Credit Card & Loan Balance's Wipped Clean !!!

NickX

~Brock~ wrote: »

If this is the case then why aren't the scamming companies advertising for only debts with DCA's?

My post was regarding debts that have been sold to DCAs, but I am not saying that this practice is uniquely for debts with DCAs and am fully aware that they will challenge the CCA even when it is with the Orginal Provider.

NickX

makum101 wrote: »

They will sell of course but I then tell the Pond Life DCA they have bought a lemon and ask them for a CCA and they give me back to the Credit Card Co.

I don't think this is the case. Once the debt is sold to a DCA it is gone, deal done! The DCA cannot then pass it back to the Card Provider because they find it unenforceable. The Card provider then has their money and they have moved on.

I am not condoning this practice but I do know of a very slick solicitor who managed to get £83,000 of Credit Card debts written off and walked away with a clean credit file so it can be done.

~Brock~

NickX wrote: »

I am not condoning this practice but I do know of a very slick solicitor who managed to get £83,000 of Credit Card debts written off and walked away with a clean credit file so it can be done.

I'm sure he must be very proud of himself, although his abilities as a solicitor must be brought into question if he can't earn enough to stop him getting into debt in the first place.:rotfl:

............or did he run up the debts on purpose?

makum101

In answer to the above few posts quoting mine.

1) I have asked them to reduce my interest rate or even freeze it. Their answer was a simple "No". This is because they see my account as being prime for selling to make a quick cash lump and get rid of me as im not spending anymore.

2) Once an account is in dispute they acn not legally sell it until the dispute is resolved. If they do sell (which they always do) you can inform the DCA the debt is in dispute regarding the CCA and it has been sold illegally. The DCA can then either pass it back to the CC Co or sit on it in the hope the CC Co will find an enforceable CCA.

3) It IS exactly what Alibobsy states - a tool to bargain with when these companies are willing to use sharp practices such as the above.Fire fights fire LEAGALLY.

NickX

~Brock~ wrote: »

I'm sure he must be very proud of himself, although his abilities as a solicitor must be brought into question if he can't earn enough to stop him getting into debt in the first place.:rotfl:

............or did he run up the debts on purpose?

No he is a highly paid solicitor in Central London, has worked on some very high profile cases in the past.

I think the funds that he borrowed on Credit Cards were put towards a villa in the Costa Blanca. Given the choice of repaying the debts or purchasing a second home he decided to go for the latter.

missworks2jobs

Oh no! I recently was recommended one of these services by a friend who insisted it wasnt a scam and I looked into it. I applied thinking that it was too good to be true but when I met with a consultant who explained that it wouldnt affect my credit rating I was reassured. They didnt mention anything about "pond life" debt collecting agencies or the credit card agencies whacking up my monthly payments because of the interest rates. Now i'm really worried. I'm struggling to make payments on my cards but can manage it...just! Will I be able to cancel it as i'd rather just lose the fee and be in debt for decades than have people hounding me for money!

poker_face

missworks2jobs wrote: »

Oh no! I recently was recommended one of these services by a friend who insisted it wasnt a scam and I looked into it. I applied thinking that it was too good to be true but when I met with a consultant who explained that it wouldnt affect my credit rating I was reassured. They didnt mention anything about "pond life" debt collecting agencies or the credit card agencies whacking up my monthly payments because of the interest rates. Now i'm really worried. I'm struggling to make payments on my cards but can manage it...just! Will I be able to cancel it as i'd rather just lose the fee and be in debt for decades than have people hounding me for money!

Have you paid the company yet?. Might be worth consulting a solicitor about it. Which company were u dealing with?

Thomas99

Kizan wrote: »

Most of these companies feel like a scam to me

That's because they are a SCAM.

ALIBOBSY

Post over on the debt free forums where there is more info on this.
The issues are not as easy as do this and this and the debt is written off.
Basically many credit agreements signed prior to the latest regulations coming into force were badly put together by the lenders. In many cases this was greed, trying to combine a quick application with an agreement to enable faster and faster lending. The vast majority of these agreements don't comply with the legislation to a greater of lessor degree. You have a legal` right to request a copy of the agreement, which they quite often will have binned, or as I said it will arive with many errors making the debt legally unenforcable.
The debt doesn't disappear, but if the debt then goes over 6 yrs since a payment or acknowledgement that you owe the debt it cannot be pursued further.
Some cases have gone to court, some settled before. Some cases have had thousands written off, some have lost in court.
You may be able to use a bad agreement or non production of the said agreement as a good bargaining tool to argue a low full and final settlement figureas opposed to court action.

The whole thing is not cut and dried, very long winded and you need to know in the short term will effect your credit rating and you will get hassle from phone calls and letters as they keep chasing for money.

You can do everything these companies can do, certainly in the initial stages and if a solicitor is required anyway you can get one later. Although in most cases people represent themselves.

ali x

The consumer action group forum also has alot of info posted about this issue

bert&ernie

Very good reply from ALIBOBSY above.

Stand by for incoming moral outrage!