Too Good To Be True

Challenger

I have some huge debts just now and was contemplating taking the IVA route until a few days ago a friend mentioned that he knows someone who was able to completely wipe out some credit card debts using the services of a group of financial experts who have found that many credit card agreements used by major lenders are fundamentally flawed and therefore unenforceable so in these cases the lender has no alternative but to write it off when you refuse to pay.
They review each individual credit agreement and then tell you if they think its enforceable or not and if it is not they charge you a fee to challenge the lender.
I have seen copies of letters from major lenders confirming to the friends friend that the debts were written off but I know how easy it is for forgeries to be made even though they look genuine.
Evidently the major banks became aware that many of their agreements did not comply with the Consumer Credit Act in April 2007 and changed the documentation at that time so any credit agreement taken out after that time is very likely to be enforceable.
I also understand that very few people are aware of this situation just now but that the major financial institutions have set aside billions for when the claims start to flood in.

Deep_In_Debt

Don't touch those people with 100ft bargepole. You can do it yourself for the price of a postage stamp and £1.00 postal order. These guys will charge a fee for their service.

Browntoa

yes just ask the loan copany for a copy of the signe credit agreement, CCA

Challenger

Browntoa wrote: »

yes just ask the loan copany for a copy of the signe credit agreement, CCA

Thanks,I know that I can obtain a copy of the credit agreement from the lender but I would not know whether it is unenforceable or not and that is what the fee is for the expert to do and if it is unenforceable then they get paid to confront the lender.
I was thinking if this is real I would be happy to pay a thousand or two to write off a 15,000 credit card debt

dancingfairy

Why not make use of the wealth of free information from posters on here. I am sure someone will tell you if it is enforceable or not. YOu don't need to pay out to do it. Write the standard letter- don't sign it - follow all the instructions -I'm sure someone will know where there is a link etc then post back here and people can advise. There are some very knowledgeable folk on here.

Challenger

dancingfairy wrote: »

Why not make use of the wealth of free information from posters on here. I am sure someone will tell you if it is enforceable or not. YOu don't need to pay out to do it. Write the standard letter- don't sign it - follow all the instructions -I'm sure someone will know where there is a link etc then post back here and people can advise. There are some very knowledgeable folk on here.

Thanks for the advice Dancingfairy,why do you say not to sign the letter?

Deep_In_Debt

As dancingfairy says, the people on here will be able to tell you whether it's enforceable or not (you can post it up on here when you've received it for people to look at), so why pay thousands when you only need to pay a few quid and people can tell you how to confront the lender. I've done it myself and it's not that bad.

Numpty_Monkey

I would prefer to use the advice from the good people on here the debt charities, and a few pounds postage rather than spend £1000s on someone who gets the information for free

Deep_In_Debt

Challenger wrote: »

Thanks for the advice Dancingfairy,why do you say not to sign the letter?

Apparently some DCA's or Creditors have been known to be clever with signatures and modern technology which is why I suggested a Postal Order and not a cheque which has to be signed.

elona

You don't sign the letter because your signature might be copied and end up on an agreement.

dancingfairy

I haven't done it myself, but have seen a lot of copies of a template letter floating about and everytime people are advised not to sign anything. I guess as Deep in debt says people have had problems with DCAs forging/copying signatures.