Write off Credit Card Debts and Loans as seen on Working Lunch

Mar 19

Write off Credit Card Debts and Loans as seen on Working Lunch

The first item on today’s Working Lunch featured financial companies advertising in newspapers offering consumers the opportunity to wipe clean their credit card debt and become debt free in return for just a few hundred pounds. But are these offers too good to be true? Working Lunch concluded that in the main, they were.

The adverts in question on Working Lunch were the ones which read: Do you know that through brand new legislation 70% of credit agreements are unenforceable? from Unfair Credit Direct and: Credit cards and loans may not need to be repaid, that one from Loan-Free.co.uk.

The adverts refer to legislation from April 2007, when the Consumer Credit Act was updated. The interest rate calculations were changed, as were rules about the bundling together of fees with the loans themselves. Some cases have been successful against the lender, but this is not the case for the majority.

Thanks to Working Lunch, UnfairCreditDirect this morning changed their advert to highlight that credit agreements may be unenforceable. They also pointed out that they don’t charge upfront fees for their service.

The advice given by the Working Lunch reporter regarding the write-off of credit card debt or loans was to contact the Citizens Advice Bureau, where they will help you for free. Alternatively, other services recommended by Working Lunch were the National Debtline and the Consumer Credit Counselling Service, or CCCS. All of these debt help services are free.

http://www.cccs.co.uk eezeegoin

Credit Management Companies (CMCs) often try to clain that credit agreements are unenforceable under the consumer credit act, and indeed some are not enforcable, perhaps because they have not been signed or something like that.

However, for a case to be successful, they ultimately have to go to court. And NO court precedent has ever been set, as no case has ever gone to court, so there is no foundation for CMCs to make these claims. Indeed, should it ever go to court, the likelyhood of a decision in favour of the consumer is incredibly slim, as the lenders only have to prove a “likelihood” that the agreement was enforcable for it to be deemed binding.

So in short, dont go to extrotionate CMCs who will “solve” your debts. All they do is take your money to “check” a credit agreement, often around £500 PER CHECK (i.e 4 credit card checks = £2000!), and then don’t prgress it because there’s no point…. and you get no money back!

You’re much better off going to the CAB or CCCS, who are FREE and imnpartial, and will help you reach a realistic solution that doen’t involve pipe dreams of simply writing off your debts, as this is rarely oif ever possible.

BEWARE OF CMCs – the OFT recieves about 40 new applications PER WEEK of companies trying to set up at them moment, on top of the 2500 commercial fee chargiung companies taht already exist to prey on people’s hopes of salvation in the recession. Don’t get sucked in!
Paul Mason

No precedents eezeegoin? You are obviously uninformed as most of the press/media/public are.
have a look at
wilson-v-first county trust
Wilson v hurstanger
London north securities-v Mr & Mrs Meadows
Wilson and others v. Secretary of State for Trade and Industry (Appellant)

WOODCHESTER -v- swayne

Before you post again, could you please make sure you do know what you are talking about.?
Help

If you have paid money to any CMC with regard to consumer credit act (loans & credit cards) you would have lost this, as there were two High Court rulings in Dec 2010 andJan 2011 handed down to clarify the law in this area and, unfortunately the ruling did not bode well for the consumer. Therefore, all but a small percentage of CMCs have completely dropped all CCA claims.

Further, the MOJ have struck off CMC companies for non-compliance during the above period.

There are honest and above board CMCs still out there, but not for any issue to do with CCA. We are one such company, if any of you would like to have your case reviewed, with a reply as to how the law effects it today, we are more than willing to provide this to you FREE of any charge. However, that said, it is 99.99% likely that your case will have no legal merit as to having the amount borrowed wiped off (or any amount refunded), but at least we would be able to assist you in explaining the legal position pertaining to your case personally. As the law is still complex, we are prepared to do this for you FREE of charge, for reason of trying to bring confidence back from the public to CMCs.

help@eliteclaimsservices.co.uk