Unenforceable Credit Agreements

epsilondraconis

Hackneygirl wrote: »

I accept your luke-warm apology - I thought you were really dis-respectful to me as a newish poster but you got more than you bargained for - I have noticed numerous people on here who post without the correct punctuation and they should all feel free to post how they want - next time you have a general moan please don't take it out on me because I will come back at you

:kisses3: sending you a very small light kiss

- sorry...

Sending you a dodgy hug!

:grouphug:

wherestheend

well I read through another thread judging people without knowing their circumstances, not everyone needs to write the debt off with a cca letter for fun. I for one am going through this after a bank pulled my overdraft on my business for no reason other than sorry your trade is now classed as high risk, it put my 15 staff out of work and lost me my home, i can now not afford to pay my cards and after paying my mortgage on time every month for over 20 years did the bank care, I think not, so for me if they want to lend money without the proper paperwork in order then they deserve to loose it. If I miss a payment are they bothered about adding another £30 in charges again I think not. I for one watch the news and now see what the banks have been up to and what the people responsible get paid so I am sorry I do not feel any guilt in trying to get my credit card writen off.

bert&ernie

Hackneygirl wrote: »

I accept your luke-warm apology - I thought you were really dis-respectful to me as a newish poster but you got more than you bargained for - I have noticed numerous people on here who post without the correct punctuation and they should all feel free to post how they want - next time you have a general moan please don't take it out on me because I will come back at you

:kisses3: sending you a very small light kiss

Perhaps you should have a look at this thread over in Discussion Time.

aj2703

epsilondraconis wrote: »

I agree. Therefore it begs the question, if you have a credit card that allows you to transfer money to your current account i.e. egg money, you could transfer to your current account an amount up to your credit card limit and then (a reasonable time later) write the letter to see if a credit card agreement is in place. If there is, you continue stoozing the money in a high interest savings account and makes some extra money on the side; however if there isn't, you send in the 'dispute' letter and potentially make a lot of extra money on the side.

Makes you wonder whether some people would try it.

Edit - I'm obviously not advocating this route - as you all know, I have standards! I just wondered whether it would work.

No doubt some would... Bear in mind though that they would have had to have had the card prior to August 2007 as the evforceability issues were ammended then.

epsilondraconis

aj2703 wrote: »

No doubt some would... Bear in mind though that they would have had to have had the card prior to August 2007 as the evforceability issues were ammended then.

Yes, you're quite right.

I tend to change my credit cards every time the offers expire anyway (typically 0% on purchases as I tend to slow stooze) and so I don't believe I have any cards prior to August 07. If I did have older cards, who knows, I may have been tempted!

aj2703

bert&ernie wrote: »

I think this is interesting. I can see the point you are trying to make, but I cant see how this would make the agreement any more enforceable. Perhaps it could be argued that the cardholder acted fraudulently, but that would imply their was a deception. Its hard to see the bank being deceived, when the cardholder actually draws their attention to the fact that the agreement is unenforceable.

The lender cant have it both ways - by asserting that the agreement is actually enforceable and then crying fraud when if the court deems it not to be so. In my view, if a bank leaves open a line of credit after they become aware that they don't have the requisite documentation to enforce the debt, then they are being exceptionally reckless.

Agreed. It's a hard one. By no means am i an expert espically in the legal side. My line of thinking is like you where if they are made aware of a request by a customer of a CAA which they then can't find or know to be faulty would be stupid to leave the line of credit open. But then again i am thinking that it could be argued that the cardholders actions were pre-meditated in the fact that he asked for a CCA prior to spending so must have known that if they couldn't produce the paperwork would be able to go down that route. This is as i've already said could only be done with agreements prior to august 07 anyway, so if someone tried it now, i don't think they would have a case in court. As for agreements that have been signed electronically over the net i have no idea on that one.

mattie5

im sure the credit card companies have had their money back several times over i agree with the person who originally said that and as for these companies/banks who have been fooling everybody well have i got sympathy no

Enlightenment

wherestheend wrote: »

If I miss a payment are they bothered about adding another £30 in charges

Exactly, don't we already pay them enough in bank charges and interest? Once an account has been passed to a DCA then interest should stop, allowing the debtor to at least try and pay the debt off without increasing interest which renders what they can pay useless, thus making the debtor lose all interest in paying the debt off as they can't see the balance decreasing. People are more likely to pay off a debt if they see that what they are paying is in fact decreasing what they owe instead of being swallowed up in high interest rates.

Interest on CCs should be regulated too, so they can only charge a certain amount, 30% on some of them is ridiculous. It should be in the region of 5% APR as that's what most ask as minimum payments each month. Bank charges should be no more than £5.

aj2703

http://forums.moneysavingexpert.com/showthread.html?t=1523601

What do you guys think in that situation then...?

noah271007

aj2703 wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1523601

What do you guys think in that situation then...?

I would insist on paying the amount in full to the lender directly and not through DCA. Then write to them and say i do not owe the debt and refer them to the lender to confirm debt has been paid.