Difference between revisions of "Creditors and DCAs"
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(→Letter R - Mortgage shortfalls: Lender should not pursue under CML policy) |
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“From 11th February 2000 lenders who are members of The Council of Mortgage Lenders have agreed voluntarily that they will begin all recovery action for the shortfall within the first six years following the sale of a property in repossession. Anyone whose property was taken into possession and sold more than 6 years ago, and who has not been contacted by their lender about recovering any outstanding debt will not now be asked to pay the shortfall”. | “From 11th February 2000 lenders who are members of The Council of Mortgage Lenders have agreed voluntarily that they will begin all recovery action for the shortfall within the first six years following the sale of a property in repossession. Anyone whose property was taken into possession and sold more than 6 years ago, and who has not been contacted by their lender about recovering any outstanding debt will not now be asked to pay the shortfall”. | ||
− | We would point out that the property in question was sold on | + | We would point out that the property in question was sold on <span style="color:red">01/01/2000</SPAN>. Also the first contact we had from yourselves was by in writing on <span style="color:red">23/06/2006</SPAN>. We therefore suggest that under The Council of Mortgage Lenders policy our property was sold more than 6 years and we have not been contacted by yourselves within that time. Therefore we should not be asked to pay any shortfall debt outstanding. |
We would also point out that from 31st October 2004 the Financial Services Authority have issued “The Mortgage Conduct of Business Rules” which say that if a lender decides to recover a mortgage shortfall debt they must make sure the borrower is informed of this within 6 years of the date of sale. | We would also point out that from 31st October 2004 the Financial Services Authority have issued “The Mortgage Conduct of Business Rules” which say that if a lender decides to recover a mortgage shortfall debt they must make sure the borrower is informed of this within 6 years of the date of sale. | ||
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== Letter S - Inform your creditor that you are terminating your hire purchase/condition == | == Letter S - Inform your creditor that you are terminating your hire purchase/condition == |
Revision as of 19:20, 18 July 2007
Contents
- 1 Template letters to creditors and DCA's
- 2 Letter A - Ask your creditors to hold action on your account
- 3 Letter B - Ask your creditors to accept pro rata offers of payment on your debts
- 4 Letter C - Ask your creditors to accept a token payment or no payment on your debts
- 5 Letter D - When a creditor refuses your offer of payment
- 6 Letter E - When a creditor refuses to freeze interest on your account
- 7 Letter F - When a creditor has turned down an offer of payment, interest is still being added, and you want the creditor to take you to court.
- 8 Letter G - When creditors have turned down an offer of payment, interest is still being added but you don’t want to go to court
- 9 Letter H - When a creditor asks you to agree to a voluntary charge against your home
- 10 Letter I - Request for a stay of execution in the High Court
- 11 Letter J - Full and final settlement for any debt
- 12 Letter K - Ask creditors to write off the debt due to your circumstances
- 13 Letter L - Ask your creditors to reconsider if they refuse to write off the debt
- 14 Letter M - Dispute your liability for a debt where a creditor has not contacted you for over six years
- 15 Letter N - Ask your creditor for a copy of your credit agreement under the Consumer Credit Act 1974
- 16 Letter O - Mortgage shortfalls: Breakdown of balance owed
- 17 Letter P - Mortgage shortfalls: Please write off the debt
- 18 Letter Q - Mortgage shortfalls: Full and final settlement letter
- 19 Letter R - Mortgage shortfalls: Lender should not pursue under CML policy
- 20 Letter S - Inform your creditor that you are terminating your hire purchase/condition
Template letters to creditors and DCA's
Creditors and DCAs - Letter Templates & Budget Planner
Some of these letters refer to a budget planner. Here is a simple budget planner which you can fill in to work out how much you can afford to offer your creditors, and you can print this and send with the relevant letter:
Budget PlannerThere are both Excel and On-line versions
The letters are as follows:
Letter A - Ask your creditors to hold action on your account
|
Letter B - Ask your creditors to accept pro rata offers of payment on your debts
|
Letter C - Ask your creditors to accept a token payment or no payment on your debts
|
Letter D - When a creditor refuses your offer of payment
|
Letter E - When a creditor refuses to freeze interest on your account
|
Letter F - When a creditor has turned down an offer of payment, interest is still being added, and you want the creditor to take you to court.
|
Letter G - When creditors have turned down an offer of payment, interest is still being added but you don’t want to go to court
|
Letter H - When a creditor asks you to agree to a voluntary charge against your home
|
Letter I - Request for a stay of execution in the High Court
|
Letter J - Full and final settlement for any debt
|
Letter K - Ask creditors to write off the debt due to your circumstances
|
Letter L - Ask your creditors to reconsider if they refuse to write off the debt
|
Letter M - Dispute your liability for a debt where a creditor has not contacted you for over six years
|
Letter N - Ask your creditor for a copy of your credit agreement under the Consumer Credit Act 1974
|
Letter O - Mortgage shortfalls: Breakdown of balance owed
|
Letter P - Mortgage shortfalls: Please write off the debt
|
Letter Q - Mortgage shortfalls: Full and final settlement letter
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Letter R - Mortgage shortfalls: Lender should not pursue under CML policy
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Letter S - Inform your creditor that you are terminating your hire purchase/condition
|