Full and Final settlements

[capricorn1601]

Afternoon

I need some advice. Like many others my old Lloyds Credit card account was sold on to Lowells nearly 4 months ago. I dont want to go into too much detail, but I have bought myself some time, before they start throwing a SD at me, which I need to avoid. I am seriously considering going down the route of an F&F.V Can anyone advise what the best starting point would be % wise. The figure we are looking at is approx £6.5k, however it should be approx £5.5k as unlawful interest and default charges were applied whilst the account was in dispute. Can anyone give me an indication as to how low they will go. I am 4.5 years into my dispute with the account so its not statute barred, but am getting tired of not knowing who is going to knock on my door, and want it all to go away. Any advice gratefully received.

[FlamingParrot]

Re: Full and Final settlements

Afternoon

I need some advice. Like many others my old Lloyds Credit card account was sold on to Lowells nearly 4 months ago. I dont want to go into too much detail, but I have bought myself some time, before they start throwing a SD at me, which I need to avoid. I am seriously considering going down the route of an F&F.V Can anyone advise what the best starting point would be % wise. The figure we are looking at is approx £6.5k, however it should be approx £5.5k as unlawful interest and default charges were applied whilst the account was in dispute. Can anyone give me an indication as to how low they will go. I am 4.5 years into my dispute with the account so its not statute barred, but am getting tired of not knowing who is going to knock on my door, and want it all to go away. Any advice gratefully received.

I would suggest starting with a CCA request, which will serve two purposes:

1. To establish whether they have a properly executed agreement that would be enforceable in court (or not, as the case may be) and
2. To cover yourself and stay one step ahead of them. Whenever they issue one of their SDs, Cel usually suggests sending a CCA request to start with, if you do it before they issue one, you'll be ahead of the game :thumb:

Once you get their response, depending on what they send, you will be able to make an informed decision. :decision: As you say it's an OLD Lloyds card, am I right in assuming you took it out before April 2007?

If you are getting threats of someone knocking on your door, there's also a letter you can send. :typing:

[FlamingParrot]

Re: Full and Final settlements

CCA request letter below. It should be sent recorded delivery with a PO for £1 and signed using a computer font rather than your real signature. They have 14 days to respond. Send it to the Lowlifes, who will have to go back to Lloyds to obtain the documents. :thumb:

Dear Sirs,

Account or Reference No.:

I hereby formally request a copy of my Consumer Credit Agreement, pursuant to s.77-79 of the Consumer Credit Act 1974 (CCA1974).I require you to provide me with a true copy, or reconstituted copy of the credit agreement relating to any account you deem to be mine, together with any other documentation the Act requires you to provide. I expect you to comply fully and properly with this request, within the statutory time limit (12 + 2 days).

If it is your view that you are not the creditor, s.175 of the CCA1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties. Your attention is drawn to ss.5(2), 3(b), 6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR).

In line with recent OFT Guidance (issued Oct 2010) surrounding Unenforceability, I presume you're aware that the OFT has stipulated that 'sections 77-79 of the Consumer Credit Act 1974 outline the information creditors must provide to debtors under fixed-term, running account & Hire Agreements'. This simply means that under these sections a debtor can pay £1 to get:

• a copy of their agreement
• copies of some of the other documents mentioned in their agreement
• a statement of account

If this information is not provided within 12 working days the debt becomes unenforceable. This means a creditor cannot:

• make the debtor pay the debt before they're supposed to
• get a court judgment against the debtor

So, in line with the OFT Guidance, and the Consumer Credit Act, please find attached my £1 payment, which is the statutory fee - note that these funds are not to be used for any other purpose.

Yours faithfully,

[capricorn1601]

Re: Full and Final settlements

Thanks both

However I am past that stage, I will forward on what they have sent me if there is a secure portal to do so. I took out the card in approx 1994 and for some reason signed a new agreement about 4 years later. They have managed to supply both agreements, despite Lloyds not being able to find them earlier. I doubt the early one complies, but I have doubts about the second, depending on whether the back belongs to the front. As I mentioned in my earlier post, I have a little time to out a response together (need to respond by middle of December). Hence my earlier question on F&F. I dont want it to get to an SD. I couldnt cope with that, and cannot get into that situation.

