Uneneforceable & Voidable loans

sparky0107

Hi homer_j,
A couple of questions.
1. If the FOS take between 6-9 months, how long on average does the company you're talking about take to settle a claim, if they take on a persons case?

2. If a person already has their SAR, will this company take the case on?

3. Do they take their "cut" from the compensation or do they charge the loan company for their services?

Thanks in advance for your reply

homer_j_3

By law, the case has to be settled within 12 months I believe so it can take upto 12 months.

We hope that the accountants that run these lenders will start to see that when they cannot win these cases or are just paying out before it gets that far then it should get quicker.

If you have a SAR stuff, then yes you can send all of that and if they can spot a case with it before then, they may be able to cut this time down. That said, I would still send the £10 fee because they will ask for documents we know you will not have received to help build the case.

No, if you are due 10k and the costs are 4k then the total claim will be 14k and you will get your 10k back so you do not get your share cut in any way.

homer_j_3

Just bumping again for new posters

marshallka

homer j i may need you soon. I am still awaiting my response with the FOS but failing that then i will need someone else to help as this is mind boggling trying to do this myself.

in2deep_2

Hi all,
How would i know if there is/was a problem.???
I have a 20k loan (with ppi) from NR i am about 2years into it now.
How do i know if there is something wrong with it.??
My entire application was over the Internet i spoke to no one.

Is there something specific i should be checking.??

homer_j_3

Your loans may be too new to have the issues that I mention but its worthwhile checking for disclosure of any commission for the PPI on the agreement AND/OR the associated paperwork that you received.

To make them unenforceable, there has to be issues with the details of the contract and its not something that I am able to do.

I note from some of your old posts that you may have had previous loans prior to this, which may also be worth checking as there is no restrictions on repaid loans as such.

marshallka

homer_j wrote: »

Your loans may be too new to have the issues that I mention but its worthwhile checking for disclosure of any commission for the PPI on the agreement AND/OR the associated paperwork that you received.

To make them unenforceable, there has to be issues with the details of the contract and its not something that I am able to do.

I note from some of your old posts that you may have had previous loans prior to this, which may also be worth checking as there is no restrictions on repaid loans as such.

homer j, i read about this unenforceable loan thing on consumer action forum and they said to me i have no claim on a settled loan at all. Is this correct. Also they say i am not entitled to an executed credit agreement for a settled loan and that is all the court will accept in an issue. (section 77 78 or CCA). I am now confused.

angelwillow

homer_j wrote: »

its worthwhile checking for disclosure of any commission for the PPI on the agreement AND/OR the associated paperwork that you received.

I only have a single piece of paper and it doesn't say anything about commission, does this mean things should be OK?

homer_j_3

It may well state that they only have to issue it whilst the agreement is alive and kicking. I am not a legal expert on the CCA but what I do know is that it is possible to challenge the loan agreement after it has been closed.

There is a statute of limitations act which states that they must keep hold of this information for 6 years after the loan has closed down. I believe that if the loan is unenforceable and you paid it in good faith with the understanding that there were lawfully allowed to do so then you still have a right to challenge the agreement. If they cannot produce it then that is their fault for not keeping the paperwork for the required amount of time.

Often issues like this do come up after the event so I would not be put off by the requirement of the CCA as we are not arguing whether they should issue or not, we are arguing that the loans are unenforceable and therefore under your CPR rules (i believe) you would be entitled to ask for any evidence that they have and wish to present to defend. You are going to have to see it at some point aren't you?

homer_j_3

Only a full SAR would say for certain angel. You may only have 1 piece of paper but could have thrown away a booklet or something that came with it.