Unenforceable loan agreements

keithboy40

has anybody ever had a loan cancelled or repaid. I hear a lot about this unenforceable loan issue, however i have not spoken to or heard of anybody getting the loan cancelled.

Where is the evidence this works or is worthy of pursuit.

jonesMUFCforever

keithboy40 wrote: »

has anybody ever had a loan cancelled or repaid. I hear a lot about this unenforceable loan issue, however i have not spoken to or heard of anybody getting the loan cancelled.

Where is the evidence this works or is worthy of pursuit.

Where indeed?
Apparently those that have had their loans written off have been 'gagged' and a term of the loan being written off is that they can't talk about it!

keithboy40

jonesMUFCforever wrote: »

Where indeed?
Apparently those that have had their loans written off have been 'gagged' and a term of the loan being written off is that they can't talk about it!

sounds like a con to me

davidksa

I have been getting a lot of emails about this recently. All of them seem to want around 300 upfront to conduct an investigation. If they can't proceed they will refund your money less 50 in administration costs. Sounds like a win win for the companies concerned.
Are they relying on peoples greed to try and cancel a legitimate debt to feather their own pockets?
I see a lot of people here asking if anyone has been successful but not many relies in the positive, does that answer the question?

petermb_2

k0r54 wrote: »

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

Yes it could be. The initial agreement is what matters, not that it has been passed on to
another agency.

petermb_2

davidksa wrote: »

I have been getting a lot of emails about this recently. All of them seem to want around 300 upfront to conduct an investigation. If they can't proceed they will refund your money less 50 in administration costs. Sounds like a win win for the companies concerned.
Are they relying on peoples greed to try and cancel a legitimate debt to feather their own pockets?
I see a lot of people here asking if anyone has been successful but not many relies in the positive, does that answer the question?

Sadly that is the way the claims industry has gone. You will not hear of successful claims becuase of gagging orders instructed by the lenders.

The issues are real but not as prevalent as the claims industry would have you believe.

orangetrader

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

The fact the loan is in arrears or has been passed to a DCA makes no difference. You are still able to challenge whether it is enforceable.

orangetrader

I have been getting a lot of emails about this recently. All of them seem to want around 300 upfront to conduct an investigation. If they can't proceed they will refund your money less 50 in administration costs. Sounds like a win win for the companies concerned.
Are they relying on peoples greed to try and cancel a legitimate debt to feather their own pockets?
I see a lot of people here asking if anyone has been successful but not many relies in the positive, does that answer the question?


Not all companies charge like that. Some offer a free audit and a full refund (100%) if they are unsuccessful in getting the loan written off. I have found at least 2 companies offering these terms (torston, simply claims,etc...) but you have to do a fair bit of internet searching. I personally wouldn't use a company that charges upfront for an audit and/or retains an "admin" fee, as it is (as you say) a win-win for them and there is little incentive for them to get a result for you.

I've seen some success stories on this since the new year somewhere on the internet. A small number of solicitors have been quitely working these type of cases on a no-win no-fee basis for a while now. In my experience solicitors dont work on cases on that basis unless they believe they will win.

aj2703

So what is likely to happen if they can't produce an agreement at all. I have been in dispute with Cabot for a couple of months now. I have just sent the 3rd letter to them now asking for my money back with interest etc http://forums.moneysavingexpert.com/showthread.html?t=963087 post number 7. Now if they can't produce one. What is the time frame..?. If i were to goto court, do you think they would actually turn up to defend it. The reason i am asking is cause my origional agreement was with HFC something like ten years ago and i'd be very suprised if Cabot do come up with the origional agreement.

orangetrader

If you requested a copy of the agreement over 2 months ago and they haven't produced a copy of the original or a "true" copy, they have commited an offence.

If the lender has lost the agreement then it is uneforceable but this only means that the lender cannot enforce the debt through the courts. You really need to reach a settlement with the lender and this may involve issuing court proceedings or you could try to negotiate with them.
I have heard of some lenders accepting that the debt is unenforceable but then threatening to register it is a default on the client credit file. They shouldn't do this but you need to state why and reference the relevant regulations and the action that you will take if they do. Eitherway if you are serious about taking it to court you know what you are doing.