Company Claiming to be able to Write-Off Loans/Credit Agreements

robin28m

Hi there,
New to the forum but have heard of a company via a friend that can investigate the terms of your credit agreements before April 2007 and render them legally void.
It sounds too good to be true but my friend has pursued a claim successfully.
I've looked at their website and they claim to be able to do this for credit cards, and loans up to £25,000 without affecting your credit score as a successful claim makes the loan/credit agreements legally unenforceable.
They charge on a commission basis, but seem legitimate and professional.
Does anyone know the generic term for this procedure, and what the implications are? What do they look for and what are the pitfalls?
Thanks
Robin

Once_bitten

Remember these companies aren't for everyone. Just the gullible and stupid

Browntoa

look for Neverindoubts thread with all the template letters for free

PennyPinchingMiser

robin28m wrote: »

What do they look for and what are the pitfalls?
Thanks
Robin

The debt may become unenforceable through the courts, but you will still owe the debt, and your credit rating will be trashed for the next 6 years

dunstonh

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6868968.ece

robin28m

Thanks for the replies...
I'm a bit confused by Once_Bitten's response... are you suggesting I'm gullible or stupid? If so I think that's unfair. If there's a legitimate loophole I'm prepared to investigate the possibility or pursuing a claim but only after conducting research and looking into the implications of doing so.
PennyPinchingMiser; thanks for your reply, rather more constructive. I did wonder if my credit rating would be affected... is that definitely the case though, as that was my first question, to which the response was pursuing a claim can't affect my credit rating as it's the actions of the companies against whom I'm making a claim who are in the wrong rather than me for not paying... if the debt's nullified how can it still affect my credit raring?

robin28m

Thanks for the Times link Dunston, I think that tells me everything i need to know!

PennyPinchingMiser

You need to refer to McGuffick v RBS to make an informed decision

Paras 79 - 85 are the relevant ones
http://www.judiciary.gov.uk/docs/judgments_guidance/mcguffick-v-rbs.pdf

robin28m

So are these companies still trading and what's likely to happen to those who have already made claims?