welcome… firstly have you read the getting started section ? if not read, read again make lots of notes and read again ! all will become very clear 😎
have a good look through the posts that best match what you are going through, you will then get an idea of the process and how to respond and handle things. hth
The reason we ask for said documents is because these are required by law. But they very rarely exist of at all. 😉
Hi bamboodyls. No it is not about whether you took out the credit in the first place or not..ie, it is nothing to do with being correct or incorrect. It is to do with asking to see proof of some legal documents to prove the debt is real.
Think of it like this. You and me agree a contract, I will build you a garden shed, you will pay me £600 for this. We agree terms and sign a contract. I come along and build the shed. I then ask you for payment. You say to me…”hmm, I am not sure if I signed a contract with you or not….can you show me the contract please, if you can, I will pay you.” I frantically panic as I am not a very well organised person, and I have lost the contract. So I say to you “Oh yes we have a contract, It is in my filing system somewhere, I’ll show you it in a few days time.”
And you then say “ok, well as soon as you do show me it…I’ll pay up, but right now, you have no evidence of contract, so I don’t owe you anything, good bye”.
Despite my work, I cannot take you to court as I don’t have any contract to produce, so the court would rule in your favour. It is as simple as that.
Due to the way the banking system works, the credit agreement has been sold and securitised, so the bank no longer has it. They may have a copy, but to go to court, they need to show the original wet ink agreement. So the reason this system works, is because we know they don’t have the paperwork. It is not that you are forcing them to write off your “debt”, but we are putting them into a bind, where they cannot act legally, and we are being obstinate and saying well I am not paying until you produce evidence of contract. So all they are left with, is threats through letters and phone calls. Once you realise this is all they have – screw em, nothing to worry about.
After 6 years (in the UK) if you haven’t paid any money and they haven’t been able to collect any from you, the debt becomes statue barred, and they are no longer legally able to pursue you for it.
Hope this helps – do some reading though, everything becomes clear and you will lose your fear 🙂