The Illegal Credit Agreement Loophole - Fact or Fiction?

Ba99ins

I have heard recently That people have had their Credit Card Balances written off as a consequence of a legal loophole in the consumer credit act that means that unless a credit agreement follows a set of rigid criteria, then it is not valid and therefore can't be implemented under law. The practical effect is that any debts built up under such agreements cannot be pursued by collectors, and so does not have to be paid. There are lots of companies claiming that they are able to rapidly and easily arrange for your debts to be declared nullified like this, but is this a realistic option or is this just a scam?

Thanks

soul619

its all rubbish if you create the debt man up an pay it off!!!

izools

There is a realistic option of getting a credit agreement declared as unenforcable however this should NOT be done through a third party company!

Everything they do can be done from the comfort of your own home and there are letter templates and guide both here and on the Consumer Action Group forums. Do not pay anyone else to do this, they will rip you off and these companies are tantamount if not actual scammers.

Important things to note are:

1. Even if the debt is declared as unenforable the bank you borrowed the money from can still use right of offset to take the funds from your current account if you hold one with them
2. They are still legally entitled to report the account as in defualt with an outstanding balance on your credit file even if they can't collect the amount "owed"
3. You should read up on the subject matter and read threads which refer to using the Civil Procedure Rules rather than S77/S78 of the consumer credit act if you want an authentic original copy of the credit agreement rather than a re-constituted one. Google.

Good luck! And prepare to take a beating to your credit file and have a long drawn out stressful battle on your hands

jonesMUFCforever

99.9999% of credit card agreements are enforceable.

100% of firms claiming otherwise are crooks.

izools

jonesMUFCforever wrote: »

99.9999% of credit card agreements are enforceable.

100% of firms claiming otherwise are crooks.

And even if they aren't enforceable under the consumer credit act they probably are enforceable under general Contract Law.

~Brock~

Ba99ins wrote: »

I have heard recently That people have had their Credit Card Balances written off as a consequence of a legal loophole in the consumer credit act that means that unless a credit agreement follows a set of rigid criteria, then it is not valid and therefore can't be implemented under law. The practical effect is that any debts built up under such agreements cannot be pursued by collectors, and so does not have to be paid. There are lots of companies claiming that they are able to rapidly and easily arrange for your debts to be declared nullified like this, but is this a realistic option or is this just a scam?

Thanks

You are about 18 months too late. The f eckless and guillable were eagerly clambouring aboard this apparent gravy train from 2008, based on the promises of habitual MLM scamsters who thought they had found the next big thing.

Sadly for them the gravy train never really left the station, and the wheels well and truly fell off following a number of court decisions late last year. I suspect that the true amount these people have scammed from the public will never be known.

Anyone still attempting this business is IMO simply out to deceive.