unenforceable credit agreement companies

libbyjade

Hi all,

I'm hoping for some advice please.

I have 4 credit cards all pre 2007 and hope the agreements maybe uneforceable. I did try about 6 months ago to follow the process DIY using the letter templates, but found it difficult to keep on top of and see it through till the end.

I am with CCCS (debt management service) and therefore some of the debt had been sold on making it more difficult to pursue with confidence.

I had a call from a representaive of claimback Uk and they have advised they provide a no fee no win if I decide to go with them.

In essence, they have said it will cost me £250 per card (so £1k in total) if they successfully render the agreements unenforceable and obviously free of charge if any are enforceable.

I would like to know if these types of companies are reputable or are there dangers I need to watch out for?

Also are there any other providers who could do it cheaper, if so who are they and how much would I be looking at paying?

I have asked them to see what the cheapest they will go to and they are going to call back on Wednesday.

I lack the time and confidence to do it myself, so would really appreciate some help on this.

Many Thanks

Libbyjade

clj_2

As you borrowed the money, why don't you try paying it back?

dunstonh

In essence, they have said it will cost me £250 per card (so £1k in total) if they successfully render the agreements unenforceable and obviously free of charge if any are enforceable.

If they are so confident then why dont they work on a no win no fee basis?

Generally, you find the low the chance of success cases have upfront fees. The money to the claims company is in £250 per case they charge. If they get 2 people a day signed up three hundred days a year then they make £150k. Its a scam in many cases as there is little or no hope of success but they get money out of you.

I would like to know if these types of companies are reputable or are there dangers I need to watch out for?

There have been hardly any successes on this front and there was a stay in place. So, any company that claims they have a x% success rate is talking bull.

Also, the 6 test cases that went before the judge in December all found in favour of the lenders.

So, why do you think you would be successful?

MustBeatThis

Have to say, I've had the sales pitch from one of these companies, and very convincing it was too. From the way it was presented you'd think there was a really good success rate and everyone was getting their debts written off. It was all beautifully scripted.

We declined.

If you want to challenge the enforceability there seems to be loads of information here that would enable you to do that yourself, without paying out the upfront fees.

hth

withabix

libbyjade wrote: »

.

I would like to know if these types of companies are reputable

NONE of them are reputable. All of this type of company are charlatans.

Isn't there a recent legal case (just before Christmas) which sets a Precedent that basically stops these 'claims' in their tracks?


Edit: sorry dunstonh - didn't see you'd already mentioned that one!

libbyjade

Thanks for the positive replies.

Dunstonh, they have said its no win no fee, I just worded it no fee no win. So hopefully that is positive in that I will not be charged if unenforceable.

Withabix - I heard there was a decision in favour of the banks re bank charges, I'm not aware of anything ruling in credit card companies favour re agreements that are considered unenforceable.

Appreciate your responses guys

withabix

Info about the Test Cases:

http://news.bbc.co.uk/1/hi/business/8435867.stm

As a result of the recent cases, you would have to PROVE that you didn't sign the original Credit Agreement.

dunstonh

Dunstonh, they have said its no win no fee, I just worded it no fee no win. So hopefully that is positive in that I will not be charged if unenforceable.

So, why are they taking money up front from you?

Perhaps their plan is to go into administration after collecting hundreds of thousands of pounds of money and then leaving the company in debt with no chance of anyone getting their money back? (not far fetched and already happening with some claims companies)

Or as some of the claims companies do, they tell you its no win no fee but then after you have paid, they then come to you and tell you that you qualify to be taken onto the next stage where the fee is no longer refundable.

Or, they tell you that the fee is refundable when it isnt. Yes. there are some that do that.

Ansu

http://info.dlapiper.com/ve/ZZcUJj80o3198m7166Y


In short- save your money, or consider putting it towards the cards.

martinjohn

im sorry, but the LAW is clear and simple, ignore all this BS, if the contract is not enforceable, its NOT enforceable, PERIOD

I am not a claimant firm, and dont intend to be!

Banks are misleading customers and are sending out misleading documents saying they are enforcebale when they are not!!
Do not accept that your agreement is enforceable
you have been lied to about terms
i for one was lied to, i was never told the APR or ANY terms and was GIVEN a card, i was lied to and not told any terms

I would NEVER suggest you go to one of these "companies" to reclaim anything but i can say that credit card companies have not acted in anyones best intrest let alone lawfully.

dunstonh

im sorry, but the LAW is clear and simple, ignore all this BS, if the contract is not enforceable, its NOT enforceable, PERIOD

Correct.

Banks are misleading customers and are sending out misleading documents saying they are enforcebale when they are not!!

Yet all the test cases so far have ruled in favour of the lenders. Clearly the law is the law as you say.

Do not accept that your agreement is enforceable

The alternative being go to court, lose your case and end up paying costs for doing so.