really bad debt

[surreynick]

Hello all,

 

I have read trough the boards and I am not sure if I can claim back the unfair charges.

I was allways defaulted becasu MBNA was topping up my account with charges and I couldnt pay back what they want it.

Also had really bad finacial problems so I missed lots of payment.

 

The debt was 3000 and now is 5000.

They offered me a reduce payment but they said that is going to be very bad for my credit rating and also threaten me with debt collectors.

 

The lady I spoke with said that if I was to pay 4700 back today they would writte off 300.

I dont have that kind of money.

 

Can I claim back the charges? Also I am self employed but they are still taking that insurance which is calculated per 1000 pounds.

 

Please help me and let me know if I can claim back the insurance and the charges even if I couldnt keep up with the payments because they were so high.

Also can I ask for the defaults to be removed?

 

Best regards,

Nick

[Cornucopia]

Hello all,

 

I have read trough the boards and I am not sure if I can claim back the unfair charges.

I was allways defaulted becasu MBNA was topping up my account with charges and I couldnt pay back what they want it.

Also had really bad finacial problems so I missed lots of payment.

 

The debt was 3000 and now is 5000.

They offered me a reduce payment but they said that is going to be very bad for my credit rating and also threaten me with debt collectors.

 

The lady I spoke with said that if I was to pay 4700 back today they would writte off 300.

I dont have that kind of money.

 

Can I claim back the charges? Also I am self employed but they are still taking that insurance which is calculated per 1000 pounds.

 

Please help me and let me know if I can claim back the insurance and the charges even if I couldnt keep up with the payments because they were so high.

Also can I ask for the defaults to be removed?

 

Best regards,

Nick

 

Hi Nick,

 

Don't worry, you will get plenty of help on here. Firstly, yes, of course you can claim back your charges. Start with sending your SAR to MBNA with the £10.00 fee. You could also issue a CCA 1974 letter (see letter templates, Letter N). You need to enclose a £1.00 postal order. This will immediately put the account in dispute and give the bank 12 days to provide you with a copy of your true executed agreement. If they are unable to do so, they will have difficulty enforcing the debt without a court order. You are obliged to give them a further 30 days. If they cannot produce it by then, they are liable to a fine and possible imprisonment and are therefore unlikely to try and enforce the debt.

 

Secondly, your PPI. Can you confirm if this would cover your self-employed status? I suspect not. You would then have a case for mis-selling of PPI. I haven't gone down this route yet, so you would need to search the forums for more information. Maybe somebody else will jump onto your thread and advise you further. However, I do know that you can claim back all the PPI premiums if the policy were useless to you.

 

Right, these are the first steps to take.

 

MBNA can administer a payment plan and whilst it is not as serious as a default, it would mark your credit record with "arrangement to pay". The fact is that your credit record will already have been affected by the missed payments so them offering it to you and then advising it will wreck your credit record is ridiculous if you ask me.

 

Referring to the defaults. Have they actually defaulted you? Have you received a notice? You would have a case for default removal if they were unable to produce your credit agreement. Lets deal with one thing at a time.

 

Sort out the SAR and the CCA 1974 and we'll take it from there!

 

Hope this helps!

[surreynick]

Thanks a lot Cornucopia vbmenu_register("postmenu_602645", true);

 

I allready red all the FAQ section and wasnt sure if I had the right to do it because I am working out a payment plan with them. Feel sort of bad of agreeing a plan and then attacking them, but they are really bad.

Now I know that I can do it I will go ahead and do it.

 

Even with a bad credit at least I dont have to pay their exorbitant charges and in 6 years the bad credit will go away I think.

 

Yep, I am self employed and yep the ppi does not cover that as I just asked them. I am going to probably go to the citizens advice for advice on this insurance.

 

Thanks again.

[Cornucopia]

Thanks a lot Cornucopia vbmenu_register("postmenu_602645", true);

 

I allready red all the FAQ section and wasnt sure if I had the right to do it because I am working out a payment plan with them. Feel sort of bad of agreeing a plan and then attacking them, but they are really bad.

Now I know that I can do it I will go ahead and do it.

 

Even with a bad credit at least I dont have to pay their exorbitant charges and in 6 years the bad credit will go away I think.

 

Yep, I am self employed and yep the ppi does not cover that as I just asked them. I am going to probably go to the citizens advice for advice on this insurance.

 

Thanks again.

 

Surreynick, REPEAT AFTER ME :

 

I DO NOT FEEL BAD!!

