What Makes A Loan Unenforceable?

Malky

Quoted from another thread;

Craig1 wrote: »

I used to be a Personal Banking Manager for Lloyds, one of the main reasons I resigned was due to the pressure given to lend irresponsibly.

Craig1 wrote: »

I do have a loan which I believe I shouldn't have been given.

Hmmm! Which bank loaned you the money?

Craig1

My aim is to become debt free as soon as possible. Not by making the loan unenforceable but by making payments I just would have liked to had more of a say in the matter, in addition the effect that it has had on my otherwise impecable credit rating has been devastating, I know that if the loan is made unenforceable they have to remove any records from credit reference agencies. This would be more of a reson for me to go down that route then the financial aspect.

Thank you for your comments.

R0bert_Sterling

You used to be a Personal Banking Manager but you claim you shouldn't be held reponsible for understanding what a loan was??

Crikey, no wonder the banks have brought us to our knees if this is the people they employed

Craig1

R0bert_Sterling wrote: »

You used to be a Personal Banking Manager but you claim you shouldn't be held reponsible for understanding what a loan was??

Crikey, no wonder the banks have brought us to our knees if this is the people they employed

I never said that I didn't understand how a loan works, I left because the bank pressurised their staff in trying to lend money to everybody, the loan was given to me previous to me staring my role so again making assumptions and jumping to conclusions!

cyril82

Craig1 wrote: »

I never said that I didn't understand how a loan works, I left because the bank pressurised their staff in trying to lend money to everybody, the loan was given to me previous to me staring my role so again making assumptions and jumping to conclusions!

The moral crusaders don't let minor details like fact get in their way,.......... fairytale, assumption, fabrication, pure unadulterated bull !!!!!! all counts as gospel in their book.........so long as it supports their view!!

cyril82

R0bert_Sterling wrote: »

This is why it turns into personal attacks.

People like the OP asking for a loan, but now claims it isn't his fault so shouldn't have to pay it back.

OP... have you offered them all the money your borrowed back?? no doubt you want to keep it all and not pay anything in return.


flame away.

No robo, the reason it turns into personal attacks is because people like you think their opinions and moral views matter more than the law and legalities involved and therefore are entitled to, judge, condemn and abuse people at will.

Money_Grabber13579

The problem is that are you not bound to have known that the salesperson in the bank lied on the form? Hence by signing the agreement, you were agreeing to this and can't claim that it was mis-sold.

cyril82

Money_Grabber13579 wrote: »

The problem is that are you not bound to have known that the salesperson in the bank lied on the form? Hence by signing the agreement, you were agreeing to this and can't claim that it was mis-sold.

i think you would find that argument would fall flat on it's face in court.

Banks, and the staff they employ to sell loans, have responsibilities to act responsibly.

If a bank official falsified a loan document and whispered to the applicant, just sign this and you'll get the loan. (almost impossible to prove but that’s what we are discussing here) then if proved in court the bank would almost certainly lose as they falsified the document to get the loan accepted and make money with no regards for the applicant and whether or not they could afford the loan. = irresponsible lending!

_Andy_

Craig1 wrote: »

I didn't lie the Bank Official did, however I did sign the agreement with a affordability assessment

You both committed fraud and you were well aware what was happening. You were not forced or coerced into the agreement.

It was clear from my bank statements that I could not afford the repayments,

So why did you take the loan up?

I cannot afford them now and I earn 7K per annum more a year then I did then.

Then you shouldn't have agreed to the loan in the first place.

I have requested reduced payments which was fine for the first few months but now they keep trying to take the arrears off me.

Understandable.

I'm not trying to renage on my responsibilities but would like to be able to give myself a bit of breathing space to sort my finances out.

Then why are you enquiring about loans being unenforcable?

Craig - I do actually sympathise with some people's situations however you willing committed fraud (and were quite happy with letting a colleague to do the same), willingly took a loan which you yourself have stated you couldn't afford, and are now enquiring about making said loan unenforceable.

PS I'm not at all condoning your (then) colleague arranging the loan for you - blatantly gross mis-conduct/dismissal, it's just that your post implies you feel it's all the bank's fault.

cyril82

uktyler wrote: »

People are bombarded every day by adverts telling them they can have their loans written off, where are the morals there?.

i have never been bombarded with these adverts, i have heard them on the radio, seen them in the press, but no more than i see/hear car sales ads, supermarket ads, loan ads etc etc etc............

uktyler wrote: »

These arguments are moral debates..

they are not, it is just that you and a few others keep turning them into moral arguments.

The OP asked, "what makes a loan unenforceable" well that comes down to how the agreement was drawn up with regards the consumer credit act. The consumer credit act is a legal document therefore it is a legal question, not a moral one.

and frankly, if he does challenge the agreement, it is the law that will decide, not uktyler's moral guide book of useless information..:rolleyes:

uktyler wrote: »

I think the OP should contact a debt charity and agree a repayment plan, however they are guilty of fraud, they signed the paperwork on a loan, knowing they could would struggle to pay it back...

Read the first post, he has arranged lower payments but the bank are pressuring him, which is why he wants to challenge, to give himself some control, he didn't say "i just want to write my loan off", but if he does write it off, that's his business.
And i think you'll find the bank committed the fraud as they filled the information in for him, however, as i have already said it would be near impossible to prove and no one is going to be charged with fraud over this so we may as well stop banging on about fraud.

uktyler wrote: »

How would you prefer it to be done? We could have one thread with the moral debate, and all the others giving advice to fraudsters on how to get out of paying?...

If you want to have the debate then yes, open up a separate thread about it on the debate board.

As for accusing people of fraud for making unenforceability challenges, well, the agreements are challenged under the terms of the consumer credit act, it is the revisions of the consumer credit act that state that such agreements can not be enforced, so either you are saying the consumer credit act is fraudulent in itself, or you are just running off at the mouth again without thinking.

uktyler wrote: »

The sad fact is that the people who do have morals, and who do pay their debts end up paying for those that don't want to pay. Is that fair??...

we have had this discussion before, you don't pay anything for these cases, what you do/are paying is the estimated £1.5 trillion of underwritten "toxic" debts that the government agreed to use our money for...the I.F.A. estimate this will cost you (and the rest of us) £3,000.

Now if i had a £3,000 loan i'd be looking to write it off about now because i don't want to pay to bail the banks out while the arrogant bankers who got themselves into this mess are still collecting multimillion pound bonuses and pensions.

But that is one for the debate boards as well if i was going to go further into it.