loans and signed credit agreements

petermb_2

not at all. I would not advise anyone to not pay and then spend the money instead. I would strongly suggest that the borrower puts the money aside and waits for the outcome. I would however get the loan checked out in the meantime and before commencing repayments to make sure the law enforces you to do so.

Sup3rArsenal

I appreciate the topic has gone off beat a little and want to just add my 2p worth.

I work for a finance company who shall remain nameless and it infuriates me when people look for an easy get out.

I gree with Peter that if a financial institution has or is doing thing underhand then they should be punished. This goes across the board and not just the smaller companies.

However there has been the recent influx on complaints relating to the miss selling of PPI. We go to great lengths to ensure that customers are provided with enough information and are well aware that all policies are optional etc.. We have had recent people phoning saying that they were miss sold the policies 2 examples stick out. One person phoned saying that they were not told about the products etc.. I agreed with the customer that he had not been informed of the policy and what it covered. The customer then wanted a full refund. It was at this point I advised him that he had declined the cover!! The second relates to a self employed customer who was upset that if he was out of work he would not be able to claim. This may be true but he only took life cover.

There are of course some genuine cases of miss selling and I am not for one minute defending that, however the controls are in place with the FSA and so companies are monitored.

Coming back to the initial point, if you borrow money and that is not at question then pay it back!!

I_know_my_ABC_and_my_CMYK

ejones999 wrote: »

The key wording for me from Peter's posting #25 is ''Failure to do so renders the loan unenforceable until they have complied''.

So they fail to give you a signed copy and you think you have got away with not paying - they then find it and you are back in the brown stuff!

You and I will agree on one thing on this site here you are correct if the CA is found and sent to the requester then yes the debt DOES become enforceable from that point providing permission for the court is sought, and, providing it is for the correct person and not someone with the same name etc. but until it is produced it is unenforceable.

If my memory serves me correct, you work in banking. Are you not informed of these procedures with any training you are given?

I_know_my_ABC_and_my_CMYK

There are 2 particular DCA who are sailing very close to the wind with the strict rules in place. I do know one of them is being dealt with by TS and they are compiling information to present with a hope to them being closed down. This company threatens, bullies asks their neighbours for information, sends bailiffs in, threatens them with prison, that they will inform their family and friends, their children will be taken away from them and generally harass them. And not to mention they go after several people at once with the same name for a debt owed and even when it is proved that this person does NOT owe this debt they continue. Watchdog have dealt with this particular problem recently. The FSA said there was less than 100 complaints the previous year. No one has any Faith in this now because they still continue with the bullying and harassment and the FSA does nothing about it. They automatically side with the DCA. It took watchdog to sort out these peoples problems as FSA did nothing. No one has any confidence in them.

Strict rules? Hmmn, must be very strict

Sup3rArsenal

OK you are using the example of 1 obviously dodgy company - you cannot possibly believe that all finance companies operate in the same manner now can you??

System

I_know_my_ABC_and_my_CMYK wrote: »

......they go after several people at once with the same name for a debt owed and even when it is proved that this person does NOT owe this debt they continue.

And this is what sections 77-79 of the CCA is designed to protect against: people being asked to pay for debt they don't owe - not for those who do owe it but don't want to pay.

Also, found this interesting thread over on CAG:

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/108949-short-warning-thread.html

Regards
UNDERGROUND

I_know_my_ABC_and_my_CMYK

Sup3rArsenal wrote: »

OK you are using the example of 1 obviously dodgy company - you cannot possibly believe that all finance companies operate in the same manner now can you??

I can name 5 straight off

You may find this interesting

http://www.consumeractiongroup.co.uk/forum/general-debt/58086-mass-complaint-add-your.html

I_know_my_ABC_and_my_CMYK

UNDERGROUND wrote: »

And this is what sections 77-79 of the CCA is designed to protect against: people being asked to pay for debt they don't owe - not for those who do owe it but don't want to pay.

Also, found this interesting thread over on CAG:

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/108949-short-warning-thread.html

Regards
UNDERGROUND

You make a good point and as I have already said this shouldn't really be used to get out of paying a debt but the finance sector is so sloppy this is what debtors have learnt.

I sent by special delivery a CCA request to Fredrickson International on the 4 July, they received it on the 5th as they were trying to pin a catalogue debt on me that was the same name wrong D.O.B but same town. I haven't had a catalogue since i closed my back in in 1993 as I left the UK to live in south east Asia. I heard nothing from them until 2 weeks ago when they asked me to phone them. Foolishly I did. I had some idiot on the phone swearing at me calling me a liar and telling me that it is MY responsibility to prove I don't owe this debt, I hung up on him and contacted trading standards straight away who are now dealing with it. I have received another letter from them telling me this debt is not going to go away. Well thats fine by me and i will be pleased to meet them in court just to get them off my back for an unknown person debt.

DCA do flount the law which is against the law. But so do debtors which is totally legal.

Which would you choose

Dylanwing

So Banks are now exempt from laws? The Pro Bank posters are always happy to point to obscure T&C's to justify the Banks excesses - What is the difference? Banks often treat customers with contempt, customers are fighting back. As for 'trying it on', look at the threads about excessine credit card interest rate rises - The Banks also 'Try it on'.

petermb_2

ok we are getting to the nitty gritty of the arguments here. It is easy to sway away from the thread.
I appreciate that you borrow money and you should pay it back.

My concern has always been that lenders rely on the law of the land to enforce their agreements. However, I hate to disagree with people too much, but Sup3Arsenal, as an employee of a lender I have to tell you that I know of issues that virtually all lenders are guilty of that breach common law and will put those loans and the lenders in jeopardy.

Now if you lenders have broken the law of the land and then attempt to enforce the agreement, who is in the wrong here? the borrower who is struggling to pay and is being landed with massive penalties, charges and often punitive interest or the lender who may have committed fraud in setting up the loan and its ancilliary products, ie ppi. Yes I did say fraud as that is what these issues are described as in the statute books. I do not know of one institution that is not guilty of these breaches and they continue to this day. There will be loans written this morning that will be potential claims this afternoon. That is the truth.

So do I feel sorry for the lenders? Not a bit. They make £Billions out the public. There are plenty of organisations protecting the institutions from the government down to organisations such as the Council of Mortgage Lenders and the like. It is about time the borrower had one or two batting for them.

I am honoured and delighted to be counted among them.