Unenforceable Credit Agreements

Locke

bkhall wrote: »

i have heard advertisement on local radio claiming that you can possibly have your credit card balance wiped out if your agreement was signed before april 2007. does anybody know anything about this or even experienced it. Is it a no win no fee thing or do you pay fee upfront etc????

http://forums.moneysavingexpert.com/showthread.html?t=767025

Robert_Sterling_3

earwig oh a gain...............................................;)

craigb42

Hello

I'm new here, and need some advice.

I have a credit card with Abbey which I believe is actually MBNA. I have had the card for a number of years, probably more than 10. I have a large balance approaching £14k on it, however we are consolidating our debts and plan to pay it off within the month.

My financial advisor told me that he had heard if the card issuer could not provide a copy of the original agreement then they had to cancel the card and write off any debt. I wrote to Abbey and requested a copy of my original agreement under the Data Protection Act.

They have written back and told me they cannot supply a copy and apologise. they enclosed a copy of my terms and current balance.

Do i have any recourse to follow this up ? Is what my financial avisor saying correct, or simply 'hearsay'. Do I pay the card in full or take it further ?

Many thanks in advance

Craigb

noah271007

craigb42 wrote: »

Hello

I'm new here, and need some advice.

I have a credit card with Abbey which I believe is actually MBNA. I have had the card for a number of years, probably more than 10. I have a large balance approaching £14k on it, however we are consolidating our debts and plan to pay it off within the month.

My financial advisor told me that he had heard if the card issuer could not provide a copy of the original agreement then they had to cancel the card and write off any debt. I wrote to Abbey and requested a copy of my original agreement under the Data Protection Act.

They have written back and told me they cannot supply a copy and apologise. they enclosed a copy of my terms and current balance.

Do i have any recourse to follow this up ? Is what my financial avisor saying correct, or simply 'hearsay'. Do I pay the card in full or take it further ?

Many thanks in advance

Craigb

I can see you are planning to pay the £14K within a month. PAY it off.

Hackneygirl

nemetor wrote: »

You borrowed - now pay it back loser.

craigb42 is asking for advice here and I agree with him, if he is going to pay off his credit card then he is entitled to see a copy of his agreement as the Banks seem to making up their own rules at the moment

why post and call him "loser" - this is supposed to be a forum where we can get advice

I certainly don't see him as being a "loser" - he is planning to pay it off but I expect he has paid it off in interest charges several times over

good luck to you craigb42 - get some more advice and do what you feel is right

simon_templar_2

Why does he need to see a copy of the agreement? He has been using the card with no issues since he got it. Is he denying applying for it? Did MBNA just give it to him for free and say dont worry son spend as much as you like you wont have to pay it back. Fill your boots and spend spend spend. Buy a plasma tv, go on holiday, kit yourself out with designer clothes, expensive watches and the like.

noah271007

Hackneygirl wrote: »

craigb42 is asking for advice here and I agree with him, if he is going to pay off his credit card then he is entitled to see a copy of his agreement as the Banks seem to making up their own rules at the moment

why post and call him "loser" - this is supposed to be a forum where we can get advice

I certainly don't see him as being a "loser" - he is planning to pay it off but I expect he has paid it off in interest charges several times over

good luck to you craigb42 - get some more advice and do what you feel is right

You think it is right to get 14K written off due to no CCA? I agree he shouldn't be labelled as a "loser" and of course have the right to explore possibilities. But if this goes to court, then it is likely the judge will throw this out! Just because there is no CCA doesn't mean you can get it written off!!

Enlightenment

I'm currently going through this with another bank, not because I want the debt written off, but because I want the DCA off my back and to be able to pay what I can afford at a rate I can afford it. It would be great if they did write it off, but I spent this money and am willing to pay it off. I have made them an offer and have been keeping to this offer, but they continue to add interest and charges and have written to me twice saying they will not accept the offer, but are still accepting the payments.

The 'CCA' they have sent back is nothing more than a T&C, it has no APR, no details of payments and is missing a signature from the company, so is in fact not a CCA, I am sending them a letter on Monday telling them it is not an enforcable CCA and as such until they send me a true CCA the account is in dispute.

However, I still am going to keep up with the offer as I want to clear this debt.

worried_jim

They have written back and told me they cannot supply a copy and apologise. they enclosed a copy of my terms and current balance.

Do i have any recourse to follow this up ? Is what my financial avisor saying correct, or simply 'hearsay'. Do I pay the card in full or take it further ?

Many thanks in advance

Craig, I think that it just means that they can't enforce the debt but it doesn't get written off and it would still show as a balance outstanding and in default on your credit file. I would expect 6 years of letters and the debt being sold on, you just would never end up with a ccj or a charging order against your property.

Enlightenment

Worried Jim- yes you now send the 12+2 letter here adapt it to your personal position.

It's very rare that companies write off debts, they will still be there, all this does is stop them taking any court action against you as the documents they have are not legal CCAs. You then have the option to clear the debt or wait until 6 years where the debt will then become statue barred. If they do not have a true CCA you can request that they remove any defaults from your file and you are in a better position to make offers to them.

I would also claim back any charges or PPI they may have added to the account further reducing the amount owed.