Loan contract

Kdalglish7

Hello ,

A friend said he had some credit card debt written off because the lender could not find the original paperwork or contract on request . Is this true and would it apply to an unsecured personal loan ? Sounds unlikely .

Please advise .

Thank you .

Tixy

It does indeed sound unlikely.

Its possible your friend's debt was unenforceable i.e. the creditor not being able to take him to court, but the debt isn't written off. It is still recorded on the debtors credit files to show any other potential lenders that they have defaulted on their debts and not repaid them.

The law has been clarified and now a lender is allowed to supply a reconstituted copy of the credit agreement if the original cannot be supplied. So its far less likely now. But if the credit agreement didn't include all the presribed terms then its possible it could be unenforceable.

Kdalglish7

Hello ,

A friend said he had some credit card debt written off because the lender could not find the original paperwork or contract on request . Is this true and would it apply to an unsecured personal loan ? Sounds unlikely .

Please advise .

Thank you .

stephane_2

Someone already answered your question earlier on....which part of the answer do you not understand??

Apples2

Kdalglish7 wrote: »

Hello ,

A friend said he had some credit card debt written off because the lender could not find the original paperwork or contract on request . Is this true.

What kind of friends do you have if you don't know if they are telling you lies?

You could always ask the same question a third time.

iolanthe07

A friend said he had some credit card debt written off because the lender could not find the original paperwork or contract on request .

This loophole was closed on April 1 2007. A 'reconstructed' agreement is now all that is necessary.

Brains64

iolanthe07 wrote: »

A friend said he had some credit card debt written off because the lender could not find the original paperwork or contract on request .

This loophole was closed on April 1 2007. A 'reconstructed' agreement is now all that is necessary.

It's a pity that this can't also be applied when lenders use the old chestnut "we've lost the records" as an excuse for not paying out PPI compensation, loophole closed....when it suits them...loophole left open...when it might suit a customer to close it, how convenient eh??:D

DevCoder

Did I miss the post by trets77?