Any Comments from Martin Lewis Re: getting loans written off?

petermb_2

I have tried to make things clear in outher similar threads.There are two regimes regarding this issue. pre April 2007 and Post 2007. For loans taken out after 2007 you have little or no chance of successfully challenging a loan.

Pre 2007 is a different matter as the lender had many strict hoops to jump through and often slipped up. However, dont be fooled inyo believing all the hype spread by the claims industry that 80% of loans are faulty.

On the other hand do not believe other posters on here who say it cant be done either.

I would agree that you should not pay up front fees. There again to agree to pay a percentage of your claim at the back end is also very dangerous too. If you do get your loan written off and you win, say, £10,000, where do you get the money from to pay the £2500 due to the claims company? Do you borrow it?

cuddly12

I am sorry but I do just have to say to all of you hoping to get your loan written off, You were the one's who took out the loan and you were happy to spend the money you were lent and now you want them to write off your debt? I appreciate that you will have paid back alot fo what you borrowed especially if you have had the loan for several years, but surely you knew what you were getting into when you took the loan out and you should have read the credit agreement before signing anything!

petermb_2

cuddly12 wrote: »

I am sorry but I do just have to say to all of you hoping to get your loan written off, You were the one's who took out the loan and you were happy to spend the money you were lent and now you want them to write off your debt? I appreciate that you will have paid back alot fo what you borrowed especially if you have had the loan for several years, but surely you knew what you were getting into when you took the loan out and you should have read the credit agreement before signing anything!

But would the average man know what they were reading if the lender had got it wrong? If the lenders dont know what they should been doing what makes you think it is likely the borrowers would?

It really is not the borrower's fault that the lender is incapable of understanding the laws that govern it.

cuddly12

Yes I agree with that, but surely then the fault lies with both parties? the borrower and the lender are both to blame?

petermb_2

cuddly12 wrote: »

Yes I agree with that, but surely then the fault lies with both parties? the borrower and the lender are both to blame?

Why is the borrower to blame in any way for the lender's ability to write an agreement that complies with the Law governing such actions? The onus is solely on the lender to comply correctly.

You can hardly blame the borrower for enforcing their rights when the lender is in the wrong. The lender is often very keen to enforce theirs if the borrower is at fault.

cuddly12

All I am saying is that you cannot take a loan out and be happy to spend the money and then just put all the onus on the lender getting it all wrong and expect to have the debt written off.
I work for a financial company, so I am not just making throw away comments here, I am mearly saying, you needed the money and you got it and spent it, so a small portion of the blame has to lie with the borrower for doing that

petermb_2

I really do not think the situation is as simple as you are stating. The percentage of people making claims compared to the number of loans out there is very small.
The agreement either stands or it does not.

The lenders have now won their way by getting the law changed in 2006. So moving forward they are protected. They just cannot undo the errors already made.

Hucks77

One questions: Who so far has pulled this off?
I for one am yet to read of a success story through MSEXP.......Not to say that there isn't one:o .
I'm all ears!!

petermb_2

Ah now that is another issue. There are plenty of claims companies out there making all sorts of noises about their successes.

However, you wont be hearing from those borrowers that have been successful as they will have had to sign gagging orders.

cuddly12

You wont be hearing from the borrowers as there is no sucess story to be told in many cases.
I have just been speaking to one of my advisers at the company I work for and he said that the success rate for this is very very slim!