 

Why on earth should you feel bad, if they hadn't have tried to screw you into the ground with their illegal charges, you wouldn't be in this mess! Please search the forum regarding PPI, there are lots of people claiming this back, I am sure somebody will jump on the thread this evening. I will try and see if I can find one of my friends on the forum who are doing this. It'll be later though as I am at work on my lunchbreak and need to get back!

 

The other thing is, cancel the PPI immediately. Why on earth should you continue to pay for something that is useless to you?!

 

Whatever happens, your credit record will be clean in 6 years.

 

Don't worry, we will all help you sort this out!

[kippy2]

you can claim back the ppi. as you are self employed. one of the principles of ppi is that you have to be in full time employment and clearly you are not so ppi wouldnt cover you. so get it back and all the charges. you can also claim back the contractural rate of interest on the charges. hth

[surreynick]

Thanks. I shall keep you all inform and if I get stuck I'll ask for help.

I'll keep good notes of the progress I am making and will writte them here with dates.

 

Yep, I'll repeat I dont feel guilty.

 

I am searching for ppi and also found few good articles about it here:

Reclaim your PPI premiums | This is Money

 

Nick

[Alexei Davies]

Hi all Alexei here,

 

Need advice. Recently transferred all my direct debits to Halifax. They advised all my creditors of change and set up new direct debits. Direct Debit from Open and direct was returned unpaid. Open and direct have charged me £85 in administration charges for unpaid item and 2 letters sent to me because they can not reach me on phone. I have paid them and written to them about the unlawfull charges but they referred me to the contract i signed. They claim they are not a bank but a financial institution. I intend to pursue them what letter should i send.

[kippy2]

hi there you need to start a thread of your own as you are hijacking this one. open a new thread in relevant bank forum that way you will get the right answers as all banks have difft tactics. hth

[surreynick]

Hi, I am trying to calculate the interest the bank charged me with the complex form. I am going to ask barclays for their charges as well.

But I dont understand their bank statements.

 

In the complex form I download it I have to put in some information and dont know how to work out the balance at interest date and what is cleared of interest.

On the statement I have Details, Payments, Receipts, Date, Statement Balance, CLRD For Interest. Does CLRD for interest means that is no interest or is that the sum they applied interest to.

Does anyone have a sample of a completed form somewhere?

 

Thank you

[Alexei Davies]

did you send the data protection letter first?

[surreynick]

Hi Alexei,

I just sent a letter and they sent me the statements back.

So no, I didnt. why is that wrong?

[surreynick]

I have also sent them the preliminary letter but made the mistake of not adding the interest. Tommowor is their 14 days up. They have sent me a letter saying that it might take longer to deal with my complaint.

I have called them and insisted I will have to have a final answer by 14 days.

I have donne this after reading a story on http://www.thisismoney.co.uk/

 

I might have donne this wrong because I asked them for the 8% interest but not for the interest they charged me.

I only found this site after I sent the letter on the 12 february 2007.

[Alexei Davies]

i sent them a data request preleminary letter and they made me an offer which i accepted . I did not get to the interest calculation stage i dont know how to do it am very sorry cant help this instance.

[Cornucopia]

Hi, I am trying to calculate the interest the bank charged me with the complex form. I am going to ask barclays for their charges as well.

But I dont understand their bank statements.

 

In the complex form I download it I have to put in some information and dont know how to work out the balance at interest date and what is cleared of interest.

On the statement I have Details, Payments, Receipts, Date, Statement Balance, CLRD For Interest. Does CLRD for interest means that is no interest or is that the sum they applied interest to.

Does anyone have a sample of a completed form somewhere?

 

Thank you

 

Nick, this is quite simple, don't overcomplicate yourself mate! Change the % at the top to the contractual amount on your statements (it will give you a monthly amount which you times by 12). Say, for arguments sake, it is 24.9%. The spreadsheet will do the calcs automatically. You enter the date, description and amount of your charge and the interest is worked out for you. As you are going for contractual, you might want to ring them when you have a total and see what they come up with.

 

Bear in mind, if you are sending them a preliminary request for payment, the usual protocol is just to ask for the amount of your charges. You would normally only apply interest at court stage. I hope I am not confusing you here.

 

To clarify, by all means, work out your charges and contractual on the spreadsheet, give MBNA a call or stick it in writing and see what they come back with.

 

Hope this helps!

[surreynick]

Thanks again. I am writting the data protection letter now and post it to them. I will do the same for barclaycard and barclays.

I am also going to request a full repayment of ppi on all the accounts. I have not realised that all my cards and curent account had a ppi on and I am self employed. So lets hope they will pay back the premiums.

[surreynick]

Is it this letter I need for stoping them from passing my defaults again untill we resolved the problems?

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/5078-10-data-protection-act.html

Thanks