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"Unenforcable" Loans enforcable. High Court Ruling.

Leon_W
Leon_W Posts: 1,813 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
edited 23 October 2009 at 3:58PM in Mortgages & endowments
Not strictly mortgage and endowment related but there has been many an excellent thread started about Cartel and other advance fee [TEXT DELETED BY ABUSE TEAM] companies so this is the latest on the "unenforcable" loans situation.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6868968.ece
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Comments

  • luckyfool
    luckyfool Posts: 1,683 Forumite
    Hopefully the waves of spam from these claims companies might slacken off now .... or am I being naive.
  • Dan_1976
    Dan_1976 Posts: 943 Forumite
    edited 23 October 2009 at 4:00PM
    LOL lucky, how long you been a part fo this formum, 2003 or is that 10 past 3 today? LOL

    I imagine they will think of some new [TEXT DELETED BY ABUSE TEAM]! But at least this will wind them!
    "Banking establishments are more dangerous than standing armies." Thomas Jefferson
    "How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen

    Debt Apr 2010 £0
  • luckyfool
    luckyfool Posts: 1,683 Forumite
    edited 23 October 2009 at 4:02PM
    [TEXT DELETED BY ABUSE TEAM] I'm sure they will all be going back to their customers now offering to refund the £500 a time fees they were charging to take on the cases.
  • koexelek
    koexelek Posts: 7,847 Forumite
    edited 5 November 2009 at 11:26AM
    Leon_W wrote: »
    The usual tactic would be to now fold the company.

    The problem is that they need a constant supply of new clients [TEXT DELETED] to keep the whole circus going which now looks increasingly less likely.

    Those £500 squids have long gone in directors pay/marketing/commission to salesman etc [TEXT DELETED].


    I think the only hope is trying to claim under the section 75 ruling if you paid by credit card in the firstplace ?
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Leon_W
    Leon_W Posts: 1,813 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Probably, but its all a bit murky as what are you actually paying for ? Credit card companies could probably turn around quite legitimately and say that you've paid £495 to get an agreement reviewed and it isn't our fault it couldn't be done.

    Oh, hang on that's it, I'll start my own Client Review Client Review company and charge people £150 to get back the £495 they originally paid. :beer:. Result !

    Look here http://www.stokenorthlibdems.com/financeadvice/cartel%20docs/Kranes.JPG

    Left hand column and you'll have to click and enlarge to read but it tells you where the moneys gone.
  • koexelek
    koexelek Posts: 7,847 Forumite
    Leon_W wrote: »
    Probably, but its all a bit murky as what are you actually paying for ? Credit card companies could probably turn around quite legitimately and say that you've paid £495 to get an agreement reviewed and it isn't our fault it couldn't be done.

    Oh, hang on that's it, I'll start my own Client Review Client Review company and charge people £150 to get back the £495 they originally paid. :beer:. Result !

    Look here http://www.stokenorthlibdems.com/financeadvice/cartel%20docs/Kranes.JPG

    Left hand column and you'll have to click and enlarge to read but it tells you where the moneys gone.

    Respect to David Jack on that site:T

    Someone not prepared to be threatened, paid off or bullied into silence.

    ( waits for this thread to be deleted :rolleyes:)
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • UTUBE
    UTUBE Posts: 29 Forumite
    edited 5 November 2009 at 11:24AM
    Leon_W wrote: »
    The usual tactic would be to now fold the company.

    The problem is that they need a constant supply of new clients [TEXT DELETED} to keep the whole circus going which now looks increasingly less likely.

    Those £500 squids have long gone in directors pay/marketing/commission to salesman etc [TEXT DELETED].

    There has been a substantial increase in the number of requests by debtors under section 77 of the Consumer Credit Act in the hope that that they will be able to write off their debts by obtaining a declaration that the agreement is irredeemably unenforceable under sections 61 and 127 of the Act.
    Indeed, there are a large number of claims currently before county courts all over the country where disputes have arisen between creditors and debtors concerning the effect on loan agreements and other credit arrangements of provisions such as section 77 of the Act which render the agreement unenforceable in certain circumstances.
    In light of the McGuffick judgment, debtors will almost certainly, either need to amend or discontinue their proceedings or face applications from lenders for strike out and/or summary judgment.
    Additionally, lenders will without doubt seek to recover their legal costs incurred in defending proceedings brought against them.
    Claims Management Companies who have taken an up front fee in relation to these matters are possibly now trading insolvently.
  • FraudBuster
    FraudBuster Posts: 931 Forumite
    Time for a bump.


    :D
  • dunstonh
    dunstonh Posts: 120,413 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Its funny that "consumers" <generalisation> get angry at fraud and excess from businesses but are quite happy to stick in fraudulent and try-it-on claims to get money for themselves.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    dunstonh wrote: »
    Its funny that "consumers" <generalisation> get angry at fraud and excess from businesses but are quite happy to stick in fraudulent and try-it-on claims to get money for themselves.

    I love you Dunstonh
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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