Lending Stream /Asset Collections

[redmadam]

Last week my partner received a letter from asset collections,

saying they will be going for a CCJ in 10 days if they don't hear from him.

 

Iv been on various forums looking for advice since I opened the letter.

I need to get in touch with them today/tomorrow to meet the 10 day deadline.

 

They wrote back in early August but I telephoned and said he didn't live here.

Then this today,

 

I suspect that's to do with him getting a new (second hand) car recently and registering it here and also insuring it

- although he paid the insurance in one go I think they still did a credit check.

 

This is for multiple loans with Lending Stream (They were taken out at the same time and rolled over, not sure if this is relevant)

 

I'm not sure what to do,

I took the loans out a few years ago when we had bad money problems and he has no idea.

Very stupid I know but I was trying to save us and save my relationship

 

I did some pretty stupid things and now they are all catching up

(we moved into my parents house a year ago and I'm now starting to dread the phone go and the postman coming like I used to, also got a letter from Lowell today - are those two connected?

 

Do I have options or am I going to have to sort out a payment plan? He/I/We owe them just over £2000.

 

Thanks for any advice

[dx100uk]

rad the letter PROPERLY

it doesn't say WILL anywhere

 

and no you DONT need to stick to any of their stupid deadlines.

and stay off the phone too!

 

they are a DCA and they have NO LEGAL POWERS

they are NOT BAILIFFS

 

pers i'd ignore them.

 

as for the multiple loans

have a look at the irresponsible lending route

they might owe YOU.

 

have you any paperwork still?

 

dx

[redmadam]

The letter states intended action, between them and him.

 

To ensure further action is not taken against you please notify us your intention to repay this outstanding balance within the next 10 days.

In any event you should not ignore this letter and should respond to us by return to ensure that further legal action is not taken.

If we have not heard from you by close of business 27/10/2016 we hereby notify you it is our intention to issue proceedings against you forthwith without any further notice to yourself. Please note that any court proceedings issued will include a further claim for interests and costs.

 

It does sound as if its a letter before action that they have to give?

 

Thanks

Red

[dx100uk]

no its say intention to not will

 

I've moved you to the PDL forum

 

if you use the search cag box top of the red top toolbar

for asset collections

 

lots to read about their hollow threats.

 

dx

[redmadam]

Thanks for putting me in the right place

 

I'm just worried they can now go for a CCJ as they have given notice of it which I thought was a requirement?

[dx100uk]

No they haven't said that.....

I intend to go to Iceland next year

If I do is another matter¡!!!!!!

[redmadam]

Should I send a CCA request to them or something?

 

Sorry I feel like I'm being a massive pain in the butt.

My personal life is a disaster right now and a brown CCJ envelope falling on the door mat is the last thing my relationship needs right now

 

- were living with my mum after selling our house and then couldn't complete on getting our new place due to partner being made redundant.

 

This feels like it could be the straw that broke the camels back.

 

I'm one phone call away from having a break down

 

I have been reading some stories about Asset collections

and I don't know if I can stay sane by just ignoring this letter ....

Sorry for being mental

[dx100uk]

IMHO no.

 

 

I 'll guess this was rolled several times

and you also had other PDL's and a bucket load of defaults on your credit file at the time too?

 

 

dx

[redmadam]

There were several loans taken out side by side anything upto 4/5 at a time with lending stream alone

and yes they were all rolled and rolled ..

 

 

. And yes other PDL and defaults all over his credit report.

[dx100uk]

brilliant

irresponsible lending time

 

 

our expert is popping in soon.

 

 

dx

[redmadam]

Thank you for your patience with me and your help so far on this, its much appreciated.

[dx100uk]

might be tomorrow now mind..

if you have a browse of a few threads here in the PDL forum

or type in

irresponsible lending.

 

 

you'll soon get the idea..

 

 

dx

[redmadam]

No worries, I'v just finished working anyway so ill have a browse around. Thanks

[fkofilee]

Good morning there

 

I will be in a little later today to advise.

Asset Collections don't do legal from memory so you are safe... Think they don't actually purchase the accounts...

[fkofilee]

Right im back and not having to answer the phone at work so here we go...

 

Questions for you

 

- What companies were the loans with?

- How many loans with each?

- When were they?

- How many defaulted?

- Amounts of defaults?

- How many times did a rollover occur with each lender?

- Was any false info ever given to try and qualify for a larger loan?

- Grab reports from Noddle and Clearscore... Save them at this time, could be needed in future. Once done let me know?

 

This is a long process and may take a while to complete... Also checked the closed account hist ESPC with Noddle!

Most PDLs used Noddle as their ONLY reporting source.

 

Once youve answer those Qs I can help further.

[redmadam]

Good morning, thank you.

 

 

Will I need to email lending stream to get all the information for the loans?

 

 

If I do a noddle credit report will other lenders see the address and be able to find him that way?

[fkofilee]

Hi There

 

Get the report from Noddle First Aswell as Clearscore...

And just checking your CRA doesnt mean lenders with beable to see youve looked.

 

Trust me, there are many other ways for them to find you...

 

Elec Roll - Bank Accounts Addresses etc

[redmadam]

Ok thank you I'll be on it inbetween work this morning.

 

Ok quick one, lending stream are marked as satisfied balance £0 in July this year does that mean Asset collections have purchased them and I should worry about further action from them now?

[fkofilee]

Possibly but there should be an entry for that default then with Asset collections Name against it or another company.

Is there a default on their with a similar value to the one being quoted in their letter?

[redmadam]

No not as yet,

there doesn't seem to have been anyone take them over on the credit report since they went into closed accounts.

 

 

Lending stream marked them as satisfied with a £0 balance of July this year.

 

Do they (asset collections) need to have put them on my credit file and added a default before they can take further action?

If so, can they do this if I don't reply to them and then apply for a CCJ?

[fkofilee]

The DCA may or May not own the debt. That will be the clincher...

If they dont own the debt, cant take legal action. If they own the debt, then they can take legal action but we rarely see PDLs ever go near court if ever... There's a reason for that.

[dx100uk]

asset link will state their client on their letters if they don't own it.

 

 

dx

[redmadam]

Your lucky i have naff all to do at work today

 

But on a serious note - The DCA may or May not own the debt. That will be the clincher...

If they dont own the debt, cant take legal action. If they own the debt, then they can take legal action but we rarely see PDLs ever go near court if ever... There's a reason for that.

 

I really do appreciate your help thank you.

I'm still gathering from Noddle, I will post up as soon as I have all the info.

 

asset link will state their client on their letters if they don't own it.

 

dx

 

I have two letters from them and I don't think either mention Lending Stream as a client, I will check in a minute.

[fkofilee]

Scan the letters removing personal info, references and barcodes

[redmadam]

Should I actually post up the letters that I have?