Financial Agreement Solutions BBC Report

frugalpam

golddigger wrote: »

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.

Me too. I wish someone knew / would post as to how it would benefit us. Maybe we take the agreement to a Solicitor? I'm itching to know if the credit agreement I took out with Citifinancial is even legal

Pam

bryan1706

If the agreement is deemed to be unenforceable in a court of law, whether the legal action is instigated by the lender or the creditor, it means that there is no written contract i.e. no agreement.

There are regulations and sections contained within the CCA that define the Judicial control. I.E. the court will rule unenforceability at their discretion or in some cases the court are even precluded from granting an enforcement order. If an agreement is incorrectly drawn or improperly executed the agreement can be ruled unenforceable depending on the magnitude of the breach.

The Checker system is greared to check the most common terms that are breached by lenders and it returns a report identifying the offending terms and outlines the respective section of the Act along with the respective regulation.

The reports are endorsed by Trading Standards as being correct. So, if the agreement is shown to have been improperly executed then it is likely to be ruled unenforceable in a court of law.

Please mail info@financialagreementsolutions.co.uk for further information

FAS (admin)

frugalpam

bryan1706 wrote: »

If the agreement is deemed to be unenforceable in a court of law, whether the legal action is instigated by the lender or the creditor, it means that there is no written contract i.e. no agreement.

There are regulations and sections contained within the CCA that define the Judicial control. I.E. the court will rule unenforceability at their discretion or in some cases the court are even precluded from granting an enforcement order. If an agreement is incorrectly drawn or improperly executed the agreement can be ruled unenforceable depending on the magnitude of the breach.

The Checker system is greared to check the most common terms that are breached by lenders and it returns a report identifying the offending terms and outlines the respective section of the Act along with the respective regulation.

The reports are endorsed by Trading Standards as being correct. So, if the agreement is shown to have been improperly executed then it is likely to be ruled unenforceable in a court of law.

Please mail [EMAIL="info@financialagreementsolutions.co.uk"]info@financialagreementsolutions.co.uk[/EMAIL] for further information

FAS (admin)

If my financial agreement was improperly executed, then where does that leave me? I expect to pay back a fair amount of what I borrowed, but if the agreement wasn't correct to start with, what rights do I have? I think it would be helpful to provide some information here in the forum, although I appreciate individual queries need to be followed up.
Also, I'm guessing financialagreementsolutions would expect the £30 payment before providing further information? It just seems to me that if the Checker system has revealed issues which would make the agreement unenforcable, then some sort of legal action is needed.

Pam

golddigger_3

Bryan, I understand that you work for FAS and cannot actually advise us as to what to do.

SCENARIO:
So, I pay £30, take the report to a solicitor and get them to take the Financial Institution involved (in this instance Kensington) to court. We say that we believe the agreement to be unenforceable and present the evidence.

The court then agree that the agreement has errors and therefore not legally viable.

Kensington lose - we no longer have to pay the money back

Ditto all (or 80%) of our credit card and loan companies.

Everyone jumps on the badwagon (Quite rightly/likely) and 80% of all credit agreements (including mrotgages???), credit cards, loans etc are written off.


The financial services industry will be in complete mayhem.

Getting our charges back from the banks, buidling societies and credit card companies is one thing - and its a fantastic thing I think we all agree, but this too???

Please Martin, can you look into this and let us know what you think.

What does anybody else think about this?

bryan1706

FAS do not say that 80% of agreements are unenforceable FAS say that 80%of agreements are defective in some way or another. Only credit of £25,000 or less falls into the CCA regulation also most 'land agreements' (mortgages) are exempt.

FAS (admin)

golddigger_3

Thanks for clearing that up Bryan, I appreciate that.

I have done the check on 2 of my credit agreements (Kensington for £25k and eSure for £308) - both say "This agreement may be unenforceable."

After reading a bit more on the site, the ifs, mays and coulds do seem to make this a little vague and could(!) make it look like the FAS are just after a load of people in debt to write cheques for £30 only to be laughed out of court.

I know that it is stated on the site that

FAS has over 10 years experience specialising in Consumer Credit Act issues and have the backing of Trading Standards (mentioned on the NWT).

but as a consumer, we are becoming more aware that what is written is not always so. (ie Credit agreements!)

I will be one of the 1st to take up this Unenfoirceable Agreement argument if it turns out to be right.
Just want to make sure, on behalf of my fellower dfw's, that no-one is going to be scammed or that it turns out to be irrelevant and in itself unenforceable.

I would be intersted to know what kind of impact this would have on the loan/ credit card companies.

Has anyone on this forum followed this through yet?

Your thoughts would be appreciated

frugalpam

golddigger wrote: »

Thanks for clearing that up Bryan, I appreciate that.

I have done the check on 2 of my credit agreements (Kensington for £25k and eSure for £308) - both say "This agreement may be unenforceable."

After reading a bit more on the site, the ifs, mays and coulds do seem to make this a little vague and could(!) make it look like the FAS are just after a load of people in debt to write cheques for £30 only to be laughed out of court.

I know that it is stated on the site that

FAS has over 10 years experience specialising in Consumer Credit Act issues and have the backing of Trading Standards (mentioned on the NWT).

but as a consumer, we are becoming more aware that what is written is not always so. (ie Credit agreements!)

I will be one of the 1st to take up this Unenfoirceable Agreement argument if it turns out to be right.
Just want to make sure, on behalf of my fellower dfw's, that no-one is going to be scammed or that it turns out to be irrelevant and in itself unenforceable.

I would be intersted to know what kind of impact this would have on the loan/ credit card companies.

Has anyone on this forum followed this through yet?

Your thoughts would be appreciated

Thanks for your post. I've decided I'm not parting with £30 - I shall take my credit agreement to the CAB this week and take their advice on my next steps.

golddigger_3

Right, have done abit off digging around and found 5 other companies registered at the address given on FAS website. (4 St Andrews Place, Blackburn, Lancashire, BB1 8AL) FAS are listed here to.

They are:Hayes & Co (Accountants)
Singleton & Co Estate Agents
QPI Legal
F & M (CP) Security
Westlea Antiques (?!)

OK, I know companies use registered addresses that are just there for postal reasons, but it doesn't fill me with confidence to be honest.

golddigger_3

... bump...

Anyone else got any thoughts on this?

Storm

Hmm, I smell a rat with this one I'm afraid - the website is shoddy, most pages aren't there at all & for a company that reckons it has 10 years experience?!?!

Also, Golddigger found an address in Blackburn on the website, but when I looked it was in Huddersfield! Very weird...