consumer credit Act

[qwedr]

i have a couple of credit cards and a personnal loan that were taken out pre 2006.

i have seen companies claiming they can challenge the validity of these agreements due to changes in the consumer credit act.

anyone know how/does this actually work. the claims are that the agreements are unfair and therefore unenforceable, as a result they say the debts can be written off.

[WendyB]

Re: consumer credit Act

Is the aim to get out of paying the debts completely? Are you being chased for these debts? Who are the credit cards with, are you over your credit limit, still using the cards? Are you paying the monthly payments or any payment at all? Are you in a position to pay the debts?
Sorry for all the questions but we would need as much info as possible in order to advise you the best way forward.

[Curlyben]

Re: consumer credit Act

The ONLY real winners in all of this are the companies, as they don't grantee any results and, normally, charge a LARGE fee simply to look at your agreements !!

[qwedr]

Re: consumer credit Act

i realise the companies doing it are in it for the money. just wondered if it is possible to pursue this route and if so does anyone know the basis for doing so.


natwest, barclays are the companies involved.
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the fees i have been quoted are £295 for first agreement and £95 each for the other 2.
they say if they cant get the debt written offf they will refund all bar £50.

i also know someone who has gone down this route and had the debt written off. it was over £50,000. so not an insignificant sum of money.

seems like a no brainer you might say. problem for me is i cant raise the initial £500

[Paule]

Re: consumer credit Act

Have a read of these threads

http://www.legalbeagles.info/forums/...ead.php?t=8753

http://www.legalbeagles.info/forums/...ighlight=basil

We do not advise people to go down this route

[WendyB]

Re: consumer credit Act

The only no-brainer is actually paying a company large amounts of money for getting you information you could actually/probably do yourself. Is the object to get out of paying these debts completely? Are you in a position to pay or not? Are the debts actually yours?

[Amy]

Re: consumer credit Act

they say if they cant get the debt written offf they will refund all bar £50.

i also know someone who has gone down this route and had the debt written off. it was over £50,000. so not an insignificant sum of money.

Well, they would say that wouldn't they. I would suggest you have a read of the link below and have another think.

http://www.legalbeagles.info/forums/...light=panorama

[qwedr]

Re: consumer credit Act

debts are mine. am struggling to make any payments. have already sought advice about my options reguarding these debts.

the object is find out wether this is a route that is at all possible. i can only assume from the answers that no one on hear knows. thats fair enough.

i think the case you have referred me too is slightly different but interesting all the same

[Amy]

Re: consumer credit Act

the object is find out wether this is a route that is at all possible. i can only assume from the answers that no one on hear knows. thats fair enough.

We do know, that is why we have advised against it.

[Curlyben]

Re: consumer credit Act

Yes, we do know, but what we are saying is approach this with your eyes FULLY open.

Alot of these companies are selling "pie in the sky" pipe dreams and nowt else.

Also remember there are costs afterwards as well as the upfront fees.
Yes, while £300 sounds good, IF they get a result you will be liable for further payments totalling thousands !

[qwedr]

Re: consumer credit Act

the consensus is that these companies can deliver the results quoted. but the added costs make it expensive. so there is a risk to doing this.

so how do they do it and could i do it myself. if so can someone tell me what to do

[Curlyben]

Re: consumer credit Act

With alot of study this is easily possible off your own back.
Now I have been studying CCA for about 18 months now and have the confidence to defend ANY action brought by the financial institutions.

Now the real question is have you approached your creditors and arranged payment plans, or are you simply trying to avoid making any payments on the moneys you have already had ??

[Amy]

Re: consumer credit Act

What actually are you trying to achieve? We need a little more to go on and we can advise.

[qwedr]

Re: consumer credit Act

got to go now, but would be interested on your views on pursuing this or not as the case may be.
i dont have much legal knowledge which is why i am asking for advice.
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the reality for me is i have no money hence struggling to make any payments. was self employed. that has gone tits up hence no income.

i wouldnt feel bad about wriggling away from a debt if there is a legal way to do it.

i know alot of people will say well you borrowed so should pay it back. if i could i would but am having to look at bankruptcy. so i cant see any reason to at least explore this avenue first