Credit Issues Limited

skippcj · 7 August 2008 at 1:51PM

hi.

I have been given details of a firm that reviews any credit contracts you may have for loans and credit cards etc and if they find errors in the agreement can seek to reclaim the interest on the loan or apparently get the loan written off. They claim 90% sucess rate. costs £1000 out of anything reclaimed/won. Also upfront fee of £450 (£400 refunded if they decide you don't have a case).

Has anyone heard of them?

I have done a companies house search and the company was only incorporated in may08. Co # 06589784

they refer to "
Credit Issues is authorised by the Ministry of Justice in respect of regulated claims management services, authorisation number CRM13429 " am not sure what this means.

I assume they are an agency and are not a law firm in their own right I can't see any mention of Law society.

I can't find any history on the two directors.

Any info is much appreciated.

skippcj · 7 August 2008 at 5:33PM

Do you have any proof, any articles, past history?

AH1 · 12 August 2008 at 2:56PM

Actually you are wrong about it being a scam. This is based on some very solid case law and unenforceable contracts. Google Wilson v First County Trust for some further information.

Do I know the company, yes I do. I work for a sister company of theirs and have worked with the current Directors for many years.

Credit Issues is licenced as a claims management company, similar to those who process accident claims.

Message to'skippcj' - I would suggest that you call the office for further validation, they will also put you in touch with a local representative who can meet with you and give you more detailed information.

Not everything that seems good is a scam.

standupguy · 12 August 2008 at 3:56PM

creditissuesltd wrote: »

contrasted to our exit fee totalling a maximum of £1000 per client irrespective of how many agreements we look at for them.

This comment leads us to believe that the maximum fee is £1000 but it's not the case is it?

You also charge £450 for the first card or loan and then £150 for everyone thereafter.

So, your charge for 6 cards or loans would be 1x £450 + 5 x £150 + £1000 =£2200.

It's the way you tell it isn't it - "the exit fee" - don't you think your comment may be construed as misleading as its not your maximum charge?

The bottom line is that Lenders, having made an admin mistake on the agreement can go to court to enforce the agreement and will be able to prove application, advance of monies and intent to repay and in the vast majority of cases and will get their agreements ratified?

You say your services provide: -

i) reviewing and advising customers on the terms and effect of consumer credit agreements ;

The debt charities do this for free and there are a lot of people on here that also give some pretty good and valueable advice for free.

(ii)representing the interests of those customers in negotiations with creditors ;

Armed with the information and the protection of the FSA complaints handling process through to FOS - customers can do this themselves without any cost.

(iii)preparing and submitting instructions to the solicitor retained by customers.

Again, if a customer feels the need to involve a solicitor he does not need a middle man taking a large chunk of what may be extortionate charges or mis-selling of PPI - money that he has paid and can rightfully get back.

Isn't a business built around trying to find loopholes (that are of no real detriment to the borrower) that can be exploited and giving people the idea that they can easily walk away from debts such as £40k, less than honourable?

My advice to anyone reading this thread is, do not pay thousands of pounds to businesses such as this - there is good advice out there for free and there are proper and free avenues that will help resolve your issues.

It is a pity, and I include sub-prime lenders in this - that there are businesses out there that are built around taking advantage of people when they are at their most vunerable.

standupguy · 12 August 2008 at 7:52PM

This thread now may be confusing for recent readers.

If you take a look at the thanked post on AH1 you will see the user creditissuesltd - the business posted a reply but now appear to have deleted it.

To answer a previous posters note it is unfair to call this a scam.

I think it is just another business jumping on the bandwagon to try and make easy money out of loopholes in legislation.

I note the company was set up in May 2008 and has only recently been authorised to deal in claims management on 29th July 2008.

Looking at the Ministry of Justice web site it is interesting to see that there are 70 firms that have had their authoristaion suspended in the last 4 months. So malpractices in this claims area still seem to be a problem generally.

If you google "Credit Issues" you will see this: -

Clear your Credit Cards and Personal Loans - Credit Issues

Credit Issues have helped thousands of people to write off the entire balance of their Credit Card and Unsecured Loan through a completely legal process.
www.creditissuesltd.co.uk/ - 7k - Cached - Similar pages

I do not see how they can have helped thousands as the business could only start trading from their authorised date of 29th July 2008? - so two weeks?

