Unenforceable loan agreements

So you borrowed the money and now dont want to pay it back so are looking if any admin mistakes were made - thats not money savings, its just plain wrong.

Its about legality, you should request a copy of the agreement from the lender or DCA if it now with them,if they produce it them check it legality in todays world and not any moral issues, these can be left to religous forums.
If its not enforecable then it is up to you whether you repay or not,

You make a request under the consumer credit act 1974 for a copy of your credit agreement (as long as your loan/credit card was taken out prior to the recent amendments). If they fail to provide the agreement or provide an unenforcable/voidable agreement you have a very good defence should you be taken to court over the matter.

Personally I wouldn't leave it as unenforcable and sit and hope they don't take you to court. Use the fact they are in a weak position agreement wise to make a full and final agreement at a very low level to clear the thing finally and for good.

I wouldn't like to comment on the morality of this except to say that a debt passed to a DCA will have been sold for a low amount (quite often as low as 10p in the £1), the original lender writes it off for tax gains and the DCA after paying a pittance attempts to claim the whole amount? Doesn't seem much more moral. But I also think it is unrealistic to just walk away from debt, and we have worked hard to clear alot of ours since we joined this site.

However we have experienced, and know many others who have also had, very bad treatment from creditors when they asked for help. I know someone who made an agreement with a DCA and stuck to it, after 6 months they started to ring several times a day trying to pressurise her into paying more off even though she repeatedly told them her situation hadn't altered. A member of staff actually told her to "sell some of your kids cloths and toys, kids have too much anyway" when she explained her financial situation!

At the end of the day its a personal call which way to go. Personally I have used this, but only to agree reduced F&F settlements (and only where we were treated unfairly by the creditors) and I for one intend to spend the rest of my life with as little debt as possible.
But I do think at the end of the day banks and other lenders do not pay any attention to fairness or morality in any of their business dealings. For them it is bottom line, and legality, so I couldn't be critical of anyone playing them at the own game so to speak.
ali x