unforceable loans

koiw

Hi am new to the forum, just wondering if anyone has dealt with Eastley solicitors. I took a loan in 2005 and they tell me it is unforceable from the contract. They appear professional so far it would help to hear other peoples' experience.

Thanks
Koi

petermb_2

koiw wrote: »

Hi am new to the forum, just wondering if anyone has dealt with Eastley solicitors. I took a loan in 2005 and they tell me it is unforceable from the contract. They appear professional so far it would help to hear other peoples' experience.

Thanks
Koi

So how much is this professional service going to cost you?

koiw

They say the fees for challenging the bank is 1,548 this doe not include court proceeding charge that is if it comes to that. They say if it goes to court they will agree a no win no fee with me.

Thanks koi

Bambi234

So they say that it will cost you £1548.

So if you pay them and then its found out at a later date that you have no grounds to take it to court you will be out of pocket by that amount. It just dont seem right to me.

If it was no win no fee right from the begining then it might be worth looking into but at the mo it dont seem right.

Just my opinion, could be wrong

~Brock~

Why would it not be in their interests to say that any loan contact they see is unenforceable?

Have they also advised you to stop making payments in the meantime?

fermi

Link: BBC News - Warning on debt clearance claims

"Solicitors have been warned not to accept business from firms making claims offering to write-off people's loans or credit card debts."

~Brock~

fermi wrote: »

Link: BBC News - Warning on debt clearance claims

"Solicitors have been warned not to accept business from firms making claims offering to write-off people's loans or credit card debts."

I wonder how that applies to those solicitors who are advertising for this business directly? :think:

petermb_2

koiw wrote: »

They say the fees for challenging the bank is 1,548 this doe not include court proceeding charge that is if it comes to that. They say if it goes to court they will agree a no win no fee with me.

Thanks koi

As it costs £425 for a court hearing you are realistically looking at £2000 in fees. Add
on the cost of After the event Insurance at say £750 ( If you do not protect yourself, you could be liable for say £20,000 in adverse costs if the cases loses).

I would strongly suggest that sort of money would go a long way to paying off your loan.

amj_2

koiw wrote: »

Hi am new to the forum, just wondering if anyone has dealt with Eastley solicitors. I took a loan in 2005 and they tell me it is unforceable from the contract. They appear professional so far it would help to hear other peoples' experience.

Thanks
Koi

Do you pay them their fees irrespective of the result of their challenge to the loan or only if its sucessful? Also what happens if it looks like going to court and you want to withdraw the challenge at that point?

Might be worth asking them to clarify these things and if they cant wont that ought to be a warning sign.

Apples2

Sounds like they take £1,548 from people, sit on it a few days and say,

"sorry, you have no chance so we cannot go to court, bye then"

A fool and his money and all that jazz....

cyril82

Most firms offering this service require the payment of fees to be made before the process is complete, however, this should be on a no win no fee basis which states that if at any point the process fails all money paid (minus a reasonable admin cost for work carried out in preperation of the case) will be returned to the client, therefore the whole process is "no win no fee".

If you have to pay this firm win or loose, you're being ripped off.