1st Credit Ltd

juanderamos

Hi all, I wonder if someone might be abel to give me some advice?

I recently received a letter from 1st Credit Ltd regarding an item of credit supposedly in my name. I had received letters from a debt collection agency before regarding this debt but there was no mention of the bank or anything so following some advice from these forums, I did not contact them. This letter however states the bank that the credit was taken out with so I have responded to them via a letter asking for a copy of the agreement for the credit in question. They have since written to me to say they have requested it from their client and will get back in touch shortly.

2 questions:

1 - as this credit was takne out beofre 2006/2007, does this mean that it may be an un-enforcable agreement?

2 - If I do receive the agreement, what steps should I take?

Any help will be greatly appreciated.

nzseries1

You haven't actually said if you believe the debt is yours or not. Are you saying that:

• 1. you don't believe it is your debt (i.e. it's fraud), and you are trying to clear your name?
• 2. it is your debt, but you are trying to see if it is unenforceable through a legal loophole?

If the latter, please see this thread, where this has been discussed extensively:
http://forums.moneysavingexpert.com/showthread.html?t=1400177
Also this thread, which refers to situations where no agreement can be found:
http://forums.moneysavingexpert.com/showthread.html?t=1451721
But first, read this BBC story on the subject:
http://news.bbc.co.uk/1/hi/business/7894840.stm

If the former, sorry you'll have to wait for someone more knowledgable on matters of fraud to help you out.

juanderamos

I took the debt out in my first year of university and being a stupid student at the time, I didn;t pay it back and they didn't contact me for years so I thought they might have forgotten about it. I now know that banks don't just forget about money you owe them, especially now!

I am now trying to see if it is unenforceable through a leagl loophole that a few people have told me about. Thats is they can prove that the debt is mine.

In October this year the debt will be over 6 years old. If i'm correct, the debt is wiped off then anyway, right?

nzseries1

The links above should tell you about the legal loophole - it's been discussed extensively. Basically there are many many reports of people asking about it but extremely few reports of successful claims.

I think you're not quite right with the 6 year rule - I think the rule there is that if there has been no contact about the debt in 6 years, then it is "statute barred" and unenforceable. However, since they have contacted you within 6 years, you won't be able to use this to your advantage, unfortunately.

If you decide to go down the legal loophole route, please let us know how it goes, but you have opened a can of worms just by asking the question in the first place - be prepared for an onslaught of other forum members voicing their opinions on the ethics of doing such a thing!

Penny-Pincher!!

If you owe the money....pay it!

juanderamos

I can assure you that these legal loopholes are a reality. I work for a finance company and some of the lenders we deal with have had to make payouts for unenforeable agreements because of something as small as the wrong font being used on their agreements.

exel1966

juanderamos wrote: »

I took the debt out in my first year of university and being a stupid student at the time, I didn;t pay it back and they didn't contact me for years so I thought they might have forgotten about it. I now know that banks don't just forget about money you owe them, especially now!

I am now trying to see if it is unenforceable through a leagl loophole that a few people have told me about. Thats is they can prove that the debt is mine.

In October this year the debt will be over 6 years old. If i'm correct, the debt is wiped off then anyway, right?

There is one legal loophole which works every time.

It's called paying back what you owe, rather than trying to unsuccessfully wriggle out of it.

I'd hardly call it an onslaught though, just good advice.

Edinburghlass_2

juanderamos wrote: »

I can assure you that these legal loopholes are a reality. I work for a finance company and some of the lenders we deal with have had to make payouts for unenforeable agreements because of something as small as the wrong font being used on their agreements.

If you work for a finance company then I have to ask why you are asking questions about debt on a credit card board at all but in particular is this debt a loan or a cc debt?

kaisersoze_2

If you work for a finance company and know that agreements are unenforceable why are you asking on a forum?

Oh........if you aint prepared to pay what you owe dont borrow it in the first place - best legal advice i ever got.

exel1966

The TROLLS are out in force today !

aj2703

juanderamos wrote: »

Hi all, I wonder if someone might be abel to give me some advice?

I recently received a letter from 1st Credit Ltd regarding an item of credit supposedly in my name. I had received letters from a debt collection agency before regarding this debt but there was no mention of the bank or anything so following some advice from these forums, I did not contact them. This letter however states the bank that the credit was taken out with so I have responded to them via a letter asking for a copy of the agreement for the credit in question. They have since written to me to say they have requested it from their client and will get back in touch shortly.

2 questions:

1 - as this credit was takne out beofre 2006/2007, does this mean that it may be an un-enforcable agreement?

2 - If I do receive the agreement, what steps should I take?

Any help will be greatly appreciated.

Have you acknowledged the debt..? I think if you haven't you can still go down the statue barred road.