Writing off entire credit card balances?? Too good to be true? Help!!

Nicola1982

I was recently contacted by a company called Hamilton and Reid claiming that due to the changes to Credit Card standards in 2007 most the credit card companies are in breach of this new act (i forget what it is but suspect its the consumer credit act). THey told me that they would act on my behalf and get my credit card balances wiped out entirely as the credit card comapnies are supposed to do things like have you sign for the credit card on their licenced premises (for Virgin its Nottingham - something i definitely didnt do). I was really sceptical so questioned them about this for ages - they said its the same thing as the bank charges was 10 odd years ago - seems to good to be true but the banks are apparently settling like mad over this as this company have a good claim and the credit card companies dont want it to go to courts like the bank charges. apparently they have a success rate of over 70%. Of course there is a fee of £395 but they said you could put that on the credit card and have it wiped off so essentially its a free service. ALTHOUGH - and this is what got me doubting it - they said if they dont succeed, you dont get your fee back as apparently no win no fee are no not legal (is that right??). They also mentioned that your credit score might suffer but im htinking if this is genuine it could wipe thousands and thousands off my debt so it may worth the short term problems with my credit rating.

Has anyone heard of this/done this/been successful/unsuccessful?

HELP! It sounds too good to be true but they are insisting it is a genuine avenue and it works!

Thanks for any comments!

PQ2

Make sure you do not use a company called Cartel Client Review.

Yes there have been successes.

Ask company the following:

Is the fee refundable if I do not have a claim?
Make sure they explain the process.
Ask what success they have had.
Are they registered with the MOJ

Nicola1982

can you expland on the successes? and what is the MOJ?

qprfcmark

Nicola1982...........Another scam BEWARE! I bet they want an up front payment? You pay £395 and never hear another word. I would not be supprised that PQ2 is in on the game, having only registered on this site in November 2009!!!!!!!!! STAY CLEAR!

wayne99

excuse my spelling lol....

If you want to relaim charges you can do that for free using the template letters that are all over this forum, bank charges are only reclaimable for 6years not 10.

on a second note, if your cca was prior to 2007 and is incorrect then you could have a case that the debt is unenforcable, but the debt will not just dissapear it will still be on your credit file but will not be enforcable via the courts.

so if you feel that the debt is not enforcable then stop paying simple, and watch your credit file be trashed for the next 6 years, so yes they are correct saying your credit score will suffer, well that would be an understatement it would be trashed.

you do not have to sign credit agrements on the lenders licenced premesis thats complete rubbish.

there is a moral dilemor though with all of this, they did not force you to take there cards, loans etc, they did not force you to spend there money, if you spent there money then it should be paid back iam sure if you lent a reletive some money and they said that the agreement was not enforcable so stuff you iam not paying you back after i have spent all the cash would you think that was fair ?
but on the flip side bank and credit card charges are a rip off so they are not fair also...

these companies are just after your fee, do not part with your cash, read this post and do it yourself for free.

http://forums.moneysavingexpert.com/showthread.html?t=1868507

thanks

wayne.

dunstonh

I was recently contacted by a company called Hamilton and Reid

They are scam merchants. About the worst type of claims company you can get. Avoid them at all cost.

due to the changes to Credit Card standards in 2007 most the credit card companies are in breach of this new act

That is incorrect. It is only a minority of cases.

credit card comapnies are supposed to do things like have you sign for the credit card on their licenced premises (for Virgin its Nottingham - something i definitely didnt do).

No truth in that.

but the banks are apparently settling like mad over this as this company have a good claim and the credit card companies dont want it to go to courts like the bank charges.

Some early ones settled out of court but there are now over 100,000 in the court system and the companies seem to be winning.

Take a read of this: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6868968.ece

apparently they have a success rate of over 70%.

Not possible for them to have that success rate but on another thread a poster was told by them that they had a 100% success rate. So, like many stats, they make it up as they go along.

Of course there is a fee of £395 but they said you could put that on the credit card and have it wiped off so essentially its a free service.

Except that you are statistically likely to lose your case and this company will probably phoenix long before then (close down and run off with the money).

hey also mentioned that your credit score might suffer but im htinking if this is genuine it could wipe thousands and thousands off my debt so it may worth the short term problems with my credit rating.

It will totally destroy your ability to get credit in future for a good many years. The debt will show as unpaid an in arrears even if you do win.

Are they registered with the MOJ

This company is not regulated by the MoJ. Apparantly, if you are based in Scotland and only deal with clients living in Scotland then you do not need MoJ authorisation.

Nicola, are you in Scotland?

Nicola1982

thanks a lot - that has put things in perspective - thank god i wrote this before agreeing - ill tell the scammers this evening where to stick it! Im in Northeern Ireland - they said that makes me a special case. Believe it or not im normally quite sensible and dont fall for this kind of thing but they sounded so convincing and i totally fell for it - god help those that dont have the nouse to properly check it out!

goliath

PQ2 wrote: »

Make sure you do not use a company called Cartel Client Review.

Yes there have been successes.

Ask company the following:

Is the fee refundable if I do not have a claim?
Make sure they explain the process.
Ask what success they have had.
Are they registered with the MOJ

Please take note of the first line of this quote.!! I submitted cases to them, both of which have been rejected by their solicitors, and three months later I am still chasing a refund as promised by the Agent.