MSE News: OFT kills 'debt write-off' industry 15 October 2010 at 1:17PM in Debt-Free Wannabe 13 replies 3.4K views

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Consumers have been warned not to be duped by firms that claim they can write off loan or credit card debt ..."

Read the full story:
OFT kills 'debt write-off' industry

LeeSouthEast

Good. I'm sick to the back teeth of people trying to weasel their way out of paying back. You borrowed it, pay it back!!

(Situations where this isn't possible excepted.)

DVardysShadow

LeeSouthEast wrote: »

(Situations where this isn't possible excepted.)

Most of those here are in that bracket

danothy

DVardysShadow wrote: »

Most of those here are in that bracket

I would agree with the sentiment when it's the chancers who've heard about unenforceability and don't understand that it's to protect people from being unfairly pursued rather than to get out of paying a legitimate debt.

There's a big difference between the weasels and the unable to pay, and hopefully this will stop the weasels because it'll stop the abuse of the unenforceability clauses.

FATBALLZ

This is a shame, there was a sense of poetic justice in people trying to scam financial institutions out of money ending up getting scammed themselves.

Billy_two_speakers

http://www.bbc.co.uk/news/business-11554030


Worth a read

Sceptic001

The headline on the article is grossly misleading. In what sense has the OFT "killed" the debt write-off industry? It has issued guidance to consumers. It is like saying that the health warning on cigarettes killed the tobacco industry. :mad:

Broken_hearted

Where does that leave people who have had debt that has been proved unenforceable after failure to produce CCAs. Could it mean I have to find another £4,000 which I though was long gone.

DebtWriteOffMaster

There is no reason whatsoever that anyone legally has to pay back any unsecured loans or creditcards unless they WANT to.

If they DON'T WANT to they can simply have all the debt written off either through a Debt Relief Order, Having it statute barred, or doing a bankruptcy.


People who pay money to companies to write of the debt are foolish idiots who deserve to be scammed out of their money.

tifo

it seems the CCA (and many others) only apply to consumers to enforce obligations on them but when it comes to banks, they can get away with anything, such as having a totally unenforceable agreement which fails to meet the requirements of the CCA yet can simply print a perfect 'copy' on a plain sheet of paper to make it enforceable, signatures not required.

since many pre-2007 agreements do not meet the requirements of the CCA and are therefore unenforceable under s.127, lenders will simply say they cannot locate the original application form and print a copy out with no errors and get away with it.

Deep_In_Debt

DebtWriteOffMaster wrote: »

There is no reason whatsoever that anyone legally has to pay back any unsecured loans or creditcards unless they WANT to.

If they DON'T WANT to they can simply have all the debt written off either through a Debt Relief Order, Having it statute barred, or doing a bankruptcy.


People who pay money to companies to write of the debt are foolish idiots who deserve to be scammed out of their money.

What???

So I just tell my creditors that I don't fancy paying my debts off...the money I owe them...so I'm not going to bother?

Surely the agreement you sign with them when you take out credit is legal enough? if not, then how can they get charging orders, take people to court, get CCJ's etc if there is no legal requirement to pay?

Granted some agreements are unenforceable but that does not mean they are not legal.

Yes, agreed, people who pay money to those companies are foolish.

Think I'll ring all my creditors tommorrow and tell them I don't want to pay my debts so I'm not going to bother.:eek: