Tesco Loans

Itsmineanyway

Just been doing some research on the internet- help if anyone can add clarification
:Unenforceable Credit Agreement ? anyone heard of this because my understanding is that if you took out a loan before 2007 and there was a financial product missold with it you can have the entire loan written off?

Itsmineanyway

Here is the link ;http://www.cancelmyloan.co.uk/what-is-unenforceable-credit-agreement.php

says that
Unenforceable Credit Agreement - What are they?

There are a lot of credit agreements that do not comply with the Consumer Credit Act of 1974. Contracts for these kind of borrowings such as loans, mortgage, credit card or hire purchase are called Unenforceable Credit Agreement.
If you have taken out a loan between £2,500 and £25,000; and the credit agreement that you signed with your lender was not drawn up appropriately then it is possible to cancel the agreement and stop making repayments.
However, for you to be able to cancel this agreement you have to have at least nine months or more repayment period left and more than £2,500 left to pay back.
If the credit agreement that you signed is found to be unenforceable, the agreement could be cancelled and no further repayments needs to be made. Any goods purchased would not have to be returned and in many cases payments made under an unenforceable agreement could be returned.

di3004

Hi hun......;)

I don't know how this works to be honest but I think there is info on the loans thread here somewhere, take a looksie if you have not already done so yet, good luck.
http://forums.moneysavingexpert.com/forumdisplay.html?f=12

pau1rs

Itsmineanyway wrote: »

Sharpdeath if our cases go to the FOS I think it would be worth highlighting that TESCO are intentionally delaying responses because other loan companies are responding alot quicker and yet this top leading store is inefficient.

i`m in the same situation, but a few weeks behind, but had 2 letters advising there still investigating,,

amazing that egg and hfc paid out so sure it`s possible to find out what they need to..:rolleyes:

Itsmineanyway

pau1rs wrote: »

i`m in the same situation, but a few weeks behind, but had 2 letters advising there still investigating,,

amazing that egg and hfc paid out so sure it`s possible to find out what they need to..:rolleyes:

They have missold on many grounds
so I am not sure what they are investigating .
Doesn't matter though as we will get our money back!

If you took another loan with them which after all this I never will but if anyone does just watch how quickly they process the application - all will be done within a few days - a week the most! they don't need time to investigate then do they??? as they see £signs and thats all that matters to them!
When it comes to asking for a refund and making a claim thats when they need weeks on end but when it comes to taking money its done instantly.

sharpdeath

Anyone know how much they were fined?

di3004

sharpdeath wrote: »

Anyone know how much they were fined?

Hi SD

Were they fined then?:eek:
I honestly can't remember......:o:confused:

sharpdeath

di3004 wrote: »

Hi SD

Were they fined then?:eek:
I honestly can't remember......:o:confused:

I'm not 100% sure but Itsmineanyway seems to think so. Would be good to get some more info on this so will have to do some digging later. :cool:

Itsmineanyway

sharpdeath wrote: »

I'm not 100% sure but Itsmineanyway seems to think so. Would be good to get some more info on this so will have to do some digging later. :cool:

I thought I had read somewhere that RBS had been fined but all I can find at the moment is that Tesco Finance are in the list of selling single premium PPI added onto the loan (RBS were the provider of the loan/PPI when I took the loan out with Tesco as stated on the agreement)

I will reedit my posts until I can find confirmation that they have been fined , I have found out who has been fined as follows:-

Alliance & Leicester (£7,000,000)
Capital One (£175,00)
Egg (£721,000)
GE Capital – supplies store cards for major retailers ( £610,000)
HFC Bank (£1,085,000)
Land Of Leather (£210,000)
Liverpool Victoria Banking Services (£840,000)
Loans.Co.Uk (£455,000)
Swinton Group (£770,000)
Redcats – operates catalogue and home shopping retailers (£270,000)
Regency Mortgage Corporation (£56,000)
The following Motor Retailers (more than £175,000 each)

• GK Group
• George White Motors
• Ringways Garages (Leeds)
• Ringways Garages (Doncaster)
• Park’s of Hamilton (Holdings)

Itsmineanyway

Itsmineanyway wrote: »

Here is the link ;http://www.cancelmyloan.co.uk/what-is-unenforceable-credit-agreement.php

says that
Unenforceable Credit Agreement - What are they?

There are a lot of credit agreements that do not comply with the Consumer Credit Act of 1974. Contracts for these kind of borrowings such as loans, mortgage, credit card or hire purchase are called Unenforceable Credit Agreement.
If you have taken out a loan between £2,500 and £25,000; and the credit agreement that you signed with your lender was not drawn up appropriately then it is possible to cancel the agreement and stop making repayments.
However, for you to be able to cancel this agreement you have to have at least nine months or more repayment period left and more than £2,500 left to pay back.
If the credit agreement that you signed is found to be unenforceable, the agreement could be cancelled and no further repayments needs to be made. Any goods purchased would not have to be returned and in many cases payments made under an unenforceable agreement could be returned.

My understanding on further research into this is that you will need a solicitor to follow this through etc