Illegal Credit Cards / Bank Loans

moro12

Hi Can anyone help me, I have heard an advertisement on the local radio where a company is claiming that if you have taken out a credit card or a personal loan before 2007 this may be illegal and all the debt can be wrote off? has anyone else heard of this, is this true? does anyone know how this works?

dacouch

I believe from memory they request the originals of what you signed and then go through it with a fine tooth comb to find parts that are incorrect and then declare them invalid.

There is a lot on google about it.

Its not very ethical as you have had the money and no doubt spent it and they just find a loophole so you don't have to pay it back.

brightonman123

there's an amazing amout of new members on MSE, asking about these loan writeoff firms...

Halloway

brightonman123 wrote: »

there's an amazing amout of new members on MSE, asking about these loan writeoff firms...

Hmmm. Is this some inept viral marketing scheme?

ALIBOBSY

The loans/credit cards are not ILLEGAL, the debt can be UNENFORCABLE.
Over on the debt forums you can find out how to do this yourself without paying these companies. The reality is with the vast majority of credit cards and catalogue debts there is either no credit agreement held at all, or it is completely unenforcable as it is set out incorrectly or does not contain the terms that by law it has to contain. Alot of this goes back to the banks being in a frenzy to lend more and more faster and faster, and attempting to combine the application form with the credit agreement.

These debts still exist although they cannot be legally enforced in court, unless you actually take the matter before a judge and then he would have to agree with you to write the debt off. I have seen many people who have doen this and got debts written off, but some have had less success. The whole process can be long winded and you then have to address the issues of getting any defaults/bad credit notes removed from your file (again very possible but long winded).

I believe like the CAB that requesting your agreement is a way of letting creditors chasing you know you know your rights and you can use this strong position to negotiate a full and final settlement or to strengthen your position regarding making payment arrangements (there are many ,many cases where people make and keep to agreements based on their income and the debt collectors STILL go to court to be nasty.
I wouldn't use one of these companies lots of dodgy stuff about them on the net (aren't the OFT looking into them?).

ali x

Cashpig74

Hi Can anyone help me, I have heard an advertisement on the local radio where a company is claiming that if you have taken out a credit card or a personal loan before 2007 this may be illegal and all the debt can be wrote off? has anyone else heard of this, is this true? does anyone know how this works?


You can do it all yorself - but there is a reason why there are legal firms that do it for you. They are insured for one incase things dont go the way you want them too. You will need to know exactly where you stand legally before making an accustion and some things that seem str8 forward, may not be.

If you do it yourself, you may end up losing the case on a technicality and end up being liable to pay costs to the other side etc.... not good.

It's not as simple as posting off a few template letters and expecting a clear loan account to follow. Self PPI and bank charges are easier to handle, but even then, most people are delighted that they are given an offer by the bank and accept it - without realising that it's hundreds and sometimes thousands of pounds short of what they are entitled to.

It's worth getting a claims firm involved for a cost. There are some bad ones out there that charge upfront AND at the settlement stage, but the best one I've found so far is www.challengemybank.com - its basic and strightforward and they promise a 100% refund if cases dont work out.

Its all no win no fee, so that would be my personal advice. It worked for me.

Good luck.

brightonman123

i have no connection with, nor any intention to promote such 'writeoff' firms.

nannygoat_2

has anyone out there been successful and had there credit card dets wiped out

dacouch

My mate did it for £8000