Signed credit agreement

ILW

endora wrote: »

Minor technicalities?

You mean whether a creditor can obtain a CCJ and possibly a CO against you for £20k or not depending on whether an agreement is enforceable or whether they can produce one in the first place?

Unenforceability works, where applicable, as it's based on Statute Law. However, it's not a magic wand, it won't make your debt go away (not for 6 years anyway) and it doesn't apply to every debt.

It is, however, something to look at before making a decision such as entering into a repayment or going for an IVA/DRO/BR. So if you are in financial difficulties you would:

1. Look at UE - where it applies, pursue this route, where it doesn't apply then
2. Look at a repayment plan/DMP - if this won't work
3. Look at an official solution

Simples! :j


Where do lawyers come in???

4. Pay back the money as you agreed to when you borrowed it.

Just a suggestion.

oscar52

ILW wrote: »

4. Pay back the money as you agreed to when you borrowed it.

Just a suggestion.

And if you have lost your job (or many other scenarios) and can no longer afford to do so?

ILW

oscar52 wrote: »

And if you have lost your job (or many other scenarios) and can no longer afford to do so?

Are you suggesting that the only people that should try the enenforceability route are those that have hit hard times through no fault of their own?

Or should anybody give it a punt?

spudding_2

ILW wrote: »

4. Pay back the money as you agreed to when you borrowed it.

Just a suggestion.

Forgive me, I'm new to all of this. However, I was in a very secure, highly paid, professional job 10 years ago when out of the blue, with no symptoms whatsoever, I became exceedingly ill. The illness will remain with me for the rest of my life.

I went (10 years ago) from a salary of £60000 to a pension of £8000 overnight. I had no way of knowing this would happen.

How exactly was I supposed to repay all my commitments. I fell into debt, not through irresponsibility, but through unfortunate circumstance.

I had DCA's, bailiffs, the lot. I simply had no money to pay them, though I wanted to pay. I had been brought up to pay, but I couldn't.

The comment quoted above is quite ill considered and insulting to someone in my position. Nothing personal against the poster, but they do seem to lack an understanding of how this can and does happen to people in real life through no choice of their own. I happen to be a case in point.

oscar52

ILW wrote: »

Are you suggesting that the only people that should try the enenforceability route are those that have hit hard times through no fault of their own?

Or should anybody give it a punt?

You may infer my statement in any way you so wish.

spudding_2

ILW wrote: »

Are you suggesting that the only people that should try the enenforceability route are those that have hit hard times through no fault of their own?

Or should anybody give it a punt?

As per my previous comment, if the creditors don't get it right and it is unlawful, then why should they not be penalised for it?

If things are done properly, then of course they have to be paid back. If things are not done properly, why should the lenders not be penalised.

Say I miss a payment so am in breach of my agreement, they penalise me and add money on in charges.

Say they are in breach of the agreement through not ensuring it is correctly executed, what is wrong with me penalising them (as they would me) and taking off money - possibly every last penny of it.

I see no distinction.

Who is Niddy?

ejc81

ILW wrote: »

4. Pay back the money as you agreed to when you borrowed it.

Just a suggestion.

Only when you have fallen from your perch will you understand what it is like to be kicked when you are down.

I went from partner running own business, plus me self employed average 50k pa to being blessed with a disabled child, no way of working as I spent most of the first 2 years of his life running up and down the country to specialist hospitals....hardly saw my other 2 small children.

Oh yeah then EX decided he couldn't cope, me and 3 kids now homeless, no income, that is NO INCOME, NO BENEFITS, NOTHING for OVER 12 months!

How would you survive? There are things in life that just can't be planned for!

ejc81

spudding wrote: »

Who is Niddy?

Never-In-Doubt

endora

Anybody is free to 'give it a punt' if they so wish as it is within the law to do so, however, it's important to be aware of the consequences, not of requesting a copy of your agreement (CCA) which is your legal right, but of not keeping up payments, such as defaults on your credit files for 6 years and harrassment from lenders and DCAs even when the debts are unenforceable. For these reasons, it's not advisable to attempt it willy-nilly. However, if you are unable to keep up repayments due to unemployment, ill health or any other reason or you have already defaulted and your credit file is trashed, it is always worth considering.

As noted on previous posts, there are many reasons for people not to keep up repayments and these forums are here precisely to HELP these people by suggesting various avenues they could take depending on their circumstances. Saying "you borrowed it, now you pay it back" doesn't help anyone and it's pointless when you don't have the money anyway. Most people with debt problems are constantly being told to pay up by a number of lenders and DCAs, they come here (and go to other forums) looking for HELP, NOT JUDGMENT!

endora

spudding wrote: »

Who is Niddy?

Niddy used to be an MSE member who went by the name of Never In Doubt (NID). He has since moved on and set up his own forum.