Squash your loan

Cashpig74

jonathon wrote: »

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

It wont ALWAYS be there forever and a day - they will lose it off their accoutsn sheets after 6 months - but you'll have to ensure that you credit file is put right. You cannot be penilised for having an unenforceable debt against you. The CCA 1974 acts in your favour legally, so no bad credit marks are justified against your name. It is an "illegal" contract as such so the bank is at fault - not you.

kokokev

cheers for all the advise abit conflicting but thanks all. by the way what are cca and ppi

jonathon

consumer credit agreement
payment protection insurance

Cashpig74

CCA 1974 is the Consumer Credit Act 1974 - PPI is Payment Protection Insurance

CCA is also short for your Credit Agreement.

Mate, one more thing, no disrespect, but if you are asking these basic questions, then please do not try to take on the bank yourself with this.

its good that you're asking, but I fear that you will be screwed. as this all seems very new to you. Its far different from complaining about bad food in a resataurant for example... Its legal stuff...Seek pro help to start with at least, esp when its only a few hundread quid and you got 13,000 at stake.

good luck bro.

jonathon

Cashpig74 wrote: »

It wont ALWAYS be there forever and a day - they will lose it off their accoutsn sheets after 6 months - but you'll have to ensure that you credit file is put right. You cannot be penilised for having an unenforceable debt against you. The CCA 1974 acts in your favour legally, so no bad credit marks are justified against your name. It is an "illegal" contract as such so the bank is at fault - not you.

yes sorry for 6 years

Merlinexcalibur

And what that person said, too. But not everyone has loads of money so has to make do with what is available, freely. But if you can afford £400 a month, then sure go for it.

But also what Jonathon says, too. The debt still exists, just that the company concerned will not be able to enforce it as easily. All depends what is contained within the document. However, you should be aware that if a judge says otherwise - please also bare in mind that judges are not all financial experts, they are there to decide on what is presented to them, very often a creditor may produce an agreement at the court stage; it happens, then I am afraid it will count against you and you could be liable for court fees. Therefore, the judge potentially still could decide you owe the money, which you would do. That is why all the talk about enforceable, because it makes it slightly harder for a creditor/collection agency to enforce it. But the next one may take you to court. It depends who they are, cos some specialize in hard to enforce debts. Others don't.

But, if you can afford it. Then go for it. I greatly believe in learning by mistakes.

kokokev

iam trying to get rid of my loan because i cant afford to pay it each month, i just dont know what to do. i do know that like cashpig said i dont know what iam doing so i couldnt do it myself..

jonathon

are you behind in your payments or just trying to get them written off ?

Cashpig74

jonathon wrote: »

yes sorry for 6 years

it will not count against you in the same way that just "not paying you bills" will.

besides, i'm not 100% on it so I will seek lawers clarity rather than forum gossip.

no offence.

Cashpig74

Merlinexcalibur wrote: »

And what that person said, too. But not everyone has loads of money so has to make do with what is available, freely. But if you can afford £400 a month, then sure go for it.

But also what Jonathon says, too. The debt still exists, just that the company concerned will not be able to enforce it as easily. All depends what is contained within the document. However, you should be aware that if a judge says otherwise - please also bare in mind that judges are not all financial experts, they are there to decide on what is presented to them, very often a creditor may produce an agreement at the court stage; it happens, then I am afraid it will count against you and you could be liable for court fees. Therefore, the judge potentially still could decide you owe the money, which you would do. That is why all the talk about enforceable, because it makes it slightly harder for a creditor/collection agency to enforce it. But the next one may take you to court. It depends who they are, cos some specialize in hard to enforce debts. Others don't.

But, if you can afford it. Then go for it. I greatly believe in learning by mistakes.

It is not a question of "harder to enforce" - it will completely unenforceable 100%. The judge has no juristriction to decide for himself, if it has breached the terms of the CCA 1974, then he will be duty bound to follow the terms as laid out by the Act.

There is no ground for discussion which is why water tight cases do not get to court - there is no option for the lender.

Cases where the claimant is technaically wrong, well thats a different matter and exaclty why I say use a professional.