Signature requested after I requested Consumer Credit Agreement(1974). Advice needed.

[mauvemazvita]

Hello

I am seeking help regarding the following: I have been through a rough patch and looking to sort out my debt as generally offered token payments over the last 3 years so I have requested my consumer credit agreement using the 1974 Act. A company called Fredrikson passed the letter to Tesco who claimed the letter was not signed as I used a different font for my signature after a friend suggested not using my signature to avoid my signature being forged. They sent me a letter to sign which I initialed. They wrote saying this did not match their records so they could not release the information and requested I send my driving license copy for signature. I did not do that then I got a call from Fredrikson saying that they did not receive correct signature so Fredrikson has requested I send them a signed letter with my signature. Should I do so? Also, do handwritten initials not suffice as I did before? I'm wondering why they don't simply send me the file so I know how much was borrowed etc. The loan was taken out in 2010. This was unsecured.

I appreciate any help.

Secondly- I also had a secured loan taken in I think 2007. This was originally with Picture who sold it to Webb resolution and now sold off to another company. I used to pay £ 400 a month but my financial problems started when it was with Webb and they agreed the token £50. I am paying the token £50 but the debt is now £47k from originally £33k. For 3 years I paid the repayment without default but interest charges have made it high. I have also requested original agreement and just received an acknowledgement that they are looking into it. Should it not be available what is my position? This was a secured loan. On the other hand should it be produced how can I have debt reduced to at least £33k? I am not in a position to pay mmor than £100 and selling property to council and rent it off them as they have suggested means rent is more than actual current mortgage making me worse off. I need to sort out the debts.

Any advice is welcome and thanks in advance. Sorry for the bother. Things got financially messy.

[nemesis45]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Good morning welcome to LB,
Although technically no signature is required ona CCA request the likelihood of a signature being lifted to absolutely minute, this has become somewhat of a " urban myth" a creditor or a DCA has to be sure that information is being provided to the person who is entitled to receive it.
A CCA request is specific and all that can be requested is the agreement and a current statement of the account ( not an historic statement payments etc.).
A DCA such as Fredrickson which usually collects/manages debts for another company within the same group e.g. Lowell, will not have any historic data relating to the account or the actual debt. Debts are sold in large portfolio lots with the absolute minimum of detail.
If you want the data send the signed letter requested.

As to the secured loan, the amount is increasing due to interest as you say a fair amount of charges I suspect.

Is the debt still with Webb? If not which company is it with now?

Getting the debt down to £33K is not I think a likely prospect!

Have you asked for interest and charges to be frozen to give you a chance to reduce the sum now owed. As Webb was not the original creditor it may have to get the agreement from the OC.

nem,

[mauvemazvita]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Thank you Nem. I will send the signature as suggested. The secured loan is with Idem Services. Over the years, I have requested for interest to be frozen but as the debt has moved over now the 3rd time, I don't think my request was ever honoured and I have no recollection of statements being sent to me from Webb. When I was with Picture financial then, I was up to date. If Idem Services do not have my agreement what is my next move, if you know?

Thanks again.

[nemesis45]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Thank you Nem. I will send the signature as suggested. The secured loan is with Idem Services. Over the years, I have requested for interest to be frozen but as the debt has moved over now the 3rd time, I don't think my request was ever honoured and I have no recollection of statements being sent to me from Webb. When I was with Picture financial then, I was up to date. If Idem Services do not have my agreement what is my next move, if you know?

Thanks again.

Hi,

If there is no agreement the debt will be unenforceable via the court. Have you checked if there is a charge or note on the Land Registry entry for the property?

nem

[mauvemazvita]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Thanks for quick response. I have not checked with the Land Registry. I will do so. It's highly unlikely to be a charge but morr an entry as I believe I would have to be notified if a charge was put against the property. That is very helpful information.
Many thanks.

[nemesis45]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Thanks for quick response. I have not checked with the Land Registry. I will do so. It's highly unlikely to be a charge but morr an entry as I believe I would have to be notified if a charge was put against the property. That is very helpful information.
Many thanks.

Happy to help, there have be some case recently where alerts on LR entries have been removed without notice to the borrower.

nem

[mauvemazvita]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Thanks. I am just going through my correspondence with Tesco/Fredrickson and I actually signed one letter besides the initialled one. Their response states that it doesn't match their records so if I can provide my driving license copy. However Fredrickson said thatbTesco simply said they did not receive a signature from me and they are asking for just a signed letter. If I send to Fredrickson my guess is Tesco may come bacj with same answer that it doesn't match. Am I obliged to send my license copy or the fact that I signed anyway and confirmed over the phone my name, D.O.B and address be enough to verify who I am?
I don't have an issue sending the license as long as it's within the law. I just don't want to be asked for something I shouldn't have to produce.

I appreciate you taking time to help.

[FlamingParrot]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Secondly- I also had a secured loan taken in I think 2007. This was originally with Picture who sold it to Webb resolution and now sold off to another company. I used to pay £ 400 a month but my financial problems started when it was with Webb and they agreed the token £50. I am paying the token £50 but the debt is now £47k from originally £33k. For 3 years I paid the repayment without default but interest charges have made it high. I have also requested original agreement and just received an acknowledgement that they are looking into it. Should it not be available what is my position? This was a secured loan. On the other hand should it be produced how can I have debt reduced to at least £33k? I am not in a position to pay mmor than £100 and selling property to council and rent it off them as they have suggested means rent is more than actual current mortgage making me worse off. I need to sort out the debts.

Thanks for quick response. I have not checked with the Land Registry. I will do so. It's highly unlikely to be a charge but morr an entry as I believe I would have to be notified if a charge was put against the property. That is very helpful information.
Many thanks.

If the loan was secured on the property you still currently own, there would be a charge on the property, a secured loan is like a second mortgage so to speak. This is different from a charging order where an unsecured debt gets secured on property after judgment, in which case you'd receive notification from the LR of an interim charging order being recorded. If the loan was secured to start with, there would have been no need to notify you that a charge was going to be recorded, you'd have agreed to it when you took out the loan.

If there is a second charge in addition to your mortgage, it will be paid off from the proceeds of the sale, provided there is enough equity. Any shortfall would become an unsecured debt. I'd definitely say your first step should be to check with the LR. :typing:

[mauvemazvita]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Thank you for clarifying a charge on the property and charge order. I have checked with LR and there is a charge on the property. Idem Services have frozen interest but I will look to see if there is any way of having some interest incurred during the time I made token payments to Webb Resolution. Thanks for your response.

[FlamingParrot]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Thank you for clarifying a charge on the property and charge order. I have checked with LR and there is a charge on the property. Idem Services have frozen interest but I will look to see if there is any way of having some interest incurred during the time I made token payments to Webb Resolution. Thanks for your response.

Good to hear that interest has been frozen. :clap2:

Can I ask how much is the charge for?

[mauvemazvita]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

The charge is for the secured loan. Thank you.

[FlamingParrot]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

The charge is for the secured loan. Thank you.

Yes, it would be for that one, is it £33k, £47k or any other amount?

[mauvemazvita]

Re: Signature requested after I requested Consumer Credit Agreement(1974). Advice nee

Hi. It actually doesn't state any amount. The charge was entered June 2014 when Idem took over the loan. The only amount stated on the LR copy is the mortgage amount with my mortgage lender.

Any info will be appreciated.
Thanks