Loans Written Off on Terms and Conditions

phgr79

I've read up allot on the web about loans be written off if they were taken out before a certain date etc..
There seems to be alot of comapnies doing this and charging anywhere between 200-500 quid for doing so.
Is there anything in this and if so is there not a diy way of doing it?

phgr79

.....and there was me hoping for some more usefull advice.

Browntoa

theres a lot of companies offering the service but no reporting of anyone actually winning (sure it would make the papers if it was happening)

long thread here

http://forums.moneysavingexpert.com/showthread.html?t=597685&highlight=unenforceable

I_know_my_ABC_and_my_CMYK

phgr79 wrote: »

.....and there was me hoping for some more usefull advice.

Search for posts by never in doubt n the debt free board, loans board and credit card board. His posts will tell you how to do it. It is very simple, you stat by sending the first letter requesting the copy of a signed credit agreement if they do not provide one then you simply stop payment. This is providing your agreement was taken out before 2007.

ILW

I_know_my_ABC_and_my_CMYK wrote: »

Search for posts by never in doubt n the debt free board, loans board and credit card board. His posts will tell you how to do it. It is very simple, you stat by sending the first letter requesting the copy of a signed credit agreement if they do not provide one then you simply stop payment. This is providing your agreement was taken out before 2007.

Yes it's that simple.
Keep us posted on what happens next.

never-in-doubt

I_know_my_ABC_and_my_CMYK wrote: »

Search for posts by never in doubt

Cheers mate! :beer:

OP - This is the first letter you'd send, add a £1.00 cheque/postal order and wait 14 days.

Request for a copy of the Original Credit Agreement under the Consumer Credit Act 1974

Dear Sirs,

Account No:

I hereby formally request a copy of my Consumer Credit Agreement, pursuant to s.77/78 of the Consumer Credit Act 1974.

I require you to provide me with a true copy of the credit agreement relating to any account you deem to be mine, together with any other documentation the Act requires you to provide. I expect you to comply fully and properly with this request, within the statutory time limit (12 + 2 days). You are reminded that should you fail to comply with my request; the provisions of s.77 will apply.

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR). I enclose a personal cheque in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose.

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee and then remove the incorrect entry from your systems.

I do, expect the main actions to be dealt with, as matter of course, and look forward to hearing from you within the prescribed timescales quoted.


Yours faithfully




Sign digitally

Then when you get your agreement you check it against the prescibed terms here: #29

If they don't reply with your CCA within 14 days then send this letter: and give them 30 additional days to respond.

ACCOUNT NUMBER: XXXXXXX

Dear Sirs

Re: Account in dispute

I refer to my letter dated XXXXXX in which I made a formal request under the Consumer credit act 1974 sec 77-79 for true copies of the regulated agreement refered to in the above account number. You are reminded that you are obliged to supply these under sec.189 whether you are the original creditor or not. I also enclosed the statutory fee of £1.00 for this account.

To date you have failed to comply with my statutory request and have defaulted in respect of this account. This means that under the CCA you have now committed an offence punishable upon conviction, by a fine, or imprisonment.

Additionally this alleged agreement is unenforceable until such time as the default is removed or enforced by a court of law. It is a further offence to attempt to enforce this alleged agreement until such time as the default is removed.

Consequently I am ceasing all payments to your company until such time as this matter is resolved. It is also my intention to report this matter to the appropriate enforcement authority.

I await your prompt response.

Yours faithfully,

Hope that helps - good luck!

N-i-D
:D

phgr79

Thanks for the responses guys

Miss_Poohs

Thats interesting - has any one tried it and been sucessful?

Claims_Manager_Rep

There have been successful cases, look up walker-v-southern pacific mortgages or Royal Bank of Scotland-v-Mitchell. Or go back to Wilson-v-First County (house-of-lords decision)
These cases were won on the basis that a prescribed term was breached.
Many cases are settled out-of-court.
Yes you can apply for a copy of the agreement. If they do not have one, you can claim that under the CCA it is unenforceable but they will argue all they need to do is supply a copy of the t+c’s. Also if they subsequently supply an agreement it becomes enforceable again.

Browntoa

notice loads of these sites have been closed down by the MOJ

http://news.bbc.co.uk/1/hi/uk/8191915.stm

The MoJ said some of the firms shut down had been using misleading advertising, claiming credit card debt could be written off within six weeks or that 80% of credit agreements were unenforceable.
In other cases, companies ignored requests for information from the government's claims regulator or were run by people who had convictions for fraud.


Rules state that firms must not cold-call potential customers in person and must allow a cooling off period of at least 14 days for anyone considering taking up an agreement.

never-in-doubt

Browntoa wrote: »

notice loads of these sites have been closed down by the MOJ

http://news.bbc.co.uk/1/hi/uk/8191915.stm

The MoJ said some of the firms shut down had been using misleading advertising, claiming credit card debt could be written off within six weeks or that 80% of credit agreements were unenforceable.
In other cases, companies ignored requests for information from the government's claims regulator or were run by people who had convictions for fraud.


Rules state that firms must not cold-call potential customers in person and must allow a cooling off period of at least 14 days for anyone considering taking up an agreement.

Did you miss this by Fermi at 09.00am lol: http://forums.moneysavingexpert.com/showthread.html?t=1869783