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Newbie - Reclaiming under Consumer Credit Act 2006

WorkInProgress
WorkInProgress Posts: 18 Forumite
in Debt-free wannabe
Not sure if I'm posting this in the right section so Mods feel free to move it!

I've been reading with interest about these companies offering to assist in reclaiming money through unenforceable contracts.

Obviously, I'm sceptical so was wondering if anyone on here has had any successes?

Was also wondering if this is something I could tackle myself? Am I correct in thinking it only applies to mortgages (settled or active) taken out before 1st Apr 2007, currently active unsecured loans taken out before 1st Apr 2007 and currently active credit cards taken out before 1st Apr 2007?

I have settled unsecured loans and credit cards taken out before 1st Apr 2007 which I don't think I can pursue. Is this correct?

If I decided to do this myself, how do I make a start? From various other posts and forums, it seems I need to send a postal order for £1 requesting a copy of the original Agreement first of all. They have 12 days to respond as far as I can understand. Is this correct.

What would be the next step?

For your info, I have the following, all taken out before 1st Apr 2007: -

Unsecured Loan - Bank Of Scotland - Active
Mortgage - Northern Rock (Together) - Active
Mortgage - Northern Rock (Together) - Settled
Credit Card - Egg - Active

With these institutions, what are my chances of success?

Any help, info, pointers welcome.

Cheers,

Bob
«1

Comments

  • stapeley
    stapeley Posts: 2,315 Forumite
    I got Mickey Mouse and Donald Duck visting me tomorrow lending me a couple of million pound ! I,ve only got to pay 25% up front !
  • stapeley
    stapeley Posts: 2,315 Forumite
    Please spend sometime reading the whole of my post CCA request results please .
  • WorkInProgress
    WorkInProgress Posts: 18 Forumite
    stapeley wrote: »
    Please spend sometime reading the whole of my post CCA request results please .

    None are with a Debt Collection Agency, my post was about these companies that claim to help reclaim money under the Consumer Credit Act via unenforceable contracts and if this was something I could do myself
  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
    I don't think you can do this with a mortgage Bob. I think the CCA74 had a limit of £25,000
    (And it's for debts taken out before 6th April 2007, just a small point)

    The thread Stapeley refers to has alot of good information and people's experiences so is worth a read.
    http://forums.moneysavingexpert.com/showthread.html?t=767025

    Some of the basics are explained in this thread
    http://forums.moneysavingexpert.com/showthread.html?t=578486

    and this thread has templates, but you may want to post your intentions before doing anything to confirm that it is correct.
    http://forums.moneysavingexpert.com/showthread.html?t=963087
    After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91

    Dad Gift 6k ¦ Savings & Inv Tst: £2,500
    Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0

    Total Owed: £2,270 (+6k) 11/08/2011
  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
    If these are active accounts that you have not had late payments on or defaulted on then you will need to be very careful. The bank could argue that you are committing fraud by attemting to escape paying for something that you currently use.

    Another good source that is more up to speed with legal aspects, but alot slower to respond to queries, is the consumeractiongroup forum. They should be able to tell you if there are any legal drawbacks from doing this, but as for the initial CCA request - you have a legal right to request a copy at any time so that should be the fairly straightforward part. It's what to do after this if no CCA is produced or if it does not have all the required terms on it that this could get a little murky.
    After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91

    Dad Gift 6k ¦ Savings & Inv Tst: £2,500
    Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0

    Total Owed: £2,270 (+6k) 11/08/2011
  • WorkInProgress
    WorkInProgress Posts: 18 Forumite
    GeorgeUK wrote: »
    Another good source that is more up to speed with legal aspects, but alot slower to respond to queries, is the consumeractiongroup forum. They should be able to tell you if there are any legal drawbacks from doing this, but as for the initial CCA request - you have a legal right to request a copy at any time so that should be the fairly straightforward part. It's what to do after this if no CCA is produced or if it does not have all the required terms on it that this could get a little murky.

    That's where I'm a bit unclear, once I get my CCAs and if I discover it to be unenforceable or incorrect, how/can I proceed without paying someone to do it for me? I've posted on the Consumer Action Group forum too so I'll see how I get on there.

    Cheers,

    Bob
  • Jesthar
    Jesthar Posts: 1,450 Forumite
    WorkInProgress wrote: »
    That's where I'm a bit unclear, once I get my CCAs and if I discover it to be unenforceable or incorrect, how/can I proceed without paying someone to do it for me? I've posted on the Consumer Action Group forum too so I'll see how I get on there.

    Cheers,

    Bob
    Most people just send off one of the template letters available here stating that the CCA is invalid, therefore debt is unenforceable so stop trying to make me pay. Well, words to that effect, anyway! The company on the receiving end might huff and puff a bit, but they do KNOW the laws, even if they repeatedly break them.

    Best yet, it will only cost you the price of sending a registered letter - there is NEVER any reason to pay anything to anyone else to do this for you, but the companies that try to entice you in to doing so cope you don't know that...
    Never underestimate the power of the techno-geek... ;)
  • stapeley
    stapeley Posts: 2,315 Forumite
    Reclaiming monies is a whole new ball game . Some people have found that having been contacted and threatened with court action by collection companies , and after making payments.On requesting a copy of a CCA , realised it was not even their debt . Under those circumstanses , reclaiming monies is possiable . Also if a collection company trick you into paying when they do not have the proper legal rights to the debt , some people have taken the companies to court .
  • WorkInProgress
    WorkInProgress Posts: 18 Forumite
    stapeley wrote: »
    Reclaiming monies is a whole new ball game . Some people have found that having been contacted and threatened with court action by collection companies , and after making payments.On requesting a copy of a CCA , realised it was not even their debt . Under those circumstanses , reclaiming monies is possiable . Also if a collection company trick you into paying when they do not have the proper legal rights to the debt , some people have taken the companies to court .

    I'm aware of this but this wasn't the reason for my post, nor is it the situation I find myself in.
    Companies like Cartel and Monsterclaims can reclaim money under various supposed loopholes and I was wondering if that was something I could do myself! You are talking about something completely different
  • Jesthar
    Jesthar Posts: 1,450 Forumite
    WorkInProgress wrote: »
    Companies like Cartel and Monsterclaims can reclaim money under various supposed loopholes and I was wondering if that was something I could do myself!
    Yes, you can - there are very few circumstances in which you have to pay money to anyone for something like this, aside from the £1 fees to your creditors for a CCA request where they apply. Don't touch any of these companies with a bargepole, they're only after your money.

    If these are still active non-defaulted accounts, though, and with the original creditors rather than a DCA, you do need to to think very carefully before going down the CCA route, as your creditors could quite legitimately argue you are attempting to evade paying debts you have previously never disputed, even more so if you would have no problem meeting repayments. Yes, the CCA process is designed for dealing with unenforceable debts, but it is not a get-out-of-debt-free card, and if things do go to court a judge will be obliged to take any intent behind your actions into account. This is why the CCA request approach is usually used with DCAs, as they buy up debts for peanuts and then try and extort money from account holder whether or not the debt is enforceable, usually breaking a whole heap of regulations in the process, which makes them far less appealing to judges than original creditors.
    Never underestimate the power of the techno-geek... ;)
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