Mate says he knows a company can wipe ny debts out? too good to be true?

[Axiom99]

Hi,

I am new here and this is my first post so any help would be great.

 

I have some huge debts just now and was contemplating taking the IVA route until a few days ago a friend mentioned that he knows someone who was able to completely wipe out some credit card debts using the services of a group of financial experts who have found that many credit card agreements used by major lenders are fundamentally flawed and therefore unenforceable so in these cases the lender has no alternative but to write it off when you refuse to pay.

 

They review each individual credit agreement and then tell you if they think its enforceable or not and if it is not they charge you a fee to challenge the lender.

 

I have seen copies of letters from major lenders confirming to the friends friend that the debts were written off but I know how easy it is for forgeries to be made even though they look genuine.

 

Evidently the major banks became aware that many of their agreements did not comply with the Consumer Credit Act in April 2007 and changed the documentation at that time so any credit agreement taken out after that time is very likely to be enforceable.

 

I also understand that very few people are aware of this situation just now but that the major financial institutions have set aside billions for when the claims start to flood in.

 

I was wondering if anyone else had knowledge of such situations and could give any advice

[lickthewallfatboy]

welcome to CAG

 

I think you may be referring to the Rankines,who have just been chinned in the High Court and landed with costs of over 100K

 

there is a load of information as to how to go about this in these pages....take time to familiarise yourself with the issues involved,and forget about the Rankines....

 

there is a thread about their losing case on this forum

http://www.consumeractiongroup.co.uk/forum/legal-issues/147432-high-court-judgement-rankines.html?highlight=rankine

[Axiom99]

Thanks for the info I will read the report about the Rankines,however the people I referred to are not them.

[lickthewallfatboy]

you don't need to pay a fee to anyone-the advice available here is free,and IMO second to none....you'll soon find the guys you may well need to help you.Anyone charging money is like an ambulance chaser firm of compensation solicitors you see on the tv ads

 

avoid!!

[rory32]

If a credit agreement does not contain all the prescribed terms then it is unenforceable under the 1974 Consumer Credit Act. This has been known for some time on this site.

They review each individual credit agreement and then tell you if they think its enforceable or not and if it is not they charge you a fee to challenge the lender.

All the information is available on this site for free.

[Axiom99]

OK Thanks for that,I will have a good look around the site for the information.

Leaving aside the fee paying company option,is it true that many credit agreements are unenforceable and have many people successfully wiped out debts using the information on the site?

[lickthewallfatboy]

is it true that many credit agreements are unenforceable

 

YES

 

 

and have many people successfully wiped out debts using the information on the site?

 

in most cases ongoing due to no payments having to be made due to unenforceability,but in some cases,yes

[Axiom99]

Thanks thats great,is there a step b y step guide on the site somewhere?

[fermi]

there is a thread about their losing case on this forum

http://www.consumeractiongroup.co.uk/forum/legal-issues/147432-high-court-judgement-rankines.html?highlight=rankine

 

Is that this one?

 

.

Judgment - Rankine.pdf

[TryingToGetEven]

These aren't the people previously mentioned, but has anyone heard of 'The Ultimate Entrepreneur Club'. I've had several emails from members and one of the things they claim they will give you details on when you join (£640) is how to legally wipe your debts out. In fact, it was trying to find out more about them that led me to this forum in the first place.

 

I know enough about them as a club now but I'd love to know how they think you can wipe your debts out. I wonder if it is just the CCA route or something else...

[TryingToGetEven]

If you haven't encountered them before, here's some of their spiel:

 

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Discover The Step By Step Plan That Takes You By The Hand And Shows You How To Build A Proven Fortune In Less Than 2 Years...

 

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We Take You By The Hand And Show You How To:

 

*

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currencies, trusts, IBC's, Perpetual Traveler and more

 

Today, you will have an opportunity to join a club that is so exclusive... you will want to keep it all to yourself as "your little secret" to making a Fortune.

 

 

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You are sitting on your decking overlooking the sea on a warm, sunny, blue sky day. You just bought a brand new car, and one for your spouse, in cash . Your children are getting a first class education, because you can afford to send them to the best schools in the world...

 

It is all possible...actually the blueprint for making all of that happen can be made available to you today with one contact.

 

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You will have a personal director who coaches you every step of the way.

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plan that is designed to make you more than wealthy in 2 years.

 

What could be better than being part of a group of members who all have the same goal in mind and help each other help themselves?

 

Namely making money. Lots of it.

 

We have employed all of the latest, the best, and hard to find strategies that have made people wealthy beyond their wildest dreams within 2 years!

 

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Take a good look at this Enterprise

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[Tartan Barty]

And the only people making money from this will be them, £640 fee

 

I would guess that this is all info you can get for free elsewhere

 

AVOID!!!

[TryingToGetEven]

Now this really does sound too good to be true! Can anyone shed any light on all of this? I've read things like this elsewhere on the web but never got the full details of how you can do this - assuming you can!

 

 

 

How to substantially reduce all your outstanding credit card payment debts legally and quickly overnight! And obtain an A1 credit rating within a few short months.

