Unenforceable Credit Agreements

thefeester

ive been told that if you took a loan out pre april 2007 you dont need to pay because of a legal loophole in the terms and conditions can anyone advise ?

Orford

It depends on whether they have an enforceable agreement or not.

See here:
http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements.html#post1895203

Smileylady1981

Hi All

Does any one know anything on this topic?

Ive literally today stumbled across the fact that there is a chance that my credit agreement could effectively be 'wrong' and therefore i may not be liable for paying some or all of it back??????

I appreciate its an easy way out and is probably rubbish , and there is no way im relying on it lol
But i thought it was definately an interesting point and if there is any way of getting help with a balance especially if it was 'sold incorrectly' then i thought it would be worth asking about it :rolleyes: So has anyon eheard about it , tried it , been successful, know what to do etc??

Smiley :rotfl:

Orford

It depends on whether they have an enforceable agreement or not.

See here:
http://www.consumeractiongroup.co.uk...ml#post1895203

Bodi_2

Good morning all first time poster here......

I have 2 loans (egg) and 1 credit card (Virgin) all pre 2007.

loans about 6 K each with 2 years left and credit card 8K

i read quite a few threads off here....do you think it would be worth me pursuing these with the lenders.

Any help would be great...cheers

fermi

Are you unable to make the required payments? Have you defaulted on these?

Unless you are in severe problems with your debts and cannot continue to pay these normally, then NO, honestly it is NOT worth it.

Bodi_2

no i make the payments ok....

why is it not worth it???

Bodi_2

anymore help anybody any would be great?

MrsTinks

Because they can and will place your accounts in default and sorting out the legal side CAN be a nightmare... so long as you can afford to pay the money and you recognise that you spent the money and should pay it back then why stir up a hornets nest?

Bodi_2

That's not quite what the companies who offer to do this for you say is it.... I take it they are just fluffing it up to make it sound good.