Unenforceable Credit Agreements

Cashpig74

I want that I am entitled to regards this - thanks.

lesley1960

I wonder how many credit agreements are NOT enforcable? , very few I would imagine , despite what we read in the media

Time2Go_25

Cashpig74 wrote: »

I want that I am entitled to regards this - thanks.

I wish you all the best with your claims, I can't say if you will get everything that you are entitled to, but I'm sure you'll get everything you deserve.

PROLIANT

lesley1960 wrote: »

I wonder how many credit agreements are NOT enforcable? , very few I would imagine , despite what we read in the media

Agreed, not one individual has posted a success story to date - just because some solicitor found a "technicality" in a contract combined with media spin the general public believe they can wiggle out their responsibilities in life, no way, I wait in eager anticipation for somebody to show evidence that they have successfully had their credit agreements rendered void and to also demonstrate that their credit rating has not been compromised in any way.

lesley1960

PROLIANT wrote: »

Agreed, not one individual has posted a success story to date - just because some solicitor found a "technicality" in a contract combined with media spin the general public believe they can wiggle out their responsibilities in life, no way, I wait in eager anticipation for somebody to show evidence that they have successfully had their credit agreements rendered void and to also demonstrate that their credit rating has not been compromised in any way.

have just spoken to someone who works in a section 78 ( is that the right number? ) of a large bank and says ALL their paperwork is in order but says its a nightmare dealing with all the claims ......time . money and resources and as its one of the rescued banks its our time money and resources being used

~Brock~

lesley1960 wrote: »

have just spoken to someone who works in a section 78 ( is that the right number? ) of a large bank and says ALL their paperwork is in order but says its a nightmare dealing with all the claims ......time . money and resources and as its one of the rescued banks its our time money and resources being used

That is the most useful post yet on this subject.

When will people wake up to the fact that the misleading claims made by the claims management industry regarding the percentage of agreements that are supposed to be unenforceable is fuelling this fire.

The reality is very different, and many people will find out the hard way after having been scammed out of money they cannot afford to lose.

Why would the OFT take the almost unprecedented step of issuing probably one of their strongest warnings ever to these companies last month.

There are very few factors which would make an agreement irredeemably unenforceable, and these factors are so basic that I would be surprised if anything other than a nominal percentage of agreements fall into this category.

Unfortunately, there have been cases where banks have elected to write off a debt rather than face expensive litigation against a customer without the means to pay even if the banks won the case, and therefore they are faced with their own legal costs which may well be more than the actual value of the debt. This is then heralded as a victory for the consumer and sparks hundreds more copycat claims. I suspect that this will not continue.

This is exactly what happened with the Rankines - when they got greedy and actually went to court with those lenders prepared to fight they were annihilated.

Very few claims management companies actually want to take cases to court. They rely on out of court settlements, and these are likely to become very rare.

Anyone can draw their own conclusions from this, but please don't be taken in by all the hype surrounding this issue. A lot of this is simply a waste of time for the consumer and the lender......with the only winners being the fee charging claims companies.

gomer

I used to be firmly of the opinion that people should pay back whatever they spent then close the account or even better find out if an agreement is legal as soon as they recieve it, rather than doing so years later when they spent all the credit & got cold feet but the more i have looked into the possibility that many people could well be struggling to pay a debt that might not be legally enforcable, the more i am beginning to understand why so many people are looking into contesting thier agreement HOWEVER i am not at all confident that many people will be successful from what i have seen regarding the subject on MSE because the amount of people asking for advice on challenging a possibly unenforcable agreement far outweighs the amount of people who come back to tell us they won & got thier debt wiped out.

That i have to say speaks volumes about just how hard it must be to even get past the first hurdle. You kind of have to ask why we hear of hardly anyone who has taken the challenge up and won. If it is that common for agreements to be unlawful and thus unenforcable then how come we barely ever read any success storys compared to the reams & reams of threads asking about wiping out debts?

There does seem to be a lot of grey areas in this technicality that has rendered some agreements unenforcable for the successful results to be so disproportionate in comparison to the amount of people who want to challenge it

clio

I want never gets..

fermi

I've only ever heard of one person here getting payments back, and I think that was due to more sheer cheek than anything else (and a daft DCA).

People here on DFW and other sites have been checking the enforceability of agreements for a long time now. If reclaiming/compensation was a realistic possibility then I'm sure I would have heard and seen it more often.

Always impossible to say with 100% certainty, but I think realistically the most you can hope for is the lender or subsequent debt collector to admit that the agreement is not enforceable through the courts. If you are in deep financial problems, that is not a bad result.;)

123joe

fermi wrote: »

I've only ever heard of one person here getting payments back, and I think that was due to more sheer cheek than anything else (and a daft DCA).

People here on DFW and other sites have been checking the enforceability of agreements for a long time now. If reclaiming/compensation was a realistic possibility then I'm sure I would have heard and seen it more often.

Always impossible to say with 100% certainty, but I think realistically the most you can hope for is the lender or subsequent debt collector to admit that the agreement is not enforceable through the courts. If you are in deep financial problems, that is not a bad result.;)

Yes I too have only heard of one person on here being successful but outside of here I've heard of a couple of others. A thread I read on here yesterday stated lots of people on CAG have won but I couldn't find any when I looked at the link. Someone else started a thread asking for people who have won to come forward,only one has so far. I asked a friend of mine who's a financial advisor about the subject and he said it is possible but it's a bit hush hush as the banks are getting a hammering as it is. He himself has put a claim in so I am waiting to see what happens his claim.

I suspect we will see a snowball effect on this, as more claims are successful
and more people hear of them, it should be very interesting