Why are you writing to me?
We have identified that we failed to issue some Statutory Notices on certain accounts when they became duewere required. Therefore, we have now issued these notices to rectify our error.
Why have you not done this before?
This review has recently been completed which is why you have received a letter now.
What letters may I receive?
There are a total of three letters you may receive;
a. Notice of Sum in Arrears – This letter should have been issued when the account reached the value of two instalments in arrears. The letter advises of the total amount of arrears on your account at that point. In addition, an FCA leaflet is provided giving some helpful advice.
b. Subsequent Notice of Sums in Arrears – This letter should have been issued six months following the Notice of Sums in Arrears. The letter advises of the total amount of arrears as well as any transactions applied onto the account since the Notice of Sums in Arrears. In addition, an FCA leaflet is provided giving some helpful advice.
c. Statement of Account – This letter should have been issued 12 months from the loan deposit date (Fixed Sum Agreements only). The letter shows any transactions applied onto the account since the loan was granted.
What does this mean to me?
During the period of time that notices were due but not sent, interest should not have accrued. Therefore, depending on your individual circumstances, an ‘Interest Waiver’ may have been applied onto your account and your Credit File updated to remedyctify this .
What is an ‘Interest Waiver’?
An ‘Interest Waiver’ is the removal of previously charged interest from an account.
How do I know if I have had an ‘Interest Waiver’ applied onto my account?
If you have had an ‘Interest Waiver’ applied onto your account your balance will be reduced accordingly, and this will be visible on the transactions on a ‘Subsequent Notice of Sums in Arrears’ and ‘Statement of Account’. This will appear as ‘Interest Waiver’.
How did you calculate my ‘Interest Waiver’?
We have waived any interest accrued on your account following the date we were required to have sent you the notice. During the period of non – compliance where you have not been sent the appropriate Statutory Notice(s), all future accrued interest has been removed.
What happens to my Credit File?
Where appropriate, we will update your Credit File to ensure any amendments have been reflected with the Credit Reference Agencies.
I have an Individual Voluntary Arrangement (IVA). What do I need to do?
You should let your Insolvency Practitioner or Trustee know that you have received this ‘Interest Waiver’ and advise them your outstanding balance has reduced.
I have been declared Bankrupt, what do I need to do?
You should let the Official Receiver or Accountant in Bankruptcy know that an ‘Interest Waiver’ as been applied and your outstanding balance has reduced.
The person you have written to is deceased. What do I do?
Please accept our condolences. Please contact our team using the details provided within the letter and we can explain the information we might need from you.
Do I need to take any further action?
We are looking at all accounts and applying the appropriate waiver therefore you don’t need to contact us or instruct a Claims Management Company who may charge a feein relation to this matter. The statutory notice(s) you receive will contain important information for you to consider. You should read these notice(s) carefully and consider the appropriate action to take in relation to any outstanding balace you owe.