Credit Card Killers

sarahrob74

IMPORTANT Official MSE Insert

Please read the Office of Fair Trading report about this::
http://www.oft.gov.uk/news/press/2009/72-09

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HI there, just wanting some info as to weather anyone out there has used Momentum credit card killers?
My friend has successfully and keeps telling me to with 10k on Capital one who have now informed me they are jacking my rate.On top of my hours being reduced at work i am a little scared of how i am going to repay all my outgoings and these guys seem ok on reading about them but unable to find out info if there work has done harm to people? Especially since they charge for the work.
Hope i have put this in the right forum
Many thanks:o

gnaril

Let me give you a little bit of info as I have worked within the bank regarding section 78 claims.

DO NOT TOUCH this company with a sh**ty stick.

A complete waste of time dont pay them any funds or even bother.

They send random letter to the bank trying to invoice them for £1000 a letter, thats right no spelling mistake. £1000 each one, They tell thebank that they have bought over the debt from the customer and bank should deal with them etc etc.

Complete joke.

As other people will no doubt come along, you can do it yourself check the forums/stickies, just dont expect to get very far.

All the best

td_007

sarahrob74 wrote: »

HI there, just wanting some info as to weather anyone out there has used Momentum credit card killers?
My friend has successfully and keeps telling me to with 10k on Capital one who have now informed me they are jacking my rate.On top of my hours being reduced at work i am a little scared of how i am going to repay all my outgoings and these guys seem ok on reading about them but unable to find out info if there work has done harm to people? Especially since they charge for the work.
Hope i have put this in the right forum
Many thanks:o

It is good to see that you haven't jumped at it. Have a read of this.

Tirian

Don't bother. Even on their own admission, the legal basis by which they seek to cancel debts is utter nonsense.

If you follow the second link in this letter to Birmingham City Council, which they have hosted on their own website, you will see the High Court judge deemed all of their arguments to have no substance in fact or in law, dismissed their claims against five creditors (Amex, Tesco, HFC Bank, Halifax, Bank of Scotland), and upheld counterclaims against them.

Letter to Birmingham City Council

Not a great advert for their methods, really.

fermi

The claims made by Credit Card K****er and simalar companies have been CONFIRMED to be MISLEADING and BOGUS by the OFT.

AVOID AT ALL COSTS.

http://www.oft.gov.uk/news/press/2009/72-09

OFT warns consumers about 'debt sale' scams

72/09 23 June 2009

The OFT is warning consumers not to be taken in by businesses claiming to help them become debt free by 'buying' or 'selling on' their debts.

The warning follows a significant increase in the number of adverts on the internet and in newspapers from debt and claims management companies that misleadingly state they can take over liability for debts or write off debts by purchasing consumers' credit agreements.

In fact the law does not allow the sale of debt without the lender's permission and so businesses that suggest otherwise are making clearly misleading claims. Brokers who introduce clients to debt and claims management companies that say that they can 'buy' and 'sell on' consumer debts are also misleading consumers.

Consumers need to be aware that if they 'sell' their debts to one of these businesses, either directly or through a broker, they will still be liable for their original repayment obligations as well as losing the money they paid for this false service.

Consumers will also still be subject to any debt collection activity and negative credit scoring associated with the original debt.

The principal regulator for claims management companies is the Ministry of Justice. Those businesses that operate in the credit/debt sector also need to be licensed by the OFT. Some of the firms offering these services do not have consumer credit licences and the OFT is working in partnership with local trading standards services to prosecute them for unlicensed trading. Formal licensing enforcement action has already been initiated against licensed companies whose advertising or websites are making these misleading claims.

Ray Watson, OFT Director of Credit, said:

'Like most scams, when something looks too good to be true, it usually is, and this is certainly the case here. You cannot simply sell on your debt and its liabilities, and businesses that make misleading claims to the contrary are just trying to take advantage of consumers' distress.'

'The OFT will not hesitate to take swift action against businesses which deliberately mislead consumers.'

'Consumers with debt problems should contact their creditor to arrange a repayment plan or their local Citizens Advice Bureau who will be able to provide free advice.'