Agreement lost

petermb_2

~Brock~ wrote: »

Why did you ask for a copy of the agreement when you could have just asked them the question about the term? Sounds like you were fishing and got the catch you were hoping for.

Don't expect too much support for worming out of your commitments from this forum - many posters here understand the relationship between customers who don't pay and the overall cost of credit to the rest of us.

Also, consider whether you may ever want to borrow money again in the forseeable future, because you will effectively trash your credit rating for the next 6 years at least.

Remember - 'unenforceable' doesn't mean that the debt does not exist, nor does it mean that you are not obliged to pay it.

An unenforceable agreement does not mean that at all. The agreement is enforceable by the borrower but is no longer enforceable by the lender. (Leading QC opinion)

And legally in such a situation the lender does not have the right to trash a credit record. But who cares about the law? See what I mean? Using the law and quoting it when it suits.

petermb_2

petermb wrote: »

Right! Now you have gotten through the replies that are expected with such a post by the same old handles.

Let us discuss the issue at hand. You are quite right that if the lender cannot provide you with a copy of the agreement then the loan becomes unenforceable until the document can be provided.

I have a template letter available that you can send officially requesting the document and advising the lender of their plight. PM me for the information.

There is a caviat to this statement. It really does depend on whether the loan was written prior to April 2007 or after that date.

Prior to April 2007 the lender is legally obliged to be able to provide a copy of the agreement for the loan to be enforceable. After this date all issues of enforceability are totally at a judge's discression.

~Brock~

petermb wrote: »

An unenforceable agreement does not mean that at all. The agreement is enforceable by the borrower but is no longer enforceable by the lender. (Leading QC opinion)

Enforceability / Unenforceability has no bearing on whether the debt exists or not. We are not talking about 'voidability' here are we?

petermb wrote: »

And legally in such a situation the lender does not have the right to trash a credit record. But who cares about the law? See what I mean? Using the law and quoting it when it suits.

Lenders do not trash credit records. Borrowers are perfectly capable of doing that all by themselves.

I would imagine that credit records are updated, as per the agreement that the customers signs, until directed othewise by a court. Nothing illegal about that.

petermb_2

~Brock~ wrote: »

Enforceability / Unenforceability has no bearing on whether the debt exists or not. We are not talking about 'voidability' here are we?

If the loan becomes unenforceable then the debt, as such, no longer exists. Voidability is another aninmal as in this instance the original debt does stand but is conterbalanced by all payments made to the account, including what was deemed interest payments.

Lenders do not trash credit records. Borrowers are perfectly capable of doing that all by themselves.

LOL.. I would agree with you there.

I would imagine that credit records are updated, as per the agreement that the customers signs, until directed othewise by a court. Nothing illegal about that.

If the court deems the loan unenforceable then the credit record would have to be cleaned up with it.

Most of these cases will not make a court. The lenders will go to the steps but then settle. They have very little choice. I know of one case where the lender was advised for the sake of his peers in the industry that he should not appeal against a court decision when making the loan unenforceable. Should the particular issue go to appeal and be lost then precedence would be devastating.

petermb_2

~Brock~ wrote: »

Enforceability / Unenforceability has no bearing on whether the debt exists or not. We are not talking about 'voidability' here are we?
.

If the loan becomes unenforceable then the debt, as such, no longer exists. Voidability is another aninmal as in this instance the original debt does stand but is conterbalanced by all payments made to the account, including what was deemed interest payments.

aj2703

I don't understand where these people get the idea that a credit file will be trashed. Mine hasn't and it's been under dispute for a number of months now. How can they trash your file if they have no agreement to say you haven't stuck to the terms of the agreement...?.

aj2703

Robert_Sterling wrote: »

Right! Now you have gotten through the reply that is expected with such a post by the same old handle, petermb, that helps you to get money you are not morally entitled to go ahead and get the illgotten gains and then donate them to cancer research.

As has been suggested you may pay a price for the folly.

More tripe just to get the post count up.

Robert_Sterling_3

As if ! ...................................................

keithboy40

so what bank is it