Any Comments from Martin Lewis Re: getting loans written off?

ILW wrote: »

As above, seems to be a lot of rumour and discussion, but nothing hard and fast. Very different from the PPI issue.

There is plenty that is hard and fast.
There are two destinct regimes. Pre April 2007 and Post April 2007.

Pre April 2007. The agreement must fulfill certain criteria and "prescribed" terms must be present and acurate. Any detour away from these terms however minor can deem the loan to be unenforceable and a judge has no discression but to order the loan unenforcable. In addition if the lender cannot produce a copy of the executed agreement this too makes the loan uenforceable.

Post April 2007 are now different in that even if there are issues that do not comply it is now totally down to the discression of a judge as to whether the loan is unenforceable or not. Even the lack of a copy of the executed agreement is not guaranteed to force unenforceability.

Unenforceability means that the loan is now over. No more payments can be claimed by the lender and the borrower keeps the goods. It is agruable as to whether the borrower could claim back payments made but this is open to ruling.

does this also apply to credit card apps?

Through an advert on my local radio station, Financial Freedom, claims to be able to have any loan or credit card agreements made, pre 2007 and over £2000 in the red, completely wiped.

Although they could not guarantee 100% success they would still charge you for their service.(£195 per claim and £100 refunded for a failure)

On speaking to an advisor, they said there was a 70-80% chance that, due to around fifty discrepencies in the pre 2007 agreements, they would be able to clear or close those agreements.

I have since looked for their website, which my browser cannot display, and have looked in all sorts of places to find more information on this subject but I have had no success what-so-ever until I found this forum. This makes me very sceptical about the services being offered.

Is this just a "middle man" scam? If this service is legitimate, is there anything else I should know before considering Financial Freedom? Any advice on this subject would be much appreciated. Thanks!

petermb wrote: »

There is plenty that is hard and fast.
There are two destinct regimes. Pre April 2007 and Post April 2007.

Pre April 2007. The agreement must fulfill certain criteria and "prescribed" terms must be present and acurate. Any detour away from these terms however minor can deem the loan to be unenforceable and a judge has no discression but to order the loan unenforcable. In addition if the lender cannot produce a copy of the executed agreement this too makes the loan uenforceable.

Post April 2007 are now different in that even if there are issues that do not comply it is now totally down to the discression of a judge as to whether the loan is unenforceable or not. Even the lack of a copy of the executed agreement is not guaranteed to force unenforceability.

Unenforceability means that the loan is now over. No more payments can be claimed by the lender and the borrower keeps the goods. It is agruable as to whether the borrower could claim back payments made but this is open to ruling.

You appear to be knowledgable in this field and this particular subject. Because I am still very sceptical, I would appreciate a little more info if you have any to offer. Thanks.