Credit Reclaim UK - Is this too good to be true?

mebo81

Hi

This is the first time i have ever posted on a site like this and i am hoping someone out there will have either done what i am considering doing, or will know that i shouldn't do what i am considering! Sounds cryptic, but i'll explain properly....

i received a leaflet through my door for an online company www.creditreclaimuk.com. They claim that they can get your unsecured loans/finance written off if you took it out before April 6th 2007. You have to pay a non-refundable £100 admin charge and they will take your case to a solicitor to see if it is possible. If the case is viable they will pursue the relevant loan company (in my case Cahoot) on my behalf. You don't have to pay anything if you lose as they cover your case with insurance etc. Sounds too good to be true to me, but i would love to have my loan written off!

My main query at this point in time, is whether they have had any success for people and if it is worth paying the £100 admin charge to see if my case is viable? I personally feel that a one off payment of £100 is worth it, if it means my £4,500 debt is written off. The only trouble is, i really can't afford to pay out £100 to them if it is a load of rubbish and all they do is take your money and then send everyone a generic letter back saying 'sorry, but your case isn't the right kind'. Any ideas?

Thanks in advance - Melissa

petermb_2

This service is available for free. Keep your hard earned money in your pocket.

petermb_2

mebo81 wrote: »

Hi

This is the first time i have ever posted on a site like this and i am hoping someone out there will have either done what i am considering doing, or will know that i shouldn't do what i am considering! Sounds cryptic, but i'll explain properly....

i received a leaflet through my door for an online company www.creditreclaimuk.com. They claim that they can get your unsecured loans/finance written off if you took it out before April 6th 2007. You have to pay a non-refundable £100 admin charge and they will take your case to a solicitor to see if it is possible. If the case is viable they will pursue the relevant loan company (in my case Cahoot) on my behalf. You don't have to pay anything if you lose as they cover your case with insurance etc. Sounds too good to be true to me, but i would love to have my loan written off!

My main query at this point in time, is whether they have had any success for people and if it is worth paying the £100 admin charge to see if my case is viable? I personally feel that a one off payment of £100 is worth it, if it means my £4,500 debt is written off. The only trouble is, i really can't afford to pay out £100 to them if it is a load of rubbish and all they do is take your money and then send everyone a generic letter back saying 'sorry, but your case isn't the right kind'. Any ideas?

Thanks in advance - Melissa

You will upset many people on here who do not believe in such action as attempting to write off loans. However it can be done but certainly not as easily as many claims companies are professing. This is because they are basically seeking for you to part with £100 which is non returnable.

This service is available free of charge as the companes that offer a no cost scheme are confident they will find enough agreements to make an honest living by being paid as part of the solicitors costs rather than charging the client.

mebo81

Thanks for the advice. Do you know which companies i should contact? i am pretty much clueless!

jopwo_87

Why should you get your loan written off???? Thats ludicrous!!! You owe it... You pay it!!!

petermb_2

jopwo_87 wrote: »

Why should you get your loan written off???? Thats ludicrous!!! You owe it... You pay it!!!

See what I mean?

mebo81

Thanks for the heads up Petermb!

I have faithfully been paying back the loan for the past 3 years and didn't expect to get it written off unless the money was from my own pocket. However, i have been told that loans taken out before April 2007 may not conform with the consumer credit act. In which case, why shouldn't i get it written off - and why shouldn't your loans for that matter? if the agreement i signed was not lawful, that constitutes enough of a reason to get it cancelled.

talana

http://news.bbc.co.uk/1/hi/business/7894840.stm

Read this before doing anything

jopwo_87

mebo81 wrote: »

if the agreement i signed was not lawful, that constitutes enough of a reason to get it cancelled.

What planet are you on?

petermb_2

talana wrote: »

http://news.bbc.co.uk/1/hi/business/7894840.stm

Read this before doing anything

It does not actully say in the article that the entire process is a scam. Only that many companies are making false claims regarding this issue. There is no argument about this fact. Many companies are merely seeking to persuade the public to part with their money.

It does not change the fact that many loan agreements breach the Consumer Credit Act and are therefore unenforceable.

fermi

And if you see any companies making the more dubious claims on what they can do, then report them here:

http://www.claimsregulation.gov.uk/noResults.aspx