loans and signed credit agreements

rog2

petermb wrote: »

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.

Very well said, peter. There is a certain 'arrogance' displayed by many such organisations when someone 'dares' to question their word, even though that person may have the full support of Law behind them.

I have, on many occasions, been the victim of such 'arrogance' and, initially, I allowed myself to be persuaded by the 'We are the Bank - we obviously know better than you' attitude. This is no better than 'bullying' since they actually know that they are in the wrong, but just don't want to admit it - or even try to solve problems by 'amicable means'.

It is not for such organisations to tell the consumer that he must not use a law which has been introduced specifically to protect that consumer.

Sup3rArsenal

Petermb.

I agree with you whole heartedly that if a company is breaking the law then they should be punished. Same as anyone isn't it??

However two wrongs don't make a right.... So someone who knowingly has a debt, and they are now trying to get out of it because they don't want to pay it by using a loophole, I would just clasify as fraud, yes fraud.

rog2

Sup3rArsenal wrote: »

However two wrongs don't make a right....

Just TRY to use that argument when asking for help from the Bank, S3A.

Sup3rArsenal

rog2.

I don't understand what point you are trying to make there?

There is help available if people need it..

All they have to do is ask the right people.

petermb_2

I am sorry Sup3Arsenal, if the agreement and the way it is set up is correct and legal then the lender has nothing to fear from the law or the borrower.

On the other hand if the agreement has been set up in odious conditions then the lender will have to pay the price.

You can hardly call it fraud for an individual to challenge an agreement that is illegally set up. Surely that is the individual's right under the law. There is no loophole just The Common Law of the land.

rog2

Sup3rArsenal wrote: »

rog2.

I don't understand what point you are trying to make there?

There is help available if people need it..

All they have to do is ask the right people.

The point is, S3A, simply that there would, in many cases, be no need for a 'debtor/consumer' to need to revert to the protection that the Consumer Credit Act 1974 provides if Banks and other Finacial Institutions were to be more flexible in their approach towards the collection of 'alleged debt'. The majority of these 'institutions' are, in my experience, more than happy to pass 'debt' on to the scavenging industry of 'debt collection' that their own industry has spawned, rather than to offer constructive solutions.

With regard to 'help' being available if people need it - there is also legal protection available in the form of the Consumer Credit Act 1974. This act is certainly more helpfull to the 'consumer' than the 'lip-service' that many original creditors 'offer'. The mere fact that it is law means that it must be respected by both consumer and creditor equally.

Access to 'the right people' is often limited - especially if this, as in the case of an employee not being able to supply legally required documentation, reflects poorly on the ability/performance of that employee.

inmypocketnottheirs

rog2 wrote: »

The majority of these 'institutions' are, in my experience, more than happy to pass 'debt' on to the scavenging industry of 'debt collection' that their own industry has spawned, rather than to offer constructive solutions.

It is indeed interesting to have look round the websites of the likes of Link Financial, Robinson Way, First Credit, Lowell Group to name but a few; These businesses have been built on the back of dubious US business tactics where the purchase of secondary/tertiary debt is rife. Hopefully, there will be a tide of change as more and more become aware of the gross incompetance of the banking sector to adhere to the CCA, and as the ineptitude of the DCA becomes apparent.

out_of_cash

hi underground,

have you ever tried talking to a creditor via telephone your requests to get the account back to normal falls on deaf ears this happened with 6 of mine i lost my job done just what it says in the add "if ever you get into problems crap contact us immediately" guess what? added charges plus interest sent them a cca request and that has slamed them big time so stuff em all is my attitude someone said what goes around comes around as the northern rock is finding out.

fiveyearplan

Out of Cash you are absolutely right about falling on deaf ears. What did they not understand about "I don't have any money" their reply is always "You can give a debit card payment today" Uh no, I don't think so. If I could give a debit card payment then I wouldn't have a debt problem! IMHO they deserve everything they get.

System

out_of_cash wrote: »

hi underground,

have you ever tried talking to a creditor via telephone your requests to get the account back to normal falls on deaf ears this happened with 6 of mine i lost my job done just what it says in the add "if ever you get into problems crap contact us immediately" guess what? added charges plus interest sent them a cca request and that has slamed them big time so stuff em all is my attitude someone said what goes around comes around as the northern rock is finding out.

Yes I absolutely have - I've been in a right mess and the banks have trampled all over me while I was down.

It seems people are getting the wrong impression of what I was trying to get at. The OP simply didn't want to pay his loan back any more - the OP didn't mention that they were subject to any financial hardship or that the finance company had been unreasonable in any way. If they had then perhaps I could understand the OP wanting to exact some sort of 'retribution'!

The one simple point is that if you borrow money and agree to pay it back then I believe you should pay it back. If you get in to trouble and the finance company won't be reasonable then I agree that people must do whatever they can to protect themselves.

Hope I've made myself a little clearer.

Regards
UNDERGROUND