get the person who happens to be on the ball and decides to re-issue another notice. Again, if the date of 1/5/5 is right, personally I don't think I would bother arguing about it anyway, even if it is wrong. As I said, it can take a very very long time to get defaults removed (and it's notoriously hard), so you may find it disappears before you get anywhere with it!
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