Loan agreement query!!!

BETSYANN

I am new to this forum and have looked at a couple of the letter templates for asking for a signed copy of your personal loan agreements etc. However, what i am unsure about is whether you are to stop paying the monthly payment towards them during this or after the whole process?

You can tell that i have no idea where to begin!

Thanks!

ILW

What process?

speedbird1973

Stop now... show 'em you mean business!

~Brock~

They don't need to provide you with a signed copy (although most likely they will). A reconstructed copy is fine.

Are you implying that you never signed an agreement?

jonesMUFCforever

What happened to your own copy given to you when you signed at the bank or lender?

BETSYANN

One of my friends, who is a 'moneysavingexpert' super fan said that there is a way of never paying your loan off while only receiving one default charge.

I would have had an agreement but i was told (and again, i'm new to this so it could all be gossip) that if your agreement preceeds 2007, it does not have the correct wording attached to the terms and conditions (that would have been signed) and therefore can be argued is an 'illegal' (that may not be the correct word but it is something along those lines!).

Has anyone heard about this and is it a load of rubbish or do you think it can be done?

Thanks!

ILW

You can go for unenforceability, the outcome is by no means certain. But forget getting any more credit or a mortgage for a few years while it is being fought over.

BETSYANN

When you say about not being able to get credit for a few years, is there a certain amount of years that is standard as i heard it was a 6 year period, but again, that could just be gossip!!!