Unenforceable Credit Agreements

edwinac_2

Quit the willy-waving. As predicted by many, the Bank of England's Special Liquidity Scheme has been extended both in duration and scope.

And before the BoE made the decision to extend the scheme, the banks simply used other pre-existing but less-publicised asset-swap mechanisms... so the broader picture remains unchanged..

The BoE (and the ECB) continue to accept the banks' toxic debt as collateral in asset-swap schemes, in a vain attempt to prop up the imploding global economy.

On a point of note, your arrogant, sniggering tone is unkind and completely unhelpful. It is decidedly poor form to mock people because of the newspaper they read, for example. Moreover, I don't see you providing a single source for any of the claims you have put forward.

Tell us: where do YOU get your financial news? I've only see you cite Snopes.com(!) and Wikipedia(!), so I could mention the pot, the kettle and black..

Furthermore, since you claim to be knowledgeable on the oil futures market, among so many other things, I challenge you to address that EIR article that I just posted.

Amuse us by explaining how it is all "completely wrong" and how the speculators at the IPE and the NYMEX play no role whatsoever in driving up the price of crude oil, and how the crude price is simply following the supply and demand dynamics of the market....

I'm all ears......

edwinac_2

edwinac wrote: »

See: London acts to unfreeze markets (EIR)
See: BoE extends special liquidity scheme (EIR)

More on the latest BofE "helicopter drop" of hyperinflationary new money...

Paulson Plan: A Mega Bailout For British Banks

27 Sep 2008

The mega bailout plan of U.S. Treasury Secretary Hank Paulson is a big give away to bailout Her Majesty's banking system.

Today's Times of London, the mouthpiece of the British establishment, reports that the five top British banks could grab as much as 25 percent of Treasury Secretary Hank Paulson's 700 billion dollar mega bailout plan. British banks hold no less than $175 billion (95.3 billion pounds) of "distress assets".

The Times writes, "If the British banks tap the rescue fund, being set up by the U.S. Treasury and the Federal Reserve to the maximum, they could secure one quarter of the $700 billion being made available."

The breakdown of what these banks are holding is the following: HSBC, the flagship of the British Empire, holds 45 billion pounds; Barclays, 17.4 billion pounds; Royal Bank of Scotland, 16.2 billion pounds; HBOS, 13.3 billion pounds; Lloyds TSB, which now owns HBOS, 3.4 billion pounds.

Another confirmation that the British Banks are nothing more than Zombies is the fact that the Bank of England announced this morning that it will be pumping an addition 55 billion pounds into the financial system.

Included is an offering to lend $30 billion in U.S. dollar funds for one week. The first such operation will be an auction for 40 billion pounds maturing on Thursday January 15, 2009, an obvious move to get Britain's Zombie banks past the last quarter.

The BOE will be accepting mortgage backed securities as collateral. This operation is being coordinated with the European Central Bank, the Swiss Central Bank and the Federal Reserve. The Swiss are offering 9 billion dollars while the ECB is offering $35 billion.

loveandlight

pt2537 - I have sent you a pm.

stephendykes

Does anyone have any experience of the new phenomenon of cancelling credit card balances that I've heard advertised on the radio recently?

I understand from someone I spoke to recently that it has something to do with the contract being unenforcable by the credit card company as their record keeping means they don't have a signed contract but surely they're not going to be happy about this.

Are they able to affect your credit rating? Is it legal to do it? Is it as straight forward as it sounds? Has anyone done it?

Any feedback on this would be very welcome.

Faustino

There are a few Claims Companies and some solicitors offering to review the terms of Credit card Agreements saying that many agreements are unlawful and make the balances unenforcable against the borrower because the Agreements do not comply with the Consumer Credit Act. As I understand it what they do is charge you a fee, request a copy of the agreement and review it to see if it has any fatal errors or ommissions.

Is there anything in this or is it just a scam. Some claims companies are claiming that 80% of credit card agreements entered into before 2006 are unenforcable by the lender.

this would be a big windfall for me if it is true as despite all the prudent advice on this site, i got into a bit of a mess this last year, but all my credit card agreements go back to before 2002 and some earlier.

I am tempted to send my £295 per card, but i haven't seen anything on this site

ShelfStacker_3

Could be a scam, could not be a scam. Almost certainly the loser's way out, and can be done for free if you have enough savvy.

~Brock~

Faustino wrote: »

I am tempted to send my £295 per card, but i haven't seen anything on this site

Well you didn't look very far.....;)

Check this thread out
http://forums.moneysavingexpert.com/showthread.html?t=1205313

skintandscared_2

here we go again... :rolleyes:

~Brock~

skintandscared wrote: »

here we go again... :rolleyes:

Yeah that's what I thought, but at least I've pointed him away from starting a whole new debate (hopefully).

Bismarck

~Brock~ wrote: »

Yeah that's what I thought, but at least I've pointed him away from starting a whole new debate (hopefully).

hopefully being the operative word.

"PLEASE....EVERYONE ELSE. LEAVE THIS ALONE AND GO ABOUT YOUR BUSINESS. "