Unenforceable Credit Agreements

onedaymyfriend

Thanks for that Fermi,

What if someone did it theselves, would they not have to hire a solicitor at some point?

Thansk again,

D~

mcweasel05

Long ago in a street not far from where I now live...

I've was offered a Credit Card by my then bank - Lloyds TSB. It garenteed me a credit limit of £1500. This was Jan/Feb 2003. At the time, I was suffering from depression, aniexty & suicidal given an event which occured in November 2001 I took out the card, with the insurance and promptly spent.

Eventually, I took hold of my life and finances and I have been trying to sort out my debts with Lloyds ever since.
I currently owe just under £900 to Lloyds on this.
Is there any way I can claim to have this outstanding balance wiped by Lloyds? My doctor is willing to repond to a letter if I get Lloyds to write to him confirming the above, but I doubt it will be successful.

Any idea's anyone? And does anyone have the address to send my request?

PROLIANT

I am really sorry to hear of your personal situation, the best way is to come to some arrangement with LTSB rather than try and have the debt wiped, with all due respect you did spend the banks money and you should really pay it back, sort something out with Lloyds so you can afford a payment plan, get your GP to write you a letter confirming your unfortunate situation that will maybe help you, don't go in to have the debt wiped..that would be the wrong thing to do, it will destroy your credit rating and follow you for the next 6 years and any court judge would certainly pass judgment in LTSB favour.
Sorry if this was not the answer you were hoping for.

mcweasel05

Thanks for this, you are right, I did spend the banks money. Though my credit rating is poor due to this & other financial mismanagement on my part.
I had previously tried to come to arrangement with Lloyds by using payplan. All my other creditors were happy with my payment arrangement. But Lloyds, for some reason never responded & continued to rack up the debt (it was higher but I reduced this when I sold my property).
Payplan had sent them 10 seperate letters detailing the offer & requesting confirmation, non of which where responded to until I had funds to pay off. They have agreed to put 0% interest which is nice & have agreed not to phone me 5 times a day.
I guess what I'm really after is the Insurance to be credited back to me, as they wouldn't have paid out due to the previous bout of depression

PROLIANT

mcweasel05 wrote: »

I guess what I'm really after is the Insurance to be credited back to me, as they wouldn't have paid out due to the previous bout of depression

I am in total agreement with you on this one regarding the insurance, there are many threads relating to this subject and how to go about reclaiming the insurance money back, which under your circumstances would be the right thing to do, unfortunately I cannot advise you on this so you would be better speaking to the guys over on the other board, the will be more than willing to help you.
I really hope that you get some resolve from this and you get back on your feet shortly, good luck.

alijay_3

I've been approached by a friend of a friend who represents a company claiming to be able to wipe out credit card/loan balances where the agreement was started pre-April 2007. It works on the basis that many of these agreements have unlawful clauses and apparently doing this may actually have a POSITIVE effect on your credit rating!
Nice idea, but they charge a fortune to do it & during the 9-12 months it takes, they recommend you keep making payments against the debt.
I'm looking into doing it myself and apparently £10 to the credit card/loan company with a letter requesting a copy of the loan/credit agreement is the best place to start.

I have found some info re: what to look for at https://www.suite101.com but if anyone else has any info on this, I would be grateful.

Martin: are you likely to put together a 'reclaim' package on this one, similar to the bank/c. card charges ones?

curly_cabbage

this sounds intresting, but alittle too good to be true

CC

GeorgeUK

Alijay - go over to the debt-free-wannabe board and do a search on CCA's. If there is no credit agreement or it does not have all the required prescribed terms then the debt may not be unenforcable. CCA request costs £1. If you were to do a subject access request, that would cost £10.

alijay_3

https://www.debtlitigation.co.uk is the main website where the whole theory is explained. I know a number of people in business who are taking this on as a sideline & becoming 'agents' for the parent company on a commission basis.
Must admit, I was very sceptical too when I first heard about it, but it seems legit...

alijay_3

Thanks George - will do