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

orangetrader

McGonis I hear what you are saying. I was on the fence on this issue for a while. There have been loads of posts both “anti-bank take them for what you can” and “this is morally wrong pay it back”.
Ultimately the industry of claims companies, moneysaving expert, consumeraction group has been created by the banks as a backlash to what they were/are doing. And what is clear is that you cannot rely on good faith or that your bank has your best interests at heart. You have to be commercially astute and be your own safety officer. This leads me on to this particular issue. It is purely as far as I am concerned a commercial transaction. If I had inadvertently signed up to say that the bank could take my house if I defaulted, it would be tough luck , you signed the contract. In the same token, the lender has legal muscle, knows the regulations and if they have flouted them well they should pay the consequences. And I think out of principle, people should challenge them. Why isn’t my agreement accurate, why is the quoted APR much lower than it should be? Etc…..

booi666

cuddly12 wrote: »

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

You Guys make me !!!! myself,

Has it ever occured to any body that the banks dont actually lend you any of their own money?

So who's money do they lend you?

Was it not your signature that created the funds?

Go on you tube and search What is money youl love it!!!!!!!!!!!!!!!!!

Extant

booi666 wrote: »

You Guys make me !!!! myself,

Has it ever occured to any body that the banks dont actually lend you any of their own money?

So who's money do they lend you?

Was it not your signature that created the funds?

Go on you tube and search What is money youl love it!!!!!!!!!!!!!!!!!

I watched it, and it was all rubbish. Within the first 1:30, I had heard how debt is just banks "typing that number in to a screen." :laugh:

Boxman27

Hi all,

Not sure if I,m in the right place but I sure could use some advice.....
1) Does anyone know if you can question an agreements enforceability after you have received a CCJ? My partner owes £4960 to Halifax which was then bought by CL Finance. We are now being hassled by H.C Solicitors.
2) We also had a car repo'd by BCT and they are chasing for the balance....if this turned out to be unenforceable, could you reclaim what you had already paid under a dodgy agreement?

I would really appreciate any help and advice you guys can give.....we are on our knees with debts and with two small children to consider any advice would be a huge help!!

Thanks Guys

gomer

Ok, so we know that to make an agreement enforcable it has to be written in a certain format & if it is not written in that format it can be challenged as unenforcable, but what exactly is that format?

If people knew what part of thier agreement was wrong then they wouldn't need to use these companies that charge a fee up front & could challenge it themselves.

If all this comes down to is a certain way that the agreement is drawn up then what exactly are people paying a fee for in the first place? Can't they read the agreement themselves to find the part that voids the agreement?

Or is that too simple?

orangetrader

A number of things need to be looked at including the figures which have been quoted and part of that check includes verifying whether the correct formulas and calculations were applied to the agreement.
I also wouldn't fancy footing a legal bill if the case did go to court and then went against me - I believe it cost the rankines over £100k in legal costs (who were on panorama about this:eek: )

gomer

That's because the Rankines were greedy & didn't know when to give up. Poetic justice. Most people would have been more than satisfied with thier original payout.

orangetrader

your probably right but the fact that they footed a large legal bill highlights the fact that the risks, for anybody thinking about taking a lender to court, are real.

booi666

BarclaysManager wrote: »

I watched it, and it was all rubbish. Within the first 1:30, I had heard how debt is just banks "typing that number in to a screen." :laugh:

Lol you would say that as your only a manager!!!!!

I think you need to go further up the chain of command to see who really knows whats happening.

Its funny how i challenged one of the biggest lenders going with questions that required answers,

Could they give me them er no

so Mr barclays manager are you saying banks lend out there own money or other depositors money?

im sure if i asked you to validate the debt/loan or that a contract between the two parties exist that you could supply one?

or even the validation of the debt the accountancy part?

Is it not so that an application turns into a prommissory note which is actually fraud!!!!! Changing a document for what it was intentionally used for?

Which is then deposited in a checking account and shows up as a deposit on your books,then its paid out thus balancing your books?

The application as a cash value of whatever your application asks for,so in effect its the signature that creates the funds!!!!

well it wont be too long before the scam is finally let out of the bag.

Unless you have some actual evidence that says im talking !!!!!

Is it not so that the name on the application/account is in all capital letters why is this mr BARCLAYS?

Extant

booi666 wrote: »

Lol you would say that as your only a manager!!!!!

I think you need to go further up the chain of command to see who really knows whats happening.

Actually, I'm not just a manager. What I am in Barclays is irrelevant, however - why would I need to go "up the chain of command" to see what's "really happening" if you - a layman - can supposedly be so enlightened?

Its funny how i challenged one of the biggest lenders going with questions that required answers,

Could they give me them er no

Probably because it's not the role of a bank's customer services to educate you about the fallacies of things that you find on YouTube.

so Mr barclays manager are you saying banks lend out there own money or other depositors money?

They loan out other investor's money. To help you understand:

A bank is a government-licensed financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money at differing maturities. It is an institution for receiving, keeping, and lending money at interest. In order to make profits, modern banks generally "borrow short and lend long" (i.e. take money from depositors and lend that money for longer-term projects).

im sure if i asked you to validate the debt/loan or that a contract between the two parties exist that you could supply one?

or even the validation of the debt the accountancy part?

What are you talking about? None of what you're saying actually makes sense. "Validation of the debt the accountancy part"?

If you can word this out in to some sort of coherent question, I'll happily answer it.

Is it not so that an application turns into a prommissory note which is actually fraud!!!!! Changing a document for what it was intentionally used for?

You may have to sign an application to allow us to undertake a credit check, amongst other things. After that, you sign an agreement for your loan. Two separate things.

A promissory note/note payable is different to a loan agreement. It's an agreement to pay a specific amount, which may include interest, at either a fixed time or a flexible time. It's not the same as a loan agreement.

You may want to read up on these things.

Which is then deposited in a checking account and shows up as a deposit on your books,then its paid out thus balancing your books?

The application as a cash value of whatever your application asks for,so in effect its the signature that creates the funds!!!!

No, the funds are already there. The bank takes one person's money and lends it out to another.

If you're talking on a grander scale, in terms of money as a whole? We have a fiat currency. Our currency is not backed by gold or other valuable metals, but by the value of our economy - the goods and services that

well it wont be too long before the scam is finally let out of the bag.

Just because you don't understand something doesn't mean there's a scam.

Unless you have some actual evidence that says im talking !!!!!

Burden of proof. You are making the assertions, you have to prove them and provide evidence.

Is it not so that the name on the application/account is in all capital letters why is this mr BARCLAYS?

Uh. They're not.