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

RMI52

I have recently been contacted by a company called 'Cancel your Loan Ltd.' -
www.canacelyourloan.co.uk
Which for a fee of £99.95, claim to be able to cancel or reduce any loan taken out prior to April 07.
I have a personal loan with LLoyds TSB which commenced in Oct 05, for 5 years.

Is it likely that this loan could be cancelled or reduced and not affect my credit rating?

Credit-Crunched

RMI52 wrote: »

I have recently been contacted by a company called 'Cancel your Loan Ltd.' -
www.canacelyourloan.co.uk
Which for a fee of £99.95, claim to be able to cancel or reduce any loan taken out prior to April 07.
I have a personal loan with LLoyds TSB which commenced in Oct 05, for 5 years.

Is it likely that this loan could be cancelled or reduced and not affect my credit rating?

Yes it can, and you can get all your payments back plus 55% interest and a starbucks for life every day! Grande also, none of that tall rubbish.

No serioulsy you can get it written off, in return the lender takes back everything you bought with it, fairs fair!

So get used to the wall without the 37" LCD.

Dealwithit

You against this then credit crunched I take it. :rotfl: :rotfl:

Credit-Crunched

Dealwithit wrote: »

You against this then credit crunched I take it. :rotfl: :rotfl:

lol a little, mis-selling ppi and underhand tactics i am against those also and back the borrower.

However people trying to weasel out of commitments that other honest peope pay back annoy me yes.

WE are a blame culture and its starting to get crazy now!

Dealwithit

Two of a kind

becky81

CHR15 wrote: »

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


I would NEVER put mis-guided information on her "intentionally". My post was about the loan (which i asked back on page on how i can delete).

Reguarding the info i posted abput tax credits, at the end i put "Or something like that" as i didnt want people reading what i had written and beliving something i didnt really understand.

I understand that people that get loans waist the money on high living, up to date technology, etc.....
But please everyone dont tarnish everyone with the same brush. Some poeple take put loans to pay for sick family member to have an operation, or because they have "inherited" it, or becasue there are too many bills and demands and not enough money.
We dont all take out loans to go out and by nice clothes.
I have a loan and have had to go without for 5 years. I havent been "out" to the cinema, or for a meal, or bought any new clothes, anything (i know some of you are going to be sarcastic saying "ohh poor you" but i dont mind). I literally stay at home. I take the kids to school, come home now, collect them, and thats the extent to by day. I havent seen the inside of a pub or club in 5 years, or walked into a womens clothing shop I carnt offord to go out with friends, or even take my 5year old swimming.
I have struggled to pay my loan, and dont want people thinking i abused it, as i didnt. Many out their would do but as i said please dont tarnish everyone with the same brush.



I meant to post this for people that genuinly needed the help, not for people who got a loan, lived the high life and expect it to be paid for them,

aahhh thanks i feel better

UKNorthEast

Credit-Crunched wrote: »

"I am a former Broker, former IFA and former compliance officer, for my sins.

However, I have since seen the light."

I am sure you benefitted quite well in the past with those proc fees!

You're a nasty piece of work arent you!

Credit-Crunched

UKNorthEast wrote: »

You're a nasty piece of work arent you!

err no, but thanks for the judgement!

:rolleyes:

UKNorthEast

Credit-Crunched wrote: »

err no, but thanks for the judgement!

:rolleyes:

You've made nothing but snide remarks to people. People who have come on here for help and advice and may not know what options are available to them.

You are hardly helping.

HeimRoller

Trying to get my head round this and was talking about it to work colleagues.
I was asked a question that I cannot answer, and please do not flame me for asking, we are not being parasitic just trying to understand what it all means.
Say they had a loan, £10k, 7 years, £x per month. It has been ongoing for nearly 5 years so out of the initial loan they have paid back almost exactly £10k but still have £3500 or so left to pay. Now they check the original documents and it is deemed that the loan is not enforceable.
What would they expect to happen next? Would it simply be a case of no further payments, would they have to take the total paid up to £10k and call it quits or what? We are trying to understand the potential impact here.

In a nutshell we would like more information to help get a balanced opinion on the debate.