Squash your loan

kokokev

Hi all

I have been hearing adds on the radio about a company squashing your loan if it was took out before April 2007, and tonight was called by the same kind of company who said that for £100 fee they will squash my £13000 loan, has anyone done this or herd of the same thing??

jonathon

this is the same thing you can do yourself for free it realys on the original cca being un enforcable but doesnt squash the debt

chevalier

Basically they are preying on the vulnerable. If you look at the consumer action group website, you can read more about it there. You can do it yourself for free. BUT the debt is only unenforceable in certain circumstances. So it is worth doing some research.

But don't pay someone else to do it!
chev

kokokev

so what does it do and how do i do it?

Merlinexcalibur

What they said above. Why pay someone when you find what you need online for absolutely nothing?

company squashing your loan

What, they got Domestos or something? Super strength, all unknown germs etc?

Coincidences. They do cold call people in debt. Cos they buy lists off creditors. Or soon as any of them get wind of you being in debt, they start with their calls. Open season is a coming shall we say.

kokokev

so if i did this would i not owe the bank i have my loan with anything

Cashpig74

KOKOKEV - it is worth seeking professional advice and it is worth paying for it. It is not as simple as claiming a bank charge - you need to know exaclty where the flaw lies in your agreement - its not just the obvious stuff either. If something is misphrased in the small print then it can be cionsiderd a flaw - but again a law firm will know what they are looking for.

If you try to do it yourself and you dont know what you're doing, you run the risk of making wrong claims and false acusations against banks and they'll see it coming a mile off. Dont forget, they have legal departments to protect them - you need a level playing field.

You could get counter sued if you get it wrong. Some claims firms charge a few hundred quid for legal work and it does take months but it is possible - its usually a conditional fee agreement (essentially no win no fee) with ATE insurance if needed. They are all insured against loses, which you may not be of you go alone.

how much are you looking to write off?

Oh, yeh the debt would be considered unenforceable and therefore "written off". The lender would be forced to agree to this outcome and inform you of it. You would not be obliged to pay the money back under the CCA 1974 terms. You rating will / should nto be affected and it is, then you will have every right to fix it.

kokokev

jonathon wrote: »

this is the same thing you can do yourself for free it realys on the original cca being un enforcable but doesnt squash the debt

if it doesnt squash debt what does it do?

kokokev

Cashpig74 wrote: »

KOKOKEV - it is worth seeking professional advice and it is worth paying for it. It is not as simple as claiming a bank charge - you need to know exaclty where the flaw lies in your agreement - its not just the obvious stuff either. If something is misphrased in the small print then it can be cionsiderd a flaw - but again a law firm will know what they are looking for.

If you try to do it yourself and you dont know what you're doing, you run the risk of making wrong claims and false acusations against banks and they'll see it coming a mile off. Dont forget, they have legal departments to protect them - you need a level playing field.

You could get counter sued if you get it wrong. Some claims firms charge a few hundred quid for legal work and it does take months but it is possible - its usually a conditional fee agreement (essentially no win no fee) with ATE insurance if needed. They are all insured against loses, which you may not be of you go alone.

how much are you looking to write off?

Oh, yeh the debt would be considered unenforceable and therefore "written off". The lender would be forced to agree to this outcome and inform you of it. You would not be obliged to pay the money back under the CCA 1974 terms. You rating will / should nto be affected and it is, then you will have every right to fix it.

I owe about £13000 and pay £400 a month

jonathon

kokokev wrote: »

if it doesnt squash debt what does it do?

it makes it unenforcable so if they take you to court the judge wont enforce the loan but only if the original agreement is wrong.But the debt will allways be there.
if you send for a cca then post it on here you might get some help

Cashpig74

well then DONT do it yourself!! You need to get it right or you could incur huge costs or at least waste your time with it. There was a guy I read about who successfully took a bank to court and won, used that money for the next case and it went all the way to court - the judge deemed it emforcable - this guy got his facts wrong. It cost him massivly in court fees and damages to the bank and their fees too - which were high by this time as they LET IT GO TO COURT!! The bank KNEW they would win cos this guy was joe average basically.

try this site for info www.challengemybank.com I used them to get my CC written off and they did a good job - got PPI too but only £500...

worth an email, at least thats the free bit!