Panorama: Can't Pay, Won't Pay

nicky135

hello! I just watched tonights Panorama. It showed a couple that got their loans wiped off...I would like to give a try...does anyone know anymore about it? or they have they done it? I'm not sure where to start

thank you :0)


http://news.bbc.co.uk/1/hi/programmes/panorama/7711471.stm

DebDay

That's what I am interested in doing. Have trawled through the Consumer Credit Act,but didn't really come up with much.

All I can see is that my Loan agreement is not dated at all. There is a spelling mistake at the bottom. (setlement not settlement). And the copy that I have is only signed by myself, not by the lender. (I believe that my copy is an executed copy) There isn't even a space for the lender to sign. That is the only thing that I can think would help in any way as Consumer Credit Act stipulates that an executed (which I take to mean agreed) credit agreement, must be signed by both the Borrower and the Lender.

Other then that haven't got a clue what to do! Little help please all you wonderful MSE veterans!!! MWAH XX

olly300

I watched the program what basically happened is they took the companies to court saying the loan agreements weren't fair and legal. The judge threw the case out saying they should pay up and other words that implied they were making a mockery of the court system.

Due to taking the companies to court the companies had to demand the couple paid up in a certain timeframe. The companies didn't do that so the loans got wiped.

However the couple now owe the same in legal fees as they did in loans.

The amount they owe in legal fees is £120,000. I don't think they will be taking lawyers to court to try that trick again.

DebDay

Yes but they won in small ways without going to court. Just by writing out letters stating that in some way. shape or form the lender had not fulfilled some integral part of the consumer credit act.

The husband looked through the act and wrote a letter to Halifax, stating his concerns. He received a letter back wiping off the whole £10,000 that they owed them!

nicky135

I'm on the same page as you 'Debday'...I don't want to take the bank to court but i would like to write a letter to bank and see what happens.

I'm not sure what to put in the letter? or how to start?

I don't have a copy of the loan agreements, should I start by writing to the bank and asking for a copy?

DebDay

Yes I think that would be a good first step and I was thinking of doing the same myself. just out of curiosity to see if their copy differs from my. (CCA = Consumer Credit Agreement)

I am sure that some kind MSEr will post a link to a template or something! ((Pretty Please))

olly300

You need to do your own research however to start:

1. Use the data protection act (go to the information commissioner website) and do a Data Subject Access Request for all the information the bank holds on you also mentioning in the letter that includes the credit agreements you have. There is a register of data controllers on the same website to help you send the letter to the correct place. (Google it "register data controllers information commissioner" if you can't find it.)You need to use recorded delivery in case the bank decides not to play ball, and to speed things up include a cheque for the £10 and a photocopy of your passport or driver licence. State what you have sent in the letter i.e. the cheque number of the cheque and a copy of your document to prove ID. (You don't have to include these things but if you don't companies can and will drag it out for as long as they can get away with.)

2. Meanwhile google the consumer credit act and the office of fair trading websites read and book mark them. Also do some general reading around unfair contracts and court cases. (Again use google.) It will help you understand legal terms. Make notes of any court cases you have come across that relate to credit agreements.

3. Once you get your data back ( it can take 2 months) read the paperwork careful referring the material you have read. See if there is anything that they haven't done or done incorrectly and compose a letter to the bank pointing out what they have breached.

You need to remember that every case is different so you could actually have simple misselling stuff like payment protection insurance which has been wrongly sold to you. The reason to go for your entire file is because you don't know what you may uncover. Also some companies don't charge you for Subject Access Requests.

petermb_2

The Access to justice laws are in existance to allow you to use the courts to challenge such issues without the risk of costing you £1000's in legal fees.

There are so few claims companies out there that use these laws in financial claims. Most would rather simply get your ppi premium back and then charge you a percentage.

moggylover

I have to say, that having watched the programme, I was very torn.

Whilst I do not condone some of the tactics used by the companies attempting to get payment of loans I was equally disgusted that people would want to "get out" of the debts that they have incurred rather than negotiate and make payments to clear them.

I agree totally with what was pointed out: those that take this route leave the rest of us to pick up the cost. Whilst there may be those out there that have ended up with such debts due to their businesses going bust or some such there also appear to be a whole mass of people who have: "had their fun, but do not want to pay for it".

nicky135

thank you for your message olly300...I found the website and I will make a start...who knows? thank you :0)

nicky135

I have to say, that having watched the programme, I was very torn.

Whilst I do not condone some of the tactics used by the companies attempting to get payment of loans I was equally disgusted that people would want to "get out" of the debts that they have incurred rather than negotiate and make payments to clear them.

I agree totally with what was pointed out: those that take this route leave the rest of us to pick up the cost. Whilst there may be those out there that have ended up with such debts due to their businesses going bust or some such there also appear to be a whole mass of people who have: "had their fun, but do not want to pay for it".

I do see what you’re saying and to a certain point I agree with you...I think everyone’s circumstance is different.


I took out my loan when I could afford it...when I had my situation changed and I could no longer afford to pay the full amount I paid £80 a month (more than I could really afford, they could see this from incomings and out goings, I was not a won’t pay but a could not pay) They would'nt reduce the rate. I have no assets, no house etc and ecause of my income if tock me to court ,the court wouldn't order me to pay more than £12 a month...but I didn’t want a CCJ and I wanted to pay as much as I could...£80 until my circumstances change and I could the full amount.

I said to the bank ‘would it not be better to get £80.00 a month off me over a longer period paying more interest to them rather the courts stopping any interest and they only getting £12 a month’ they just said they didn’t care, they wouldn’t lose out because they would just sell my debt on

I don’t think I have explained my storey very well...this is only a small part of the issues I had with the bank but what I’m trying to say that the bank didn't handle things very well and their attitude is disgusting. If the banks use small print to their advantage why shouldn’t the public?