Unenforceable loan agreements

debt-free-and-delighted

ALIBOBSY wrote: »

You make a request under the consumer credit act 1974 for a copy of your credit agreement (as long as your loan/credit card was taken out prior to the recent amendments). If they fail to provide the agreement or provide an unenforcable/voidable agreement you have a very good defence should you be taken to court over the matter.

Personally I wouldn't leave it as unenforcable and sit and hope they don't take you to court. Use the fact they are in a weak position agreement wise to make a full and final agreement at a very low level to clear the thing finally and for good.

I wouldn't like to comment on the morality of this except to say that a debt passed to a DCA will have been sold for a low amount (quite often as low as 10p in the £1), the original lender writes it off for tax gains and the DCA after paying a pittance attempts to claim the whole amount? Doesn't seem much more moral. But I also think it is unrealistic to just walk away from debt, and we have worked hard to clear alot of ours since we joined this site.

However we have experienced, and know many others who have also had, very bad treatment from creditors when they asked for help. I know someone who made an agreement with a DCA and stuck to it, after 6 months they started to ring several times a day trying to pressurise her into paying more off even though she repeatedly told them her situation hadn't altered. A member of staff actually told her to "sell some of your kids cloths and toys, kids have too much anyway" when she explained her financial situation!

At the end of the day its a personal call which way to go. Personally I have used this, but only to agree reduced F&F settlements (and only where we were treated unfairly by the creditors) and I for one intend to spend the rest of my life with as little debt as possible.
But I do think at the end of the day banks and other lenders do not pay any attention to fairness or morality in any of their business dealings. For them it is bottom line, and legality, so I couldn't be critical of anyone playing them at the own game so to speak.
ali x

I just thought this was a wonderful post, knowledgable, articulate and compelling. I don't have a lot to add to it. But I am surprised by so many people who think using the law to get out of repaying banks is immoral. It is just playing them at their own game. The bankers and monetary system that serve a tiny elite and pushes everyone into debt are the problem in this world. Anyway, This site cleared a £9K card of mine. They have a whole page dedicated to the ethics of it........
https://www.moneylineservices.org

homer_j_3

There is no reason to offer any money if the loan is unenforceable though....

mightymouse

Hi

What is the uk contact address for dissatisfied customers (moneyline)?

[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-2]we charge only a small up front cost for administration,[/SIZE][/FONT]

Just in case anyone missed it.

mightymouse

Hi Homer

I was going to add number un obtainable so pay the £35 up front at risk of not getting it back and nothing for it?

homer_j_3

Are you reporting or am I?

mightymouse

Hi Homer

Feel free I haven't.......

bb23

Im wondering if anyone can help me

i sent a SAR in June 2008 to HSBC requesting copies of my Managed Loan set up in 2004

Their reply "I am unable to send you out a copy of this. However you should have been given a copy when the loan was agreed in August 2004"

now from what i've read and the research i've been doing, their failure to provide the information i requested makes the loan unenforceable - is that right?

~Brock~

debt-free-and-delighted wrote: »

I just thought this was a wonderful post, knowledgable, articulate and compelling. I don't have a lot to add to it. But I am surprised by so many people who think using the law to get out of repaying banks is immoral. It is just playing them at their own game. The bankers and monetary system that serve a tiny elite and pushes everyone into debt are the problem in this world. Anyway, This site cleared a £9K card of mine. They have a whole page dedicated to the ethics of it........
www.moneylineservices.org

I know it was posted by a troll, but if there is one site I have seen that encourages debt avoidance then that is it.

k1mmie

Is there a 6 year limit on claiming PPI also. We had an Associates who changed to Citifinancial loan back in late 90's and that was settled when we moved in 2001 (got a slight reduction due to available equity)This caused us so much upset at the time as I am sure the settlement figure was well over what we owed. Have no paperwork. Had another Citifinancial loan along with a Kensington mortgage around 2002. This was paid around 2003 when we remortgaged to First Direct. As I no longer have any paperwork for either of these can either be looked into to see if there is a case for dispute? If so how do I actually obtain the paperwork for a paid loan/charge.

k0r54

Hi,

If my loan has gone into arrears and been passed onto another agency is it still possible to go down the route of seeing if it is uninforceable?

Thanks
Adam