"Write Off" your debt companies

lucy-french · 17 July 2008 at 5:59PM

I have just had a company on phone saying that my credit agreements could be unfair and therefore i don't have to pay a penny, then i did a search on the internet and there are companies that offer the service (have to give them £495), is this a scam or could i get £20k cancelled for just £495?

Burlesque_Babe · 17 July 2008 at 6:01PM

it's possibly about CCA's - the credit card agreements. If an account goes to a debt collection agency and they can't produce the agreement (more than likely) the debt is unenforceable.

It's something you can do yourself, don't give them a penny! Search for CCA's on the debt free board, stapeley has a thread about them as well as lots of others.

What was the name of the company? What is your situation with what you owe - is it in arrears/with a debt collection agency?

lucy-french · 18 July 2008 at 9:18AM

Hi Matt

The link does not seem to work, is there any chance you could guide me again to the clip.

Thanks Lucy

sleepless_saver · 18 July 2008 at 9:37AM

Here's the link.;)

GeorgeUK · 18 July 2008 at 9:43AM

You are legally entitled to request a copy of the CCA at any time. You just need to include £1 payment. Most CCA requests which are found to be unenforcable are due to the debt being sold on to a debt collection agency, but without the paperwork. As they cannot therefore prove the debt is yours, the debt may be unenforcable. If it is still with the original creditor, if all the prescribed terms are not included in the agreement then again it is not legally enforcable. CCA's signed after 5th April 2007 fall under newer legislation and may be enforcable without the prescribed terms.

Details: http://forums.moneysavingexpert.com/showthread.html?t=578486
Template: http://forums.moneysavingexpert.com/showthread.html?p=11636295#post11636295

lucy-french · 21 July 2008 at 12:59PM

Hi George

When you mention prescribed terms, what am i looking for in order for the agreement to be unenforceable?

Thanks

Lucy

GeorgeUK · 21 July 2008 at 1:14PM

An executable agreement under the consumer credit act 1974 must have the following information
http://forums.moneysavingexpert.com/showthread.html?p=6815188&highlight=weller711#post615188

BUT

If the agreement was signed after 5th April 2007, the legislation changed and the absence of the prescribed terms may not be enough to make it unenforcable.

Qagga · 7 May 2009 at 10:11AM

First Step have approached me and put a good case forward of dealing with problem debts through litigation, reducing debt through abolition of charges and intrest, etc. ultimately making money by taking a 25% cut of all debts cancelled.

Seems like a good idea and more effective and cheaper than a debt management plan with a fair chance of getting a very healthy overall reduction in total debt.

Can I ask your sage view on this - is it a good idea, or are they a bunch of charlatans?

kind regards and thanks

Disillusioned_one · 23 May 2009 at 5:21PM

Do not use this company under any circumstances. The owner has never had any financial services or claims experience at all.

Not long ago, he was selling doughnuts on the promenade in Blackpool. The Ministry of Justice should vet these idiots to see if they have any experience in what they are doing and advising.

The guy's name is Roly Ferguson. Put this into Google and see for yourself the type of company it is.

A lot of people are now calling it the Doughnut Factory and the owner is the Doughnut Man!!

You can also see a few comments on You Tube and slideshare

ZOLTAN_2 · 27 May 2009 at 8:27AM

susan103 wrote: »

Has anyone had any experince with a company called First Step Finance, they claim to be able to rid your credit card debt due to a wrong agreement, in as much as unagreed raised limits, or lack of the original contract and so on. Is this pipe dream stuff or has anyone been successful in such a claim

Yes, I'm with them at the moment and so far haven't had any problems, however, we have been told to access sites like this and check them out. You're the only person I've seen mention them.

"Write Off" your debt companies

have you had a successfull claim in ridding cc debt 0 votes

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