writing off loans and cards taken out before 07

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gaznkaz08
gaznkaz08 Posts: 55 Forumite
in Reclaim mortgage fees, council tax, etc
theres a few firms popping up now saying they can get balances cleared off loans and credit cards signed up for before april 07, using legal loopholes

thing is these firms are chraging a fair bit for doing this, is this something you take on yourself? and has anyone got any info please?
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  • loplam1961
    loplam1961 Posts: 6 Forumite
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    hi,after spending quite a lot of time helping people reclaim bank charges i got involved in the consumer credit agreement challenging and now work as a introducer for one of the companys you mention.i would just like to say that the company i work for offer a full refund if at the audit stage your agreement turns out to be enforecable.I found through my own experience with my marbles card that even though i was successfully able to argue myself that it was un-enforecable (i havent made a payment for 2 years) i didnt have the expertise to carry it forward.
  • oweny
    oweny Posts: 12 Forumite
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    Did you forget to mention your company probably charges 30% of the balance?
    I do this and take nothing from the balance
    owen
  • blueda
    blueda Posts: 1 Newbie
    edited 2 May 2009 at 3:19PM
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    loplam1961 it looks like you are touting for businness
  • dunstonh
    dunstonh Posts: 116,371 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    dont mix up the terms "writing off" and "made unenforceable". When you look at many (if not most) of the claims the companies make its that the loans are made unenforceable and are not written off.

    Unenforceable means they cannot come after you for the money but they can leave it as unpaid debt in arrears on your credit file. Effectively killing your ability to get credit again.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Dotty30
    Dotty30 Posts: 1 Newbie
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    I believe that a student loan taken out in 1997 has now become as you say 'unenforcable' as I have not made a payment to it at all. They have however told me that this is going on my credit file. I have an excellent credit rating at the moment and do not have either the funds to pay off the loan and do not agree with all the extra charges that have been added to the amount as they have not contacted me in nearly 10 years and have made a total mess of repayments as I have successfully paid off one student loan but they argue that this is a seperate account I knew nothing about. Is there any way of stopping this going on a credit record?
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
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    I didnt think student loans were covered the same, its like they cant be included in bankrupcy.
  • chantelle01_2
    chantelle01_2 Posts: 24 Forumite
    edited 6 May 2009 at 9:34PM
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    I am getting my black horse loan money back- its gone through to my solictors and received a letter this morning to say they are negotiating a settlement figure. you could do it yourself but i just didnt want the hassle and not really sure what im doing lol. Let me know if you want the details- x
  • AYSHALOREN
    AYSHALOREN Posts: 1 Newbie
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    Hi chantelle, i have car finance from black horse too , and i think my figures dont add up, what company are you using to look at your agreement and how much are they charging you i really want to sort it out
  • sam_wells
    sam_wells Posts: 31 Forumite
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    chantelle01 wrote: »
    I am getting my black horse loan money back- its gone through to my solictors and received a letter this morning to say they are negotiating a settlement figure. you could do it yourself but i just didnt want the hassle and not really sure what im doing lol. Let me know if you want the details- x


    have u heard anything back yet chantelle
    thanks sam.
  • alwaysworking_2
    alwaysworking_2 Posts: 105 Forumite
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    dunstonh wrote: »
    dont mix up the terms "writing off" and "made unenforceable". When you look at many (if not most) of the claims the companies make its that the loans are made unenforceable and are not written off.

    Unenforceable means they cannot come after you for the money but they can leave it as unpaid debt in arrears on your credit file. Effectively killing your ability to get credit again.

    Hi,

    I've been looking into this, and according to creditclearuk. co. uk/faq.php (sorry I can't post links yet...!) doing this doesn't affect your credit rating, but you might not be able to get a credit card, loan etc from that lender.

    Hope this helps...
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