Creditcardkiller.co.uk

blackbillyblack

I had a call yesterday from this company. They said they were willing to 'buy' my loans off me, basically picking up the liability of my loans and taking them off my hands, for a fee of course.

As usual this sounds too good to be true, has anyone had any experience with these people? Are they legitimate? In my experience anything like this is generally more hassle than its worth.

Thanks

theartfullodger

Well their website says they are really

Momentum Network Limited. Registered Office:
Baskerville House
Centenary Square
Birmingham
B1 2ND

But Companies House list that company as Dormant...

Hmmmnn If so they shouldn't be trading...

Cheers!

Lodger

PS Anyway, sounds too good to be true...

RobertoMoir

blackbillyblack wrote: »

I had a call yesterday from this company. They said they were willing to 'buy' my loans off me, basically picking up the liability of my loans and taking them off my hands, for a fee of course.

As usual this sounds too good to be true, has anyone had any experience with these people? Are they legitimate? In my experience anything like this is generally more hassle than its worth.

Thanks

If you have to pay them to take the debt how can you describe that as them "buying" the debt. Usually when someone buys something off me, they give me money. Just saying.

If it sounds too good to be true, that would be because it is.

angelof1983

RobertoMoir wrote: »

If you have to pay them to take the debt how can you describe that as them "buying" the debt. Usually when someone buys something off me, they give me money. Just saying.

If it sounds too good to be true, that would be because it is.

We've been discussing this one in the office. Turns out that for a set fee of £450 plus 10% of the outstanding balance they will "buy" your debt off you for £1 and then try legal loopholes to get out of the debt. Would certainly say they are too good to be true. Ministry of Justice stripped them of their authorisation for dealing in claims management cases... they are appealing but proceed with caution

Esoog

angelof1983 wrote: »

We've been discussing this one in the office. Turns out that for a set fee of £450 plus 10% of the outstanding balance they will "buy" your debt off you for £1 and then try legal loopholes to get out of the debt. Would certainly say they are too good to be true. Ministry of Justice stripped them of their authorisation for dealing in claims management cases... they are appealing but proceed with caution

Proceed with caution?!? Run for the bloody hills!

Fiddlestick

angelof1983 wrote: »

We've been discussing this one in the office. Turns out that for a set fee of £450 plus 10% of the outstanding balance they will "buy" your debt off you for £1 and then try legal loopholes to get out of the debt.

I think you will find (and it's been true for every CCA that I've signed) that the borrower cannot assign their obligations to a third party in this manner.

The lender can generally do so (and that's how they sell on debt to collection agencies), but you cannot.

Hax

Worst case scenario, you end up £450 out of pocket, with a completely knackered credit record and all your creditors chasing you for money.

Best case scenario, you end up £450 out of pocket.

Personally, I'd just throw that £450 at the debts!

Common_Sense_2

seeing as this thread originates frpm last year - if you look on the Ministry of Justice Website you will see that these guys have had their authorisation cancelled and looks like the OFT are on to them too

petergriffin1

blackbillyblack wrote: »

I had a call yesterday from this company. They said they were willing to 'buy' my loans off me, basically picking up the liability of my loans and taking them off my hands, for a fee of course.

As usual this sounds too good to be true, has anyone had any experience with these people? Are they legitimate? In my experience anything like this is generally more hassle than its worth.

Thanks

Hello im new to this but i wanted to make whoever wants know more info on this scam to be aware that i know this is a scam due to the experience ive had with this so called company. Please tell me if im going on too much

i think the way it works is that they entice you by stating they can buy your debt. This may be true to a point but any judge in the land will still view that you had borrowed the monies thus you are liable to pay it back period.

The company start by swindling from you 350 admin fees and 10% of the debt (per debt)

You then have to send any letters you get to CCK regarding the debt. if you think about this you have passed on the debt so why are you still getting letters. The letters should go straight to them. Right?

Then after a long period of time including sending letters to the company (CCK) at which to point out they cannot do anything with, you get the usual letters from debt collectors etc etc.

After a while you get a final letter from the loan company the company solicitors get involved and send you court letter (county court)

Bear in mind that all the rhetoric you get from CCK this is all usual and in the end we will win.

You get a summons to court. Their solicitor will show up at court but will state they cannot represent you because the correct paper work hasn’t been submitted. This is partly due to CCK not sending you the right documents in first place and playing on your naivety that you have done what’s required. (In my case i contacted the solicitor 2 weeks prior to make sure all is right but was fobbed off)

A judgement will be made against you and that you are liable for full cost of the loan inc interests and admins fees.

This is where i now it’s a scam and i believe throughout the chain they are all involved.

As you credit rating is shot and you have a ccj against you whoever wants to get that info can easily do so.

You get contacted by a company who can use government legislation that up to 75% can be written off.

The only reason that they can use this is that you technically been struggling to pay your original debt. Obviously you have not been paying as per instruction from credit card killer.

The company indeed will reduce the amount of debt but your in a situation where your credit rating is so shot well you can guess what i want to say

Basically stay as far away from any company that suggests that they can wipe of you debt. They can’t period

If your struggling use the usual channels they are there to help not rip you off. Please learn from my experience.

PS CCK if you want to challenge me ive kept every detail of my dealings with you and your solicitors so you more than welcome

What’s laughable is that the judge even said i had the right to claim against CCK but to be honest i don’t have the time or funds to do so

Be aware

Sorry about the spelling