Has anybody actualy had a loan written off?

ILW

There appears to be a lot of interest in getting loans written off or deemed unenforcable due to CCA errors etc on this site. From reading through it appears many are trying and even more are giving advice, but there seems to be very little evidence of any successes. It would be interesting to get some idea of success rates. Also I wonder how this would affect future access to credit, mortgages etc?

petermb_2

Actually the issues are set in stone. The reality is that there are few people who actually put the right things in place to actually succeed.

Unless you can show the lender that you are capable of litigating in the matter they will bully, bluff, lie and cheat to get you to capitulate rather than them.

Once you can demonstrate that you have the ability to challenge my experience is that they roll over relatively quickly.

Up to now the success rates are relatively low but there is anecdotal evidence that one particular lawyer has successfully written of around 600 cases. That would not surprise me.

As for your credit rating after. Part of any settlement should be the correction of the credit history.

And that should be quite right. Where the lender is guilty of bribery and fraud, then they should put the client back to a decent state. That is only reasonable dont you think?

ILW

Thanks for your interesting reply Peter.
It seems that a lot of people know someone whos cousins friends mother in laws workmate got thousands written off but I see nobody who actually seems to have done it.
A problem that could arise is that if people believe the odds are good, this may just lead to a lot of these dodgy quasi legal companies ripping people off.
On your other point of the loan companies being guilty of bribery and fraud, that seems a bit strong for losing the paperwork.

petermb_2

PS, I did deal with one client, a lady of 78 who had a loan with a very well known lender. The lady received £92 per week in pension and the kind old lender only took £50 per week off her.

When we sent in our SARN letter, out of the kindness of their hearts they reveiwed the clients file and decided for some reason that the final 14 months payments of £200 were unneccessary. The case continues.

petermb_2

ILW wrote: »

Thanks for your interesting reply Peter.
It seems that a lot of people know someone whos cousins friends mother in laws workmate got thousands written off but I see nobody who actually seems to have done it.
A problem that could arise is that if people believe the odds are good, this may just lead to a lot of these dodgy quasi legal companies ripping people off.
On your other point of the loan companies being guilty of bribery and fraud, that seems a bit strong for losing the paperwork.

You misunderstand, Fraud and bribery has nothing to do with losing paperwork.

I agree that there are already a number of scoundrels posing as claims specialists and do exactly what you stated, ripping people off.

That does not change the fact that there are legitimate legal issues where clients can challenge lenders. I am in the claims profession and have had clients loans written off as you put it so it does work.