Unsecured Loan

[Candy08]

Hiya

 

Wondered if anyone can help me? I took out a unsecured loan with 'Citi Finance' and got into difficulty affording the payments. Therefore I stopped paying and they passed it on the a debt recovery who said by phone they could accept on the £6,000 owing was £75.00 a month and I have paid this for approx 12months but Im now struggling to pay this and have written and asked if I can reduce my payment by half and they have said no. Im wondering what is the worst that could happen if I did just pay half the payment to them - what would the worst could they do? I have CCJ's from years ago and wondered is this the worst it could get? This debt was unsecured

 

Look forward to hearing from you

Candy08

[sar011279]

CCJ and possible Charging Order (if you own your own home) I guess.

[mrmarmite]

ello Candy.

 

1st thing 1st WHEN is the next payment due?

 

what you need to do is actually check to see if they DCA is legally entitled to collect this debt.

who is the DCA anyway? it will help

 

anyway you need to send them something called a CCA request, look below for template link and find letter N. what you are doing is requesting the DCA to supply a copy of your credit agreement, they MUST supple this within 12 WORKING (mon-fri) days, if not then you can refuse ALL future payments until such time they supply the agreement.

IF it turns out they can't then this puts you in FULL control.

 

you need to send CCA request by recorded/special delivery and enclose a £1 postal order (not a cheque) also do NOT sign you usual signature jsut scribble (explain more later)

 

I would assume you have worked out all your ingoings and outgoings? if not then you really need to. if it turns up that indeed you cant maintain payments then just drop it to the amount you CAN afford and provide them with copy of expendensures sheet and TELL then that £XX.XX will be the new payment until things change.

 

thay can try and take court action (if needed) BUT if you have told them you cant afford it and can proove this the judge wont do nowt.

 

Questions?

[mrmarmite]

p.s Citi arent very good for keeping paperwork, i know 2 peeps with credit cards with citi, sent then a CCA request they droped it there and then and passed to DCA for collection.

 

I shall sort that little problem out for them

[Candy08]

MrMarmite

 

When you say they can try and take me to court as last resort - do you mean just to issue a CCJ? I have got a expenditure sheet worked out and since starting making payments have had an extra addition to the family and changed jobs to a lower paid one as was made redundant. (no redundance money to mention as was not in previous employment for long) The Debt Agency is Connaught. A friend said that she thought with the debt being £6,000 they could put a possention order on my house but I said its Unsecured so how can they do that? What is this debt recovery agency like?

Thanks for all your advice up to now

 

Candy

[mrmarmite]

MrMarmite

 

When you say they can try and take me to court as last resort - do you mean just to issue a CCJ? I have got a expenditure sheet worked out and since starting making payments have had an extra addition to the family and changed jobs to a lower paid one as was made redundant. (no redundance money to mention as was not in previous employment for long) The Debt Agency is Connaught. A friend said that she thought with the debt being £6,000 they could put a possention order on my house but I said its Unsecured so how can they do that? What is this debt recovery agency like?

Thanks for all your advice up to now

 

Candy

 

i emphasis the word TRY ok? and get court order (IF and I do mean IF it goes that far) and attempt to get a CCJ. BUT if you got gubbing worked out and can PROOVE you are paying what you can afford the judge will order a stay of execution (basicly put it on hold indefinatly) if not done so send updated sheet off to DCA and say "shove this up your rear end"

DCA's WILL tey anything to get more dosh out of you but if you not got it you not got it, simple. as to charging order against your home they MUST get a CCJ against you FIRST before they can apply for a charging order (by this time you have prooved to Court you paying what you can)

 

So don't worry, I only say this as a POSSIBLE outcome, so you are aware of what COULD happen.

[mrmarmite]

as to connaught, I not had dealings with them, YET but at end of day they are all the same like banks, quick enough to take your hard earnt money and really hit you were it hurts but by god they don't like it when you do it to them

 

DCA's are bit like the current Government, they are all crooks and squeeze as much money out of you as possible. unlucky for them the consumer is waking up to their legal rights (not enough mind you) and we are fighting back. Just because you owe money to a "BIG" bank, they DON'T have any more legal rights than you do. in my last court case against barclays (I took them to court) for multiple daily phone calls. I screwed em right down to the ground and hard (and I aint finished with them yet)

[mrmarmite]

when was the loan taken out. AND have you sent the CCA yet that I said about a few posts ago? if not, you do really need to send it for YOUR sake, if they FAIL to provide the agreement you can tell them to take a walk and stop paying them (should you wish). it's all about the legallities