Credit Card Compensation

Robinhood1967

I have recently been approached by a company based in Manchester that claims it has discovered a discrepancy in CCA terms and conditions which enables credit card balances to be wiped out, and compensation payable on any mortgage, secured loan or carloan agreement taken out between 1990- April 2007.
They are so confident that the loophole works they are looking to recruit agents to flood them with consumers and they are confident that the financial institutions do not have a leg to stand on!
Of course they charge you various fees to pursue the claims on your behalf, however this is one of them 'too good to be true' deals.

Has anyone else heard of it or been approached?

clio

Not worth it, you can do a good job yourself and save yourself a fee of around £400 - £600[ish]

Robinhood1967

Thanks Clio,

Do you know how?

These guys are saying that they have found this loop hole in the T&C's, and the actions that they have taken to date have all been settled out of court by the lenders.

They are keeping it a secret and say that the institutions are running scared.

Google www.cartelclientreview.co.uk

If we are entiled to compensation, is this the next 'Bank Charges' revelution?

PROLIANT

Just pay your debts, that would be the right thing to do, what if your mate owed you a few hundred quid and he bumped you? Would you be happy....hmmm, no!

Robinhood1967

Don't get me wrong, I am totally with you.

Where I smell a rat is the company are trying to recruit a large number of agents that have to pay joining and monthly subscription fees, as well as promising the earth to vulnerable punters with the distant hope of compensation and balance refunds.

I fear there will be many victims.

*moneypenny*

I heard about it from an accountant and another financial adviser. Apparently there are about forty different points that can be checked on the T&C and we have a window of approximately 18 months to two years before it goes to the High Court. Furthermore, credit card companies have to take off anything negative that they've added on your credit rating!

I think this is the next "Bank Charge" revolution. I am surprised that it hasn't been discussed here or already stickyed in the Credit Card section.