Help to Get my Loan Written off

WillGD316

Hi

I recently started the process to reclaim my PPI from my loan agreement and back wrote to me and told me that they couldnt find the original agreement. I took the loan out in April 2007 but i dont know when, I am aware that the key date is 7th April. I looked at a few companies on the internet who will fight my case but they all want money up front and then 15% of the debt if successful. Any help or guidance would be appreciated such as a letter template for the next stage or some companies that operate on a no win no fee basis

Thanks

Will

sharpy2010

WillGD316 wrote: »

Hi

I recently started the process to reclaim my PPI from my loan agreement and back wrote to me and told me that they couldnt find the original agreement. I took the loan out in April 2007 but i dont know when, I am aware that the key date is 7th April. I looked at a few companies on the internet who will fight my case but they all want money up front and then 15% of the debt if successful. Any help or guidance would be appreciated such as a letter template for the next stage or some companies that operate on a no win no fee basis

Thanks

Will

Get lost. You borrowed the money, pay it back.

never-in-doubt

WillGD316 wrote: »

Hi

I recently started the process to reclaim my PPI from my loan agreement and back wrote to me and told me that they couldnt find the original agreement. I took the loan out in April 2007 but i dont know when, I am aware that the key date is 7th April. I looked at a few companies on the internet who will fight my case but they all want money up front and then 15% of the debt if successful. Any help or guidance would be appreciated such as a letter template for the next stage or some companies that operate on a no win no fee basis

Thanks

Will

Forget paying for it - con! You must have seen the news?

You will find templates here: http://forums.moneysavingexpert.com/showthread.html?t=1868507

never-in-doubt

sharpy2010 wrote: »

Get lost. You borrowed the money, pay it back.

why? no agreement means it is not enforceable, therefore would mean no need to repay.

Its the law - love it or hate it. Your opinion matters little versus the law of the land. :rotfl:

CHR15

never-in-doubt wrote: »

Its the law - love it or hate it.

I tip my hat to the amount of work you have done on this subject (in your linked post) but I read that "Several Thousand" and "Loads" of people have been successful......

Where are these people??

How come none of them seem to be members of MSE??

There aren't too many sites containing the information required to fight enforceability around, this must be one of the more popular.

I haven't got anything to fight but I do follow these out of pure curiosity but I don't recall seeing a single post where someone has been successful.

I'm not trying to be dismissive, just curious :cool: :beer: :cool:

ILW

I believe if succesful the loan will not be "written off", just deemed unenforceable. This is quite different and could leave you liable to pay the full amount with interest if the agreement did turn up in the future. Happy to be corrected if I am wrong.

never-in-doubt

ILW wrote: »

I believe if succesful the loan will not be "written off", just deemed unenforceable. This is quite different and could leave you liable to pay the full amount with interest if the agreement did turn up in the future. Happy to be corrected if I am wrong.

Hiya

Nope you're spot on. This is the thing with the whole process, people mis-phrase it and say 'written off' when in reality it only becomes written off at statute barred date really, or if the lender actually writes it off in totality which is rare.

So the way it works, easiest way to remember is that the debt remains but they cannot pursue you for the debt. That means that if they want to leave the default entry on the CRA they can do - however, not for long! The main argument that we're fighting with the CRA's is that when the debt becomes unenforceable, it means the lender cannot provide a CCA or the one they have is as much use as loo roll, meaning no self-respecting judge would enforce repayment of debt. However, as such the contract therefore becomes dead along with the debt and so the default must surely also be removed as the agreement to share data ended the second the agreement was null and void (unenforceable).

Make sense? lol

Brock_Landers wrote: »

I was under the impression that the interest portion would be unenforceable, but one would still have to pay back the principle.

Nope, when unenforceable no interest will be added to the original debt and nothing becomes due (or enforced if you like)

WillGD316

In danager of being banned completley from this forum after only after my second post I just wish to say - Never-In-Doubt --- Thank you very much, your a credit to this forum and everyone else that responded.

Sharpy2010 - Your a !!!!!!! My first post looking for advice, If you respond to everyone elses posts with such rudeness, especially with first time posters, its a wonder that anyone contributes to this forum!!! If this is my last post, again thank you to all those that responded

russt2000

reading above ,about loan claim and the different things that can be done , there are a few optons for different situations ,I believe,
unenforceable ,as well described above ,also
void or voided loan
and recission of the loan all different meanings , canyt quite remember exactly ,but a quick goole will tell in what circumstances and outcomes

never-in-doubt

WillGD316 wrote: »

In danager of being banned completley from this forum after only after my second post I just wish to say - Never-In-Doubt --- Thank you very much, your a credit to this forum and everyone else that responded.

Sharpy2010 - Your a !!!!!!! My first post looking for advice, If you respond to everyone elses posts with such rudeness, especially with first time posters, its a wonder that anyone contributes to this forum!!! If this is my last post, again thank you to all those that responded

Hiya

You won't get banned! You've done nothing wrong..... remember there are a lot of people on here who are ignorant to the laws and think we're wrong for utilising the law to our advantage - as if they wouldn't should the need arise :rotfl:

Unenforceability is, unfortunately, a contentious issue and so you'll find those that are ignorant will insult you you with silly one-liners like 'you borrowed it so pay it back' - best to just ignore them as they don't have a clue so resort to pathetic jealous sounding outbursts instead....

Just laugh at em :rotfl: :rotfl: :rotfl:

sharpy2010

I just find it a little bit frustrating that all these people whose loans get written off are getting free money from other people who DO pay their bills. Like N-I-D says tho, my opinion matters little as far as the law (which in this country is a joke) is concerned!

No wonder people don't bother to do the right thing any more. And as a consequence, everyone suffers.