They state the following on their web site which may be considered misleading?

Key changes to the Consumer Credit Act means that most credit cards and unsecured loans issued before 1st April 2007 could be totally written off through our legal process.

It seems to say that most of the loans done can be written off - I think that is misleading?

If you take a look at the terms and conditions on this business's web site you will find some interesting clauses that anyone thinking of dealing with this business really should be aware of.

They will charge £150 per hour for work done in excess of the initial hours consultation and any fees they quote are subject to vat on top and the client is also responsible for all the nominated solicitors costs

I suppose the bottom line if you are still interested in such companies is to "do your homework"

phil1234_2 · 12 August 2008 at 8:43PM

message for Standupguy. Are you a Barrister? From what I have been led to believe, Credit Issues have taken advice from TWO Barristers in relation to their Business. If you are questioning the text on the website of Credit issues, then you need to read it again, there is NO promise that any contract can be overturned, however they must feel confident that this can be done. As for doing it yourself, I am a Qualified motor mechanic, we see at least one car a month were someone has tried to "fix it" themselves, but found that they couldn't leaving them with a higher bill than if they'd gone to a garage in the first place. My advice is leave it to the experts and trained people, you could cause yourself many problems with the banks if you get it wrong

kendall_2 · 12 August 2008 at 11:04PM

I spoke to one of the directors at credit issues to inform them of this site and the company have posted two replies both of which have been removed from the forum by the administrators. The replies answered many of the questions being raised and provided a legal response to the claims made by standupguy that the lenders would win these cases in court, the claims made by standupguy are factually incorrect, and yes you could possibly do this yourself but unless you know what you are doing then there is a strong possibilty that your claim will fail, it is also claimed that there is alot of free advice on this forum, that is true but what price BAD advice which is certainly what has been posted on this forum regarding this subject!!!!!

Thom24 · 13 August 2008 at 10:53AM

In response to Standupguy’s comments I felt I should write something defending Credit Issues and what they are aiming to do.

I became really interested in this service due to being massively in debt and I saw them as a lifeline. After contacting them and discussing my situation with their employees I felt that they were very knowledgeable in what they are doing and answered all my questions.

They explained to me that if there are solicitiors used they are used on a ‘no win no fee’ basis and that they will pay any insurance premium that needs to be obtained. If the case is not successful they will ensure all the costs are covered. To me I saw no downside in this and if it is successful it could resolve my massive debt problems.

I would advise everyone reading this forum to read the website and terms and conditions clearly. This company are providing a service proven to work in the past and are not taking any success fees unless they win!

Message to Standupguy – if you do not fully understand something you should not comment on it, you should gather all the facts before encouraging people in debt that this is a scam. Had I listened to you and not contacted them myself I would not be feeling as relaxed as I do right now.

standupguy · 13 August 2008 at 11:12AM

Welcome to all the newbies who have used this thread as their first contribution to this site.

Now let me see, there is Thom 24, Blondie 37, Kendall, Phil1234 and AH1.

So that is 5 brand new posters all using this as their first post and all in favour of this new business?

Could it be that you are all connected in one way or another to the business?

It will be interesting to see how many posts these people have made in a months time - bets anyone?

phil1234_2 · 13 August 2008 at 8:22PM

Are you a competitor of Credit issues? or does it really matter, the fact remains that credit contracts can be complicated and therefore it is wise to use a company who specialises in claiming against them, these companies employ solicitors to unravel the contract and determine whether or not it is enforceable.

londonuk2008 · 13 August 2008 at 8:29PM

standupguy wrote: »

Welcome to all the newbies who have used this thread as their first contribution to this site.

Now let me see, there is Thom 24, Blondie 37, Kendall, Phil1234 and AH1.

So that is 5 brand new posters all using this as their first post and all in favour of this new business?

Could it be that you are all connected in one way or another to the business?

It will be interesting to see how many posts these people have made in a months time - bets anyone?

Just thinking this also..............:rolleyes:

Credit Issues Limited

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