Unenforceable Secured Loans

amj_2

Has anyone either themselves or know of anyone else who have sucessfully challenged such a loan covered by the CCAct 1974?

I hear all about these legal firms claiming they can work magic but it all sounds too good to be true... and we all know how the old saying goes!

petermb_2

Hi
It is much more difficult to do so than these firms will let on but that is to encourage you to part with your hard earned cash.

Having said that, it is possible to both void or make unenforceable loan agreements.
It really depends on the conditions prevalent when the loan was set up, whether a broker was used and if PPI was included.

My advice is that there are companies that will not charge a fee for these services. They are utilising Access to Justice Laws allowing a solicitor to levy his fees to the lender instead of the claimant, which is the only ethical way to do this.

There are companies who do this so do not be fooled into using a company that charges you fees, either up front or will take a percentage of your compensation. Companies that do so are either just plain greedy or do not know any better.

~Brock~

petermb wrote: »

There are companies who do this so do not be fooled into using a company that charges you fees, either up front or will take a percentage of your compensation. Companies that do so are either just plain greedy or do not know any better.

Or have a business model that doesn't actually involve taking any court action whatsoever and intend to simply live off the 'fees' they charge and only ever 'win' cases where the lender pays up without having to go to court.

amj_2

I wonder what percentage are sucessful, and how many go as far a court action and fail at this hurdle?

petermb_2

The trouble as Brock says, is that there are many so called claims companies that dont actually run cases. They simply take the fees and then sit on them.

There is no doubt that many of the claims are relevant and deserving. It is estimated that there are millions of potential claims.

The problem is that there have been far less successful cases than there should have been because of the above issue. Lenders have for many years gotten away with murder. The reason? Unless you can take them to court they will bully and beat you.

amj_2

petermb wrote: »

The trouble as Brock says, is that there are many so called claims companies that dont actually run cases. They simply take the fees and then sit on them.

There is no doubt that many of the claims are relevant and deserving. It is estimated that there are millions of potential claims.

The problem is that there have been far less successful cases than there should have been because of the above issue. Lenders have for many years gotten away with murder. The reason? Unless you can take them to court they will bully and beat you.

It sounds like folks should only use the no-win-no-fee firms with no upfront money then, as at least they might be motivated to get things done!

petermb_2

I would agree. I would go further and say do not use companies that charges fees at all.
With the correct funding and isurance there is no reason at all why companies should charge fees at all.

There is also inherant danger with dealing with companies that take a share of your compensation. What happens if the compensation you win is only enough to either reduce your loan balance or write it off. Where do you find the money to repay the claims company their 25% or whatever they charge?

The industry has grown very quickly in a short time with lots of people seeing £ signs before their eyes. All seem to want to get rich quick.

iolanthe07

All seem to want to get rich quick.

And help people to avoid paying back money they rightfully owe through some trivial loophole.

petermb_2

iolanthe07 wrote: »

All seem to want to get rich quick.

And help people to avoid paying back money they rightfully owe through some trivial loophole.

The law of the land is not a loophole.

It is that same attitude that has made the lenders make so many mistakes and put themselves in the precarious position they find themselves in now.



.

iolanthe07

If they borrowed it, they should pay it back. That's what the rest of us do. The attitude of "lets see if we can wriggle out of our just dues" is contemptible.

petermb_2

So let me get this straight, you think bribery, fraud and breach of contract is ok for the lenders to get away with as long as the borrower pays regardless.

That is exactly what you are condoning.