Thanks

[FlamingParrot]

Re: Full and Final settlements

Thanks both

However I am past that stage, I will forward on what they have sent me if there is a secure portal to do so.

If you want more privacy, you may want to consider a VIP subscription to keep your thread away from prying eyes.

Go to settings, the third group down is 'My settings', under 'My account', the last item is paid subscriptions. Under VIP member subscription, choose one year £9 or 10 years £25. See below.

Attached Thumbnails

I took out the card in approx 1994 and for some reason signed a new agreement about 4 years later. They have managed to supply both agreements, despite Lloyds not being able to find them earlier. I doubt the early one complies, but I have doubts about the second, depending on whether the back belongs to the front.

If you signed a new agreement, it would supersede the earlier one, however, they are both quite old and possibly not enforceable. :thumb: A lot of people post their agreements on here, after covering up their personal details. :typing:

As I mentioned in my earlier post, I have a little time to out a response together (need to respond by middle of December). Hence my earlier question on F&F. I dont want it to get to an SD. I couldnt cope with that, and cannot get into that situation.

What happens in the middle of December? :confused2: You say this has been going on for over 4 years... :noidea:

No-one wants to get a SD! And if they haven't issued one in all these years, what makes you think they'll issue one in the next couple of months? :confused2:

Even if you *need* to respond by mid-December, you still have time to send a fresh CCA request to Lowell, they should reply in 14 days or the account would be unenforceable until they do. :thumb:

As for Lowell's SDs, Celestine's track record with those is outstanding!

[labman]

Re: Full and Final settlements

Is this the only debt you have on which you are considering a F&F, as that makes a difference as to what you would offer. Basically things are done on a pro rata basis where funds are limited, but if you only have the one debt and wish to settle, you want to start low - if it has been sold on to another company, probably around the 15%ish mark, and work upwards from there.

[capricorn1601]

Re: Full and Final settlements

Thanks Chaps. Its not my only debt, I am managing to pay most of them without getting into trouble with the OC. I know they will show up on my credit report. I do have one other large debt outstanding which has just over a year now to run before it becomes SB. I had trouble with the chasing Debt Agency earlier this year, however was able to get a discontinuance, and havent had a peep from them since. Again this will show on my credit report, so they will see I have other commitments. Myself and husband do own a house, which due to some inheritance we were able to pay off the mortgage earlier this year.

I have been reading on other forums, which have made me nervous about Lowells and their eagerness to issue SD. My funds are still limited, we are just about keeping our heads above water, and I'm tired of looking over my shoulder waiting for the next attack. I will sign up to the private area, and get the documents scanned up. Just having a few IT issues at the moment so it will probably be next week when I can do so. The Debt was with Lloyds for all this time but was sold, along with may other accounts in June/July this year. I have had fun and gaimes with Lloyds who have passed the account for collection to many agencies, with no success. At first they tried to palm me off with a reconstituted agreement, but after 18 months found a copy of the second one I had signed in 1998. THe T&C's were headed up Bank Copy. Through the years I have reported them to the Financial Ombudsman, for issuing a default notice whilst in dispute, and the ICO for not complying with my SAR. Infact they even denied they had received it despite sending me a letter acknowledging it.

Lowells have given me a time frame in which to respond, hence the middle of December. They acknowledge I may want to contact Lloyds and this could take some time to get a response.

[FlamingParrot]

Re: Full and Final settlements

Thanks Chaps. Its not my only debt, I am managing to pay most of them without getting into trouble with the OC. I know they will show up on my credit report. I do have one other large debt outstanding which has just over a year now to run before it becomes SB. I had trouble with the chasing Debt Agency earlier this year, however was able to get a discontinuance, and havent had a peep from them since.

When you say 'discontinuance', did they issue court papers?

Again this will show on my credit report, so they will see I have other commitments. Myself and husband do own a house, which due to some inheritance we were able to pay off the mortgage earlier this year.

What you see on your credit report isn't necessarily what others see, each company will use their own proprietary software to plug into the CRA data and won't see everything in as much detail as you do.

