Unenforceable Credit Agreements

NickX

PROLIANT wrote: »

Lol, all the best Nick, grammer was never my strong point mate.

No worries, I was only joking. Hope you are enjoying the festive period up in the North East and its not too cold for you up there.

I have been in the pub most of the afternoon, now meeting some old school mates for a curry. That slow-stooze card of mine is approaching its limit

Have a good one :beer:

PROLIANT

NickX wrote: »

No worries, I was only joking. Hope you are enjoying the festive period up in the North East and its not too cold for you up there.

I have been in the pub most of the afternoon, now meeting some old school mates for a curry. That slow-stooze card of mine is approaching its limit

Have a good one :beer:

You enjoy your curry Nick, make sure you quench the fire with a few cold ones! :beer:

NickX

PROLIANT wrote: »

You enjoy your curry Nick, make sure you quench the fire with a few cold ones! :beer:

LOL I can see some bottles of Cobra coming up quite soon :beer:

gomer

NickX wrote: »

Well I don't think I am.

Its an unfair world out there. The people paying the highest interest rates (34.9% with MBNA) are those that can least afford it. The stoozers with thousands in the bank are on nice 0% deals.

Its just the way it is, life is not fair, it is harsh.

Its just my opinion (and I have stated it on here many times as Proliant will have noted) that its each person for themselves and if someone feels they have a case to challenge their CCA (Consumer Credit Agreement) then I'm not going to hold it against them.

Have a great 2009 :beer:

You're still missing the point Nick. That is not 'Just the way it is' at all, it is that way for a reason & is in part down to people who were happy to spend the credit then try and find loopholes to avoid paying it back, credit card companies have to account for people who don't pay thier credit back hence the extortionate interest that people who can't afford it have to pay. The fact that you personally don't pay interest doesn't really come into it.

NickX

gomer wrote: »

You're still missing the point Nick. That is not 'Just the way it is' at all, it is that way for a reason & is in part down to people who were happy to spend the credit then try and find loopholes to avoid paying it back, credit card companies have to account for people who don't pay thier credit back hence the extortionate interest that people who can't afford it have to pay. The fact that you personally don't pay interest doesn't really come into it.

Well I don't agree with you, and we are probably not going to agree. I know Proliant doesn't agree with me on this aswell but we just accept eachother's differing viewpoints.

I do not think that the rates are high because of people who fail to pay their debts back. The actual number who get out of paying through loopholes I would think is minimal. Many of the defaulted debts will have been sold on to DCAs long before they are challenged, or the debtor actually goes bankrupt and gets out of repaying that way.

I think the rates are high for numerous reasons, to cover the costs of running the whole organisation, paying staff wages and rents and making sure that a profit is made. They also have to fund those who are not paying interest by stoozing or rate-tarting. Sure, they have to allow a proportion for bad debts, but they do get returns by selling these on. I might be wrong, but I very much doubt that debts written off due to legal loopholes makes much of a dent on their profit margins, mainly because it is not that easy to do.

Earlier in the year I upset a particular stoozer by suggesting that challenging CCAs using legal loopholes within the confines of the law was not that far removed from exploiting 0% deals for ones personal gains.

My point really is simply that debts that are written off in this way is probably only one small factor leading to interest rate rises in the same way that the people who don't pay interest is another such factor.

NickX

I've just noticed that the OP of this thread is a complete newbie and is effectively bumping the pre-2007 Credit Card debt wipe off type organisations.

These get started on a regular basis and are virtually always started by brand new members probably to draw attention to the organisation.

Alhough I am not an expert on these companies, I would advise anyone thinking of using them to steer clear. They charge an extortionate up-front fee and are probably sharks who will just outsource the CCA challenge to a firm of solicitors.

The actual process of challenging the CCA can be done yourself for free or by going to a solicitor of your choice.

The CAB (Citizen's Advice Bureau) are also a helpfull organisation who offer a free service to those suffering financial hardship. They will negotiate with creditors on your behalf and have access to professional legal expertise if so required.

Best Wishes for 2009.

KeithPD

I totally agree that if you are within the law to challenge an agreement that is not right then why shouldn't you?

I'm new on here..... but don't hold that against me

Keith

MABLE

NickX wrote: »

No worries, I was only joking. Hope you are enjoying the festive period up in the North East and its not too cold for you up there.

I have been in the pub most of the afternoon, now meeting some old school mates for a curry. That slow-stooze card of mine is approaching its limit

Have a good one :beer:

I dont know why but I have always thought you were a lady. Sorry no offence and its not important but its funny you try to get a picture of a poster and I obviously got it wrong,

NickX

MABLE wrote: »

I dont know why but I have always thought you were a lady. Sorry no offence and its not important but its funny you try to get a picture of a poster and I obviously got it wrong,

LOL, no definitely a man

Actually I always pictured you as a lady, perhaps around 50 years of age, again don't know why, I guess Mable just sounds like a name attributable to an older lady perhaps. I probably got it wrong too.

Best Wishes for 2009 all the same :beer:

Rocket

Hi All,

Fairly newbie, have been viewing this site for a couple of years now on and off and now doing something about my whopping £20K cc debt.

Used the imoneymanager site and sent letters this morning to all 5 credit card companies saying I cannot afford exisiting payments but would they accept my offer of pro rate reduced payments in the meantime along with the cut up cards.

Will let you know the outcome.

I spent the money and I am extremely concious that I should pay it back albeit not clearing it as quick as I would have liked but just hope they (the cc companies look upon me favourably and assist!)

imoneymanager is really easy to use just put in your figures and it works everything out for you as well as composing the letter to the creditors.

Just wish I had done it this time last year.