Unenforceable loan agreements

soontobesensible

Wondered if anyone could explain to me. I took out a secured loan agreement six years ago which I have now discovered was regulated and unenforceable at that time. Unfortunately I have paid it up. Do I still have a case?:rolleyes:

dvs

soontobesensible wrote: »

Wondered if anyone could explain to me. I took out a secured loan agreement six years ago which I have now discovered was regulated and unenforceable at that time. Unfortunately I have paid it up. Do I still have a case?:rolleyes:

I'm afraid not. If the agreement was unenforceable, neither party could force either to pay. It's usually the bank's loss (as they are usually the ones who are owed). In this case you have voluntarily given the money back to the bank (with interest).

I think your only case would be if the contract was unfair for some reason (like insurance or had an unfair term).

stevebhakar

Hi Guys,

I have read through the threads and found them very helpful, so thank you.

However I was wondering if could start a list, which can be used as a tick sheet to check if a loan is unforceable or not. This would be an easy way to check things.

Most people are able to read and understand english good enough to represent themselves but just do not know the holes.

For those people who do not agree with the morels are intitled to their opinions, we just dont want to know them. :beer:

leveller2911

Anyone else find it strange how this thread is still running?,Like some have posted, this isnt in the spirit of the site , this is all about people who have borrowed money and then because they lack any self control and are generally wanabee chavs who want everything now and then purely and simply down to a technicality decide they don't want to pay back the money.

Yes there is a MORAL question here, anyone who is "trying it on" obviously doesn't have any.I'm all for free speech but !!!!!! is going on in this country?........Its strange how any thread and I mean any thread involving a question on immigration is removed quickly and yet this thread which is promoting DISHONESTY is left to run..

Get a grip MODS !!!!!!...;)...

never-in-doubt

leveller2911 wrote: »

Anyone else find it strange how this thread is still running?,Like some have posted, this isnt in the spirit of the site , this is all about people who have borrowed money and then because they lack any self control and are generally wanabee chavs who want everything now and then purely and simply down to a technicality decide they don't want to pay back the money.

Yes there is a MORAL question here, anyone who is "trying it on" obviously doesn't have any.I'm all for free speech but !!!!!! is going on in this country?........Its strange how any thread and I mean any thread involving a question on immigration is removed quickly and yet this thread which is promoting DISHONESTY is left to run..

Get a grip MODS !!!!!!...;)...

Maybe you miss the point that your morals mean nothing compared to the law. In that you call them chavs and declare they want everything now without wanting to pay back the money but you fail to mention the fact that as long as the banks have cut corners then these chavs that want everything now without paying are doing nothing wrong.

Your morals are just that, yours. The mods will do nothing because believe it or not, unenforceability is a right unlike us having to listen to your self richeous morals which out of interest, if you do not even know what you are on about, then maybe take my advice to shut up or learn the facts before spouting your self-beliefs at us.

I am, as you have no doubt guessed, 100% behind unenforceability. The fact that the lenders have screwed us for far too long and now justice is being done on a large scale - all within the law - makes me soooo happy

stevebhakar wrote: »

However I was wondering if could start a list, which can be used as a tick sheet to check if a loan is unforceable or not. This would be an easy way to check things.

Already done this for the exact reasons you mentioned: http://forums.moneysavingexpert.com/showthread.html?t=1868507

aj2703

Go N-I-D, Go N-I-D...... WHOOP WHOOP...!!!:rotfl::rotfl::rotfl:

StuTheDon

never-in-doubt wrote: »

Maybe you miss the point that your morals mean nothing compared to the law. In that you call them chavs and declare they want everything now without wanting to pay back the money but you fail to mention the fact that as long as the banks have cut corners then these chavs that want everything now without paying are doing nothing wrong.

Your morals are just that, yours. The mods will do nothing because believe it or not, unenforceability is a right unlike us having to listen to your self richeous morals which out of interest, if you do not even know what you are on about, then maybe take my advice to shut up or learn the facts before spouting your self-beliefs at us.

I am, as you have no doubt guessed, 100% behind unenforceability. The fact that the lenders have screwed us for far too long and now justice is being done on a large scale - all within the law - makes me soooo happy




Already done this for the exact reasons you mentioned: http://forums.moneysavingexpert.com/showthread.html?t=1868507

People who "win" these unenforceability cases should be made to return the capital amount to the lender - it should be the interest and charges that are unenforceable and not the initial capital amount. I agree the banks that have ripped off people should pay, but people who borrow money need to realise it needs to be paid back.

Too many people have overspent and are now looking for an easy way out.

never-in-doubt

StuTheDon wrote: »

People who "win" these unenforceability cases should be made to return the capital amount to the lender - it should be the interest and charges that are unenforceable and not the initial capital amount. I agree the banks that have ripped off people should pay, but people who borrow money need to realise it needs to be paid back.

Too many people have overspent and are now looking for an easy way out.

Not at all - it is the law. If the agreement is not enforceable then nothing should be repaid, absolutely nothing. the banks have screwed us for years so why are you so keen to protect them, after all did you miss the £250k bonuses they were paying out last month.....?

Recession, banks, learn from mistakes....? NEVER!

StuTheDon

NID - you are clearly very poisoned against the banks, and you probably have good reason. They have gotten away with too much for too long and are far too greedy generally.

I have not seen many win examples on here, and there may be a lot, but I dont think a lot of people are eligible. I think these companies that are being setup are praying on vulnerable people to part with money and then they cant "help" them (or refund the fee!).

If you take a step back for a second and consider what will happen if thousands of loan amounts are declared unenforceable? The banks will restrict lending even more, the credit crunch will extend and everyone suffers.

It may be the law, but it does not make it right. The Poll tax was law and look what happened there. Are you honestly saying that if someone racks up £20k on credit for holidays, clothes and gadgets they should just be able to walk away from it on a technicality? The legistaltion should allow for the capital amount to be recovered (or as much as possible) and the interest and any charges to be refunded where an issue is found.

whipped

Is it correct that the Acceptance Fee and Broker Fee be added to the loan? My loan was for £35k and with fees and costs added are £37,600.

Not trying to wriggle out of anything but would like to know this part as I am a bit confused with everything going on at present.

Thanks