My 1st ever post on a forum like this,
resorted to after a couple of weeks of going out of mind with worry about an old situation
I thought had gone away.
Around 9 years ago I took a loan (I think of around) £1500 with Citifnancial.
I had gambling issues and within a 2 year period they 'allowed' me to re-finance a couple of times, also taking out further sums.
Total amount lent was now around the £4k mark I believe.
I thought I knew what I was doing at the time and whilst I was earning was able to make the repayments of around £240 p/m.
Back in May 2008 however I ran into even bigger financial difficulties and told them I needed to make a payment arrangement.
I cancelled the direct debit set up at the time and they said they would contact me to discuss an arrangement in due course.
From then, until Feb 2010 I had heard nothing whatsoever from then and was quite happy, at the time, not to chase them to go through the arrangement.
I had still heard nothing, no monthly or annual statements, no chasers, no nothing.
The payments had stopped and I perhaps stupidly thought I had got lucky.
I ran a free credit report and this Citifnancial Loan was still showing as o/s.
Still, I thought if I could get through until 5/6 years (??) without hearing from them,
the debt record would be automatically wiped form my records (I dont know how accurate this actually is/was)
Nevertheless I did actually call Citi to query the a/c.
I still have the phone notes from my call of 18Feb10.
I explained that I had heard nothing from Citi and thought my debt had been cleared (yes I told a porky pie here)
they told me interest had been frozen and debt was on verge of being passed to a 3rd party.
It was left there & unresolved.....
Until 2 weeks ago, where
I received a letter from Citi saying the loan has been transferred to Britannica Recoveres S.a.r.l.
acting in the name and on behalf of Arrow Global Receivables Management Limited.
they said the a/c would be transfered on 21May12 and I would here from Arrow accordingly.
And so, I have now received the letter from Arrow, repeating that the loan had been withdrawn etc.
and the account will be managed onbehalf of Arrow by Wescot Credit Services.
It finishes by saying "If you are not making regular payments on this account please contact Wescot Credit Services as soon as possible"
I don't really know what to do next.
On one hand I know I was stupid, foolish for both taking the loan(s) out in the 1st place
AND for ever assuming the debt was just going to be left forever
(even though it has taken what seems like forever for some-one to actually contact me)
I think I understand my 1st step would be to ask Wescott,
by recorded delivery for a copy of the credit agreement but does it have to be an actual copy of the signed agreement?
Also, does the amount of time the debt has just been left give me any advantage/disadvantage at all??
Do I have any leg to stand on??
I am working but still have other debts and certainly could not afford the £240 monthly repayments to have to start again.
Would sincerely appreciate just even the most token piece of advice anyone on here can provide.
Yours most faithfully,