I have been reading on other forums, which have made me nervous about Lowells and their eagerness to issue SD.

No other forum has Cel in charge, she is *The* Lowell SD Set Aside Specialist! :yo: :yo: :yo:

Some examples (more in the VIP area):

• http://www.legalbeagles.info/forums/...and-Urgent-WON!!!
• http://www.legalbeagles.info/forums/...-Delivered-WON!!!
• http://www.legalbeagles.info/forums/...y-by-bloke-WON!!!!!
• http://www.legalbeagles.info/forums/...l-BW-Legal-Won!!!
• http://www.legalbeagles.info/forums/...ned-3times-WON!

My funds are still limited, we are just about keeping our heads above water, and I'm tired of looking over my shoulder waiting for the next attack. I will sign up to the private area, and get the documents scanned up. Just having a few IT issues at the moment so it will probably be next week when I can do so. The Debt was with Lloyds for all this time but was sold, along with may other accounts in June/July this year. I have had fun and gaimes with Lloyds who have passed the account for collection to many agencies, with no success. At first they tried to palm me off with a reconstituted agreement, but after 18 months found a copy of the second one I had signed in 1998. THe T&C's were headed up Bank Copy. Through the years I have reported them to the Financial Ombudsman, for issuing a default notice whilst in dispute, and the ICO for not complying with my SAR. Infact they even denied they had received it despite sending me a letter acknowledging it.

Yes, please, do post them up. :typing:
This one's from Lloyds: http://www.legalbeagles.info/forums/...ell-lloyds-WON!!!!

Lowells have given me a time frame in which to respond, hence the middle of December. They acknowledge I may want to contact Lloyds and this could take some time to get a response.

There's plenty of time... :thumb:

[capricorn1601]

Re: Full and Final settlements

Thanks everyone. It is so refreshing to speak to people who are positive, and dont make you want to slit your wrists

[FlamingParrot]

Re: Full and Final settlements

Thanks everyone. It is so refreshing to speak to people who are positive, and dont make you want to slit your wrists

Are the Lowlife Leeds Losers making you feel that way? :mad2: You're not alone! :hug: Look at this: http://www.legalbeagles.info/forums/...ell+to+the+OFT

[capricorn1601]

Re: Full and Final settlements

LOL no sorry it was a gripe of my regarding members on another forum, Im sure it wont take many guesses to figure out which one, which is why I will no longer go there for support and advice. It refreshing to see, even though we all know what Lowell are capable of, a positive slant that I can still beat them

[capricorn1601]

Re: Full and Final settlements

PS Ive signed up for the VIP area.

[FlamingParrot]

Re: Full and Final settlements

LOL no sorry it was a gripe of my regarding members on another forum, Im sure it wont take many guesses to figure out which one, which is why I will no longer go there for support and advice. It refreshing to see, even though we all know what Lowell are capable of, a positive slant that I can still beat them

I see...

PS Ive signed up for the VIP area.

Welcome the the World of VIPs!

[capricorn1601]

Re: Full and Final settlements

Hi all

So I responded at the last minute explaining I was surprised that the account was sold on to them, explained that the OC had failed to deliver the CCA when requested, had been subject to an investigation of the FOS and ICO, and that I the OC had closed their books in 2010 and I had no correspondence from them as they closed my account (little fib).

I also pointed out that the document they had sent me did not comply as it was barely legible and therefore difficult to see if it contained the necessary prescribed terms and conditions.

So far I have had acknowledgement of my letter and that they will continue to investigate and put my account on hold for the time being.

My question now is, as I know its on dodgy ground, should I pre-empt them coming back with a clear scan etc and offer a low settlement figure, or wait?

[FlamingParrot]

Re: Full and Final settlements

I also pointed out that the document they had sent me did not comply as it was barely legible and therefore difficult to see if it contained the necessary prescribed terms and conditions.

So far I have had acknowledgement of my letter and that they will continue to investigate and put my account on hold for the time being.

My question now is, as I know its on dodgy ground, should I pre-empt them coming back with a clear scan etc and offer a low settlement figure, or wait?

If they have put the account on hold, why jump the gun? I'd just sit back and wait for their next move.