Too Good to be True?

lvu

I am posting this for a friend to find out if anyone has experienced anything similar.

My friend recently answered his door to a representative of Solomon Lloyd Associates Ltd, a financial services with this offer

They claim they can clear you personal debt, credit cards all unsecured loans for a one off percentage payment, it worked like this:

You owe £20'000
you pay them SLA ltd a 10% upfront fee eg £2'000, this can be paid on your credit card which they then claim they can somehow clear by arguing that your unsecured loan contracts are worded so incorrectly that they are legally incorrect and that SLA can get you out of them.

I think the gist of the idea is this, a loan company borrow an amount of money from the Bank of England on your behalf and in your name, you sign paper work for the loan company but haven't signed anything for the Bank of England, the arguement is that without you signing a BoE document and without the loan compnay signing anything the paperwork is unlawfull.

My friend checked with the FSA who have a Solomon Lloyd Associates registered but NOT a Solomon Lloyd Associates Ltd registered, the man at the door also said they were registered with the Ministry of Justice, a phone call to them found that SLA ltd were not registered as an authorised claim management company.

The man on the doorstep claimed that this was the next big thing after Bank Charge reclaiming and Mortgage Charge reclaiming and is using Martin Lewis's name to promote the service. He also said that banks are aware this is coming and have up to 500 million put aside to deal with it, he also said that his company had been offered money to forget the whole thing.

So has anyone heard of anything like this and what do you think, aso feel free to move this querie to a more relevant board?

apart from too good to be true we are thinking that if it is a scam and they run off with your 10% deposit if it has been paid on a credit card can you claim it back under you card protection plan?

southernscouser

If you re-read your post you answer all your questions.

Avoid and plague come to mind.

In_Search_Of_Me

and also that they come under the "if its too good to be true it probably is" category!

10past6

lvu wrote: »

My friend recently answered his door to a representative of Solomon Lloyd Associates Ltd, a financial services with this offer

That in it self should start alarm bells ringing!!

lawman1666

Having read the above remarks, i think some you would benefit from a little more understanding of contract law and the CCA (consumer credit act) credit card or personal loan agreements and other finance agreements or the lack of them can be challenged at court or not with alot of lenders that know their agreements are flawed and do not even bother with court and simply "write off" the debt. I would point you in the direction of a number of solicitors who offer this type of service and either charge approx 25% of any eliminated debt or work on a CFA (conditional fee agreement) . As for the first comment on this thread for a company to charge 10% of a debt to challenge it seems quite good value when from my research most others are charging from £495-£295 per agreement just to review them, then a further 25% at the back end. Was not too sure if I could list web sites on this reply but a little research will be able to give you all the information and different solicitors and companies (including their fees) that operate in this area.

petermb_2

There is no legal precedence for writing off credit card debts. The fact that solomon Lloyd called at your friend's door regarding this issue is contrary to Regulations under The Ministry of Justice. The knocking of doors is totally a no no. Leave well alone.

no_shirt

Earlier this year a company called Buy Bye Credit offered to clear my debts. I paid them £1600 (I know I was utterly stupid......I know that now!) needles to say, I still have my debt plus an additional loss of £1600 currently being held by "Buy Bye Credit". The tel number puts you through to Solomon Lloyd (press 1 for solomon lloyd and 2 buy bye credit) no-one is answering my calls or emails. Bye Bye Sixteen Hundred Quid! I am considering it a "stupid tax". PLEASE do not get involved with these shysters!

pt2537

no_shirt wrote: »

Earlier this year a company called Buy Bye Credit offered to clear my debts. I paid them £1600 (I know I was utterly stupid......I know that now!) needles to say, I still have my debt plus an additional loss of £1600 currently being held by "Buy Bye Credit". The tel number puts you through to Solomon Lloyd (press 1 for solomon lloyd and 2 buy bye credit) no-one is answering my calls or emails. Bye Bye Sixteen Hundred Quid! I am considering it a "stupid tax". PLEASE do not get involved with these shysters!

you werent stupid, because it is in certain circumstances, possible to get debts written off, however its not as easy as these companies put forward.

Sadly, i do know of this company, although i have no involvement with them , i have been refereed work from them.

They do not have indemnity insurance so the possibilities of recovering your money is limited,however, if you are entitled to a refund then you could effectively serve upon them a Statutory demand if they are unable to pay as they are technically insolvent and could be wound up, also if a stat demand is served upon them they will lose their OFT licence to trade as they need a CCA licence and need to be fit and proper persons and being insolvent is clearly not . If its any consolation they owe me a lot of money too,

as i said, you can have agreement declared unenforceable but not for simple issues that they seem to claim, you would need an incorrect amount of credit or misstated rate of interest or a misstated repayment rate. Or a secret commission payment which you know nothing about but you finance through the agreement

the bottom line is,

go to a solicitor, get a CFA and cut out the CMC

redpete

pt2537 wrote: »

you werent stupid, because it is in certain circumstances, possible to get debts written off, however its not as easy as these companies put forward.

They might not be stupid, but it was a stupid thing to do, spending such a large amount of money in up-front fees when free advice is available from other sources.

Clive_Woody

lawman1666 wrote: »

Having read the above remarks, i think some you would benefit from a little more understanding of contract law and the CCA (consumer credit act) credit card or personal loan agreements and other finance agreements or the lack of them can be challenged at court or not with alot of lenders that know their agreements are flawed and do not even bother with court and simply "write off" the debt. I would point you in the direction of a number of solicitors who offer this type of service and either charge approx 25% of any eliminated debt or work on a CFA (conditional fee agreement) . As for the first comment on this thread for a company to charge 10% of a debt to challenge it seems quite good value when from my research most others are charging from £495-£295 per agreement just to review them, then a further 25% at the back end. Was not too sure if I could list web sites on this reply but a little research will be able to give you all the information and different solicitors and companies (including their fees) that operate in this area.

So which of these scam companies do you work for?

pt2537

http://www.consumeractiongroup.co.uk/forum/legal-issues/244025-delfi101-et-al-weightmans.html#post2725083

this proves what you can do if you use the correct people