unenforceable credit aggreements for your credit card

catherinelewis

I was wondering if anyone could help.

I have been contacted by a company who says that it can write off my credit card debt if the card was started before April 2007 and if we go ahead they will do a free assessment to check whether the card fits their criteria and will get in contact with the card company.

If they find from the paperwork that the card has a credit aggreement that is unenforceable because of some legal loophole. We will have to pay £495.00 to the company on a no win no fee basis, if it is successful in writing off the cards debt.

Has anyone done this and won. It seems to good to be true.

If anyone could help that would be great. We are in a lot of debt and if this is possible it would make a life a lot easier. I just don't want to be taken for a ride.

dunstonh

We will have to pay £495.00 to the company on a no win no fee basis

That doesnt make sense.

Has anyone done this and won.

Yes. However, its not very common and most dont have success. Claims companies are notorious for over egging the chances of success. There is also no guarantee it will be written off. Having the debt made unenforceable is the more likely outcome initially.

I just don't want to be taken for a ride.

Dont use a cold calling claims company then. I'm afraid there are a lot of dodgy ones out there at the moment.

catherinelewis

If we decided to go ahead with this company we would pay them £495.00. If they were unsuccesful with the claim we would get our money back. That is what I meant by no win no fee. If obviously they were successful with the claim they would right off our credit card and keep the £495.00. I hope that is clearer for you.

If we decided to go ahead with this company, what would we actually lose as we get our money back if they are unsuccessful.

dunstonh

If we decided to go ahead with this company we would pay them £495.00. If they were unsuccesful with the claim we would get our money back. That is what I meant by no win no fee. If obviously they were successful with the claim they would right off our credit card and keep the £495.00. I hope that is clearer for you.

Really check the fees carefully. Many people have been hit with similar style comments on fees only to find out that if it goes on to later stages, the claims company come back for more money.

One claims company in particular beginning with the letter C has a £495 that is reported to be refundable but it isnt once it gets to a certain stage. Its only refundable if it fails early on.

Quite a few claims companies have been folding or closing recently as well. Make sure the one you use has a long history and a good track record (media reports suggest that many claims companies have had no or hardly any successes but have submitted tens of thousands of claims. One claims company even admitted it). Claims can end up taking a few years.

catherinelewis

Thank you for taking the time to reply to my post.

The company is called Torston I don't suppose you have heard anything about them.

Many Thanks:o

jamesd

It sounds as though they cold called you. That's against the rules they are required to follow. How keen are you to get involved with a company that has already demonstrated that it's willing to break rules that are intended to protect you? Major warning sign there.

See the OFT warning and "Authorised businesses have to follow strict conduct rules. They must not ‘cold call’ in person, or engage in any form of high pressure selling;". "in person" includes by phone.

gardner1

catherinelewis wrote: »

I was wondering if anyone could help.

I have been contacted by a company who says that it can write off my credit card debt if the card was started before April 2007 and if we go ahead they will do a free assessment to check whether the card fits their criteria and will get in contact with the card company.

If they find from the paperwork that the card has a credit aggreement that is unenforceable because of some legal loophole. We will have to pay £495.00 to the company on a no win no fee basis, if it is successful in writing off the cards debt.

Has anyone done this and won. It seems to good to be true.

If anyone could help that would be great. We are in a lot of debt and if this is possible it would make a life a lot easier. I just don't want to be taken for a ride.

and why do you think you should be allowed to have your credit balance wrote off,you took the card out so pay the balance off like the rest of us have to do
who do you think pays for all these bank/credit card cases

freedomwithmoney

Hi, a friend of mine does this for a moonlight and he has some successful clients but he only charges £99 non refundable. Wont guarentee success but does get 98% result of debt wipeout. Im think of trying to save enough to do it.

jamesd

What happens to the credit records of those who are a success? Six years with a default recorded on their credit record is the expected result, with all that implies for things like inability to get a mortgage or credit.

marshallka

jamesd wrote: »

It sounds as though they cold called you. That's against the rules they are required to follow. How keen are you to get involved with a company that has already demonstrated that it's willing to break rules that are intended to protect you? Major warning sign there.

See the OFT warning and "Authorised businesses have to follow strict conduct rules. They must not ‘cold call’ in person, or engage in any form of high pressure selling;". "in person" includes by phone.

They get away with this one by saying at some time you actually signed a loan or similar and signed to allow your data to be passed. I have actually been in touch with MOJ over issues like this and they say they have done nothing wrong and could not really prove that you did not ask for the call by not ticking a box on a form previous. They actually say "its not a cold call, you asked for it".

ILW

Why not use the £495.00 towards paying off some of the money you owe?
Just a suggestion.