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Unenforceable Credit Agreement?

Panic_chick
Posts: 1 Newbie
in Credit cards
Hello,
I really hope you can advise on this one!
Despite numerous chasing letters from my solicitor to my credit card company, the credit card company have failed to provide the original terms and conditions. Thus the agreement is currently unenforceable. (this is under the Consumer Credit Act, Section S.78).
Whilst the lender cannot obtain a judgement against me, they can chase me for payment and register default with credit reference agencies if I stop maintaining my payments.
I would like to not pay a penny more under this agreement but am terrified as to what the credit card company could do. It may take them a long while before they either agree to write off the debt, or come up with the original T+Cs. In the meantime my debt gets higher.
Should I hold out, and not pay any more
or
Should I continue paying them (interest rate is high)
or
Cut my losses and switch to another provider and pay the debt off?
Any thoughts? Looking forward to hearing from you!
I really hope you can advise on this one!
Despite numerous chasing letters from my solicitor to my credit card company, the credit card company have failed to provide the original terms and conditions. Thus the agreement is currently unenforceable. (this is under the Consumer Credit Act, Section S.78).
Whilst the lender cannot obtain a judgement against me, they can chase me for payment and register default with credit reference agencies if I stop maintaining my payments.
I would like to not pay a penny more under this agreement but am terrified as to what the credit card company could do. It may take them a long while before they either agree to write off the debt, or come up with the original T+Cs. In the meantime my debt gets higher.
Should I hold out, and not pay any more
or
Should I continue paying them (interest rate is high)
or
Cut my losses and switch to another provider and pay the debt off?
Any thoughts? Looking forward to hearing from you!
0
Comments
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Entirely your choice I suppose.
I suppose it depends on whether you value your credit rating and want to get any credit in the next few years.
Or if you feel morally that as you borrowed the money and had the benefit of the purchases you made that you should therefore repay your debt (some people do, some people don't).
By the way, they won't ever write off the debt, even if they admit they don't have a CCA or don't have an enforceable one it won't actually ever be written off.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Even if they cannot provide the T&C of the original agreement, they never will write off the debt and they will register a default for that account which will then be impossible for you obtaining credit for the next few years....so why not pay or try to come to an agreement with them for a reduce full and final settlement making sure that if you do pay that they will not put a default on that account and mark it as settled.0
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Even if they cannot provide the T&C of the original agreement, they never will write off the debt and they will register a default for that account which will then be impossible for you obtaining credit for the next few years....so why not pay or try to come to an agreement with them for a reduce full and final settlement making sure that if you do pay that they will not put a default on that account and mark it as settled.
If you do go this route, make it a condition that no default is registered;)Ask me no questions, and I'll tell you no lies0 -
Panic_chick wrote: »Hello,
I really hope you can advise on this one!
Despite numerous chasing letters from my solicitor to my credit card company, the credit card company have failed to provide the original terms and conditions. Thus the agreement is currently unenforceable. (this is under the Consumer Credit Act, Section S.78).
Whilst the lender cannot obtain a judgement against me, they can chase me for payment and register default with credit reference agencies if I stop maintaining my payments.
I would like to not pay a penny more under this agreement but am terrified as to what the credit card company could do. It may take them a long while before they either agree to write off the debt, or come up with the original T+Cs. In the meantime my debt gets higher.
Should I hold out, and not pay any more
or
Should I continue paying them (interest rate is high)
or
Cut my losses and switch to another provider and pay the debt off?
Any thoughts? Looking forward to hearing from you!0 -
Aside from any ethical considerations, my short answer would be to attempt to do a deal, but failing that pay the debt off (moving it if necessary).
They might well come up with the T+Cs or reconstitute them.
The law is not settled - to my knowledge there hasn't yet been a Court of Appeal/Supreme Court ruling, but Carey wasn't helpful to the "get off your debts" cause. (http://www.judiciary.gov.uk/docs/judgments_guidance/judgment-carey-v-hsbc.pdf wasn't helpful to your cause)
My hunch is that any further rulings will make it easier for credit providers to come up with sufficient documentation to enforce debts.0 -
chattychappy wrote: »Aside from any ethical considerations, my short answer would be to attempt to do a deal, but failing that pay the debt off (moving it if necessary).
They might well come up with the T+Cs or reconstitute them.
The law is not settled - to my knowledge there hasn't yet been a Court of Appeal/Supreme Court ruling, but Carey wasn't helpful to the "get off your debts" cause. (http://www.judiciary.gov.uk/docs/judgments_guidance/judgment-carey-v-hsbc.pdf wasn't helpful to your cause)
My hunch is that any further rulings will make it easier for credit providers to come up with sufficient documentation to enforce debts.
I had all mine made unenforceable. Only one had to go to an appeal judge, and that went with me as well!!Ask me no questions, and I'll tell you no lies0 -
I bet is an ambulance chaser company, as above it wont be written off and the sol should of told you this0
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I had all mine made unenforceable. Only one had to go to an appeal judge, and that went with me as well!!
"made unenforceable" - do you mean that was a court ruling? (eg in the High Court)
"appeal judge" - do you mean Court of Appeal? (ie it was an appeal from a decision of a lower court)
And was this since the Carey judgment 23 December 2009 ?0
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