No Agreement

~Brock~

Cashpig74 wrote: »

Yes - i have spoken toa number of claims handlers and alot of them have only recently been set up - even one back in August last year still has no settlement outcome. However, if their legal teams (once the agreements have been examined) see no flaws, then the cases are refunded. The cases I spoke about with this company has had no refund situations so they are all going through but it does take a long time to resolve. This is why I think there have been actual success so far - no sucesses but no failures either.

I'm afraid that I'm a bit of an old sceptic, having seen many similar situations in the past. I can see many of these companies folding before any refunds are handed back. The regulation of these firms is rather weak in this respect - no real financial stability is required for anyone to become authorised.

petermb_2

I will try to go back to the original post and why I posted it. More and more people are discussing the fact that no agreement is available. The specific question was if there is n agreement the loan becomes unenforceable. Of this there is no doubt. I have seen letters from lenders admitting such. However I sought the assistance of my solicitor who has worked for lenders in the past. He came back with the fact that legally the lender could not do anything but what they actually threaten and often do, even though it is outside the law is the carrty on pressuring the borrower to pay.

Understandable, because the claims culture will cost them dearly. It was a warning that credit records could still be tarnished by challenging loans.

~Brock~

I think that a lot of people confuse the fact that if an agreement is unenforceable then it doesn't necessarily mean that it is wiped out. It just means that payment cannot be enforced via the courts. It does not mean that an agreement never actually existed at all.

I am unaware of the specific opinion of the Information Commissioner on this matter, but I would have thought that he would have the final say on the ability of otherwise to report to CRA's in these cases.

Foenix

petermb wrote: »

I will try to go back to the original post and why I posted it. More and more people are discussing the fact that no agreement is available. The specific question was if there is n agreement the loan becomes unenforceable. Of this there is no doubt. I have seen letters from lenders admitting such. However I sought the assistance of my solicitor who has worked for lenders in the past. He came back with the fact that legally the lender could not do anything but what they actually threaten and often do, even though it is outside the law is the carrty on pressuring the borrower to pay.

Understandable, because the claims culture will cost them dearly. It was a warning that credit records could still be tarnished by challenging loans.

Thanks, so if they will break the law surely there is then a way for the debtor to have the law enforced? Question is how

petermb_2

~Brock~ wrote: »

I'm afraid that I'm a bit of an old sceptic, having seen many similar situations in the past. I can see many of these companies folding before any refunds are handed back. The regulation of these firms is rather weak in this respect - no real financial stability is required for anyone to become authorised.

Too right. I agree. There are far too many crooks and vagabonds in the claims industry.
That does not fill me with delight as we all get tarred with the same brush.

I took the moral stand a long time ago that the only way to run an ethical service is not to charge the borrower fees at all. I would much prefer the lender to pay.

I imagine that laden down with all the cash they have been collected many of the shareholders in these companies will be heading for sunnier climates rather than folding. That will not assist those seeking compensation. They will simply be even more out of pocket than they were to begin with after being fleeced twice. Once by the lender and then once by those who were supposed to help.

Still look on the bright side. There will be a few of us that will be here to pick up the pieces.

~Brock~

petermb wrote: »

That does not fill me with delight as we all get tarred with the same brush.

Bingo!

Now you know how I feel !! :beer:

petermb_2

Foenix wrote: »

Thanks, so if they will break the law surely there is then a way for the debtor to have the law enforced? Question is how

Of course there are other ways. There is always another way. You just have to understand the game

petermb_2

~Brock~ wrote: »

Bingo!

Now you know how I feel !! :beer:

So Brock are you a lender or a broker?

~Brock~

petermb wrote: »

So Brock are you a lender or a broker?

I'm just an ageing hippy:rolleyes:

petermb_2

~Brock~ wrote: »

I'm just an ageing hippy:rolleyes:

Hell! me too. I still have the beads to prove it