• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

PLEASE HELP - 1st credit not acknowledging repayments or letters

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • PLEASE HELP - 1st credit not acknowledging repayments or letters

    Hi Everyone, Im totally new to the website and to forums in general so I hope I am doing this the right way! I really really appreciate and need any help that can be given,

    Over the last month or so I have been receiving letters from 1st credit regarding a debt that was run up with Lloyds Bank and was sold to 1st Credit in November, briefly it relates to the overdraft on my limited business which through circumstances beyond my control (disabled child became very ill and we put the business into receivership and was dissolved in 2010) at the advise of Citizens advice we entered into a affordable repayment plan (one of several debs unfortuantley but at the time was the least of my families problems. Anyway to cut a long story very short all was going fine until the debt was sold to 1st credit. I have replied promptly to all of their letters, advised them of the financial and emotional difficulties we are still under (wife and I both suffering depression, wife particularly very ill), explained about our daughter and made them the same offer that has been accepted by everyone else, we also began monthly repayments of this amount to them on the same day (15th March) 11 days later I received another letter from them threatening me with Bankruptcy proceedings if I a payment plan wasn't begun. I straight away wrote back explaining that we had already begun repayments and reitterating the emotional and financial stress we were still under which I explained to them wasn't helped by the tone of their letter. I sent this letter on the 2ns April by recorded mail. This morning I have had a further letter, dates 6th April (bank holiday Monday?) from their legal dept, saying that they were yet to receive a mutually acceptable offer despite info suggesting we have sufficient means to begin repayment of this debt (My house is in joint names with my wife and is mortgaged), they go on to say they are unaware of any circumstances which may be affecting my ability to begin repayments.... I began repayments on the 15th March which they are not acknowledging. It then goes on to say the account will be held for a further 10 days to allow me to time to respond, but if they don't hear from me tin 10 days then a case review may result in a statutory demand being issued. I have no idea what to do now, I am making payments, though only £15 a month they are what I can afford, 1st credit arent acknowledging my responses or payments and my wife is working herself up thinking that we are about to be made bankrupt.... please if anyone can offer advise in how to proceed, I am seriously at my wits end and feel like just giving up.... its only £5000 but I cant lend it from anyone and its not like Im avoiding the debt...
    Tags: None

  • #2
    Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

    I know it is easier said than done but please try not too stress too much - with an offer of payment and first payment already made I highly doubt any court in the land would warrant bankruptcy or force you to sell your home over a £5000 debt. Debt collection agencies are by in large toothless bullies. I am sure someone will be along shortly to help you with more in depth advice.

    Comment


    • #3
      Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

      Thank you, the stress of our whole situation previously made my wife incredibly ill, we had just got on what we thought was an even keel, paying what we could afford and keeping the debt collectors happy and now this company are just going straight for the throat, I am so worried she might spiral back into the darkness again, I really need help drafting my next letter to 1st credit and to be able to put her mind at rest

      Comment


      • #4
        Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

        Hi
        Are you saying that it was the limited company's debt. if so did you give a personal guarantee

        Comment


        • #5
          Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

          I was the director of the company, being limited meant nothing when it came to dealing with lloyds, the debt was passed to me when the company was liquidised, i'm not disputing that I owe the money, I am just so stressed because they are not acknowledging any of my letters or the fact I have already begun repayments to them. I know its probably an automated letter (its date bank holiday monday) but its tone is the most threatening I have ever received,

          Comment


          • #6
            Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

            The debt could only pass to you when the company was liquidised if you personally guaranteed the limited company's overdraft. Otherwise the debt would die when the company was dissolved and you wouldnt be liable for the limited companys debt.

            Comment


            • #7
              Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

              I must have guaranteed the overdraft in that case

              Comment


              • #8
                Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

                Have you got a copy of a personal guarantee that you may have executed. In my experience Banks sometimes keep hold of the Guarantee and dont provide the guarantor with a copy

                Comment


                • #9
                  Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

                  I dont think I have, in all fairness it was a really stressful time and my daughter was seriously ill so its all a bit of a blur, I could have signed my soul to the devil and I wouldn't have known, I have already started repayments to them and have made payments to previous collectors, this company are just ignoring all my letters, so Im worried that the fact they are saying if I dont reply to them in 10 days then they will consider this further hard line action, I have been replying to everything they have sent me so far!

                  Comment


                  • #10
                    Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

                    Lloyds are buggers for ignoring/losing correspondence, have a look online and find the " director of business banking" or similar job description and make a complaint in writing laying out clearly all the events and the outcomes.
                    It seems more often than not those who take telephone enquiries and general written one know little and have even less authority to do anything other than state the company script i.e. computer says No.!!

                    Often avoids the need to spend a tenner on a SAR and certainly quicker.

                    nem

                    Comment


                    • #11
                      Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

                      Think 1st of all you need to ask Lloyds or 1st credit for a copy of any personal guarantee they are relying on in holding you liable for the compnys debts.
                      You could make a SAR on Lloyds to obtain any personal data they hold on you (which ought to incude a personal guarantee should one exist) It would cost you £10 and Lloyds would have 40 days in which to comply with your request

                      Comment


                      • #12
                        Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

                        Thanks for that, does it not matter that I have already started repayments though? does that not mean I have accepted the debt anyway, Im happy to continue making the payments, i just dont understand why they arent accepting the fact ive been in touch and been repaying them....

                        Comment


                        • #13
                          Re: PLEASE HELP - 1st credit not acknowledging repayments or letters

                          If it turns out that you are NOT liable for the company''s debt, ie if there is no personal guarantee, then it matters not that you have acknowledged the debt by making payments towards it.
                          In my view , in the absence of a PG if they are pursuing you for another partys debt, they are obtaining monies under false pretences and their threats of bankruptcy are tantamount to blackmail,
                          But 1st things 1st, you must insist on being provided with a copy of the PG (should one exist)

                          Comment

                          View our Terms and Conditions

                          LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                          If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                          If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                          Working...
                          X