Financial Agreement Solutions BBC Report

zombie

Did anyone watch last night's 'BBC North West Tonight' on a company called
Financial Agreement Solutions Ltd.

They claim that 80% of regulated credit agreements are incorrectly drawn up and thus potentially unenforceable. Current methods of drafting agreements fall short of legal requirements in many respects.

Could be worth checking this one out. As far as I am aware they don't charge any fees for their service, at least not as yet, but check their T&C's!
http://www.financialagreementsolutions.co.uk/index.html
They have a free questionnaire page.

If this stacks up, it could be biggest thing to hit the Banks/loan and credit card companies. It would make claiming Bank charges look small fry!

Zombie

catewithers

just bumping this up - looks interesting. Thanks for the post.

bryan1706

The Checker system that Financial Agreement Solutions offer to the public is simply a device to inform the man in the street of his legal rights. Those rights are laid down by Act of Parliament and so are the remedies.

The rules and regulations governing regulated credit agreements are in place to protect BOTH lender AND borrower. If the lender fails to follow the rules then the lender must accept the consequences. It is no different from any other branch of the law. If you are caught breaking the speed limit there is a penalty to pay.

Lord Justice Sedley concluded in a credit case " the moral for a pawnbroker (lender) ...is that if he wants the rewards of his trade he must operate strictly by the book, and that failure to do so may be not merely to unravel agreements, but to reverse the indebtedness that they have purportedly caused “.

Where a borrower fails to keep the terms of his loan the banks/lenders are the first to come down hard on him. The use of Checker - which is FREE - is simply a case of the boot being on the other foot.

FAS (admin)

golddigger_3

i DON'T UNDERSTAND ONE OF THE BOXES THAT NEED TO BE FILLED IN -
Items that make up the amount of credit
Enter the description of the items that are shown on the agreement such as goods, services, cash loans etc. that make up the amount of credit. Click ‘ADD’ after entering the amount Description Cost/Amount*
*
I don't seem to have any description on my agreement. I have to fill in an amount in the box - where do I find that figure?

golddigger_3

actually strike that - worked that out now!

OK, it looks like - from their checker that my agreement for 25,000 is unenforceable - what do I do now? - i
f I pay £30 for a copy of the report - what do I do with it?
Is it saying that I am not obliged to pay it back?
Does that mean they can put a default on my credit rating?
does it mean that they will redo the agreement with the correct figures or information on it?

Its very intriguing - it would be good to hear Martin's viewpoint on this.

bryan1706

In the items that make up the amount of credit box enter the cost of the items that make up the amount of credit. If its a loan you have enter the loan amount, if it is goods you have purchased enter the cost of the goods. I.E. enter the amount you have borrowed less any charges.

bryan1706

FAS do not advocate to anyone that they stop paying the loan, or to tear up the agreement. The FAS report is there to use as an instument to notify the bank that they have got it wrong, or to use in court as evidence that the agreement is unenforceable.

The report format and statements have been verified as being accurate by Trading Standards (enforcement body of the Office of Fair Trading)

golddigger_3

bryan1706 wrote: »

FAS do not advocate to anyone that they stop paying the loan, or to tear up the agreement. The FAS report is there to use as an instument to notify the bank that they have got it wrong, or to use in court as evidence that the agreement is unenforceable.

The report format and statements have been verified as being accurate by Trading Standards (enforcement body of the Office of Fair Trading)

Can you explain exactly what "unenforceable" means then please.
If an agreement is unenforceable - my understanding of this is that you cannot be forced to pay it.
In what situation would this be likely to be used? I understand that is can be used in court as eveidence but is that only if you are being taken to court for defaulting with the financial institution involved?

I'm still a little confused how this is to be used to our advantage.
Unfortunately I missed the TV program.

Has Martin got anything to say on this - did a scout around the site but couldn't find anything.

golddigger_3

...bump...

frugalpam

golddigger wrote: »

Can you explain exactly what "unenforceable" means then please.
If an agreement is unenforceable - my understanding of this is that you cannot be forced to pay it.
In what situation would this be likely to be used? I understand that is can be used in court as eveidence but is that only if you are being taken to court for defaulting with the financial institution involved?

I'm still a little confused how this is to be used to our advantage.
Unfortunately I missed the TV program.

Has Martin got anything to say on this - did a scout around the site but couldn't find anything.

My reply to this post in the original thread appears to have been deleted for whatever reason - could someone tell me why, as I posted nothing wrong. I'd made the same point - it costs £30 to get the report, and I'm wondering what the report could be used for.

Pam

golddigger_3

I would happily pay £30 if its gping to be of use to me - just haven't figured out exactly how it would benefit us yet.

Just looked up the dictionary explanation of unenforceable:
not enforceable; not capable of being brought about by compulsion; "an unenforceable law"; "unenforceable reforms"

still a bit foggy

mmmmm...........