loan taken out before April 07 you may be entitled to have the balance cleared

ILW

Agreed.
I can see that if an agreement is dodgy, having the interest written off may be a fair option. What gets me and I think many others is the idea that a lot of people seem to think they have a right to also have the capital written off. Hope this all resolves itself soon.

petermb_2

Sorry I will clarify. If a loan is deemed to be voidable the lender will only be able to reclaim the original amount borrowed less any amount of compensation awarded or offered and potentially interest on the amount awarded.

If the entire loan is deemed voidable the lender would not be able to claim any interest on its agreement and it would lose security on any property be it vehicle or house. Hence where repossessions are involved if the loan is deemed to be voidable the lender will have no legal right to repossess.

In other instances only part of the loan (ie ancialliary insurances, ppi etc) may be deemed to be voidable. There will be legal debates about whether part of a loan can be voided without voiding the entire agreement.

In some instances the borrower will walk away as he/she has aready repaid the amount due under voidability conditions. In other instances the borrower will still owe a residue or in fact if the borrower has repaid more than is now due he/she will be owed a refund. Each case is different and has its own merits.

petermb_2

ILW wrote: »

Agreed.
I can see that if an agreement is dodgy, having the interest written off may be a fair option. What gets me and I think many others is the idea that a lot of people seem to think they have a right to also have the capital written off. Hope this all resolves itself soon.

I do understand the law in this arena. Voidability is a totally different animal to unenforceability.

Appeal court precedence maintains that if an agreement under CCA regulation is deemed unenforceable then the lender loses the right to recoup the initial capital and interest while losing security on the property. This has been the case since 2000

Unenforecability is now a much more complicated affair. With recent legislation changes it is now down to the discression of the courts as to whether a loan is deemed unenforceable or not in the vast majority of cases.

Dealwithit

Is this for real here.

becky81

Dealwithit wrote: »

Is this for real here.

what do you mean?

Silver_Rocket

"Our banking system is in meltdown through no fault of there own,"

Errr.......

Dealwithit

Becky81, I mean about this whole thread or is it advertising for someone (in fact two reading through it)

and how is it right

becky81

Dealwithit wrote: »

Becky81, I mean about this whole thread or is it advertising for someone (in fact two reading through it)

and how is it right

Im the op. I went on to Taxcredits for a friend as she claimed she could recieve £500ish as everyone had been under paid (basically if you have a child born between 1986 and 2003 you are entitled to recieve £500 per child as they underpaid everyone but only had till 31st jan to claim, or something like that) on the left hand page ON tax credits was a statement that said

"If you have a loan taken out before April 07 you may be entitled to have the balance cleared and all payments made refunded"

On the 1st page, where i posted all the info, you can see that the link sends you to the taxcredits page.

As i said, i was only trying to help.

lclclclc

Hi Becky, I agree, all you were trying to do was help and highlight an interesting issue.

CHR15

Becky, Intentionally or otherwise your entire post is full of terrible advice and information.

The Tax Credit refund for parents is FREE to claim. Simply ring your tax office with your NI number in front of you, fill out the forms they tell you to, post them off and claim all the money.

You are linking to scammers who will send the form for you and charge you OVER £98 for the privilege!!!

Here is the form for you to fill out yourself (I've just saved you over £98 plus Interest already!!!!)

The same goes for the loan information, it's all freely available, you don't need to go through scam sites who will rob you of most of your money.