Thanks to a little-known but incredibly powerful loophole in existing laws and policies you can now approach the banks with this 100% legal method to eliminate any amount of credit card debt you currently have without the need to sign away your life to IVA's, Debt Management/Consolidation, or Bankruptcy.

........Take a look at this revealing piece of information:

Were you aware that Banks and Credit Card companies NEVER use any of their Own money to fund your credit or loan, instead they use your name and signature to turn YOU into an asset, without your knowledge, or permission and then they get paid by the Bank of England to fund the asset......... A great deal for the credit card companies!

Every time they do this without providing full disclosure they are in violation of their own terms and conditions, which provides us with a legal loophole from which to escape from their [problem].

[Axiom99]

I was listening to the radio a few days ago and it said that if you got your credit card before March 2007 you can wipe away the debt left outstanding on it. I have had a look online for any more info and cant seem to find anything...Anybody else heard of this?

[Guest Old_andrew2018]

can you recall the program, or radio station

[yourbank]

I was listening to the radio a few days ago and it said that if you got your credit card before March 2007 you can wipe away the debt left outstanding on it. I have had a look online for any more info and cant seem to find anything...Anybody else heard of this?

 

Unsubstantiated nonsense, if you mention the company I will not be responsible for what I will post. If you want genuine advice then post about YOUR situation. If you want comments about the radio/television/film and theatre.

Showbiz, entertainment and media news - Digital Spy

that is the site to go to.

[Guest Old_andrew2018]

Unsubstantiated nonsense, if you mention the company I will not be responsible for what I will post. If you want genuine advice then post about YOUR situation. If you want comments about the radio/television/film and theatre.

Showbiz, entertainment and media news - Digital Spy

that is the site to go to.

 

I've been searching the threads, as there was a recent link to a radio program discussing CCA agreements, I have not been able to locate it although I am sure someone will come up with it.

I wonder if this is the program you tuned into, I am sure the discussion however was on correctly executed agreements.

Sorry yourbank, I am confused by your post what is "COMPANY" you would prefer Axiom99 not to mention.

 

Andy

[Goldlady]

Yes there is a company (probably more than one) advertising on the radio. Seems they are hoping to make mega profits from it - much better to do it yourself IMO:D

[Axiom99]

Unsubstantiated nonsense, if you mention the company I will not be responsible for what I will post. If you want genuine advice then post about YOUR situation. If you want comments about the radio/television/film and theatre.

Showbiz, entertainment and media news - Digital Spy

that is the site to go to.

 

I have debts of over £65000 with no real means of clearing them so I do not want to spend any more money to pay to a company to deal with it for me,however the prospect of trying to do this process myself is very daunting as the consequences of failure are very serious.

From reading the posts on this forum it seems that there really are genuine situations where people have been able to prove their debts are unenforceable so clearly if they can do it there must be companies out there that can do it too for people not comfortable with doing it for themselves.

What I was wanting to know is do other people know of genuine companies who charge a reasonable fee for an efficient reliable service as I am sure that if there are such organisations that could benefit some people.

To draw a comparison I am sure that there are forums on the web where you can find out how to service your car and some people will be confident enough to do this for themselves,however the vast majority of people will not be confident enough to do this so they will find a competent car servcing company who charge reasonable fees to do it for them.

The car servicing company makes a profit but so what every company has to make a profit or it goes bust.You do not see too many banks and credit card companies going bust.

[sillygirl1]

Oh yes you will... especially in the USA - their top three sub prime lenders now have not taken on new business in nearly 3 months and are selling as much old business as they can.

 

These companies who charge to 'stop your debtors chasing you' are preying on people, they don't do anything and if something ends up in court you get no help whatsoever from them. Don't use them at all they are a waste of time.

[Axiom99]

Oh yes you will... especially in the USA - their top three sub prime lenders now have not taken on new business in nearly 3 months and are selling as much old business as they can.

 

These companies who charge to 'stop your debtors chasing you' are preying on people, they don't do anything and if something ends up in court you get no help whatsoever from them. Don't use them at all they are a waste of time.

 

If companies act in the manner you describe they are clearly more dangerous than doing it yourself but what I wanted to know was if people had found organisations that did offer a genuine service.

If we all accept that it possible to challenge lenders over debts as the posts on this forum clearly illustrates then as a result it is inconceivable that someone has not seen the commercial possibilities of ofering such a service in which case the challenge would seem to be to find a genuine company not a [problem] company.

[Axiom99]

I recall that the advert I heard mentioned that they were registered with The Ministry of Justice.Surely that is evidence that they are actually government regulated.

Edited August 9, 2008 by Axiom99

[rippedoffagain]

Your debts cannot be wiped out! You can employ a third party to do the CCA requests, and give an opinion on the validity of any agreements received. At the end of the day, it is still you who risk the outcome.

 

A judge could still decide to enforce a challenged agreement (wrongly),your only recourse from there is appeal, which could prove very costly.

 

In any event the debts would still remain.

[Axiom99]

This argument was used by a CMC appointed barrister. Some bank or other v Mitchell (same guy as in June) Judge Langan (same judge as in June) in Leeds County Court yesterday.

Case was heard yesterday but judgement was reserved and shold be handed down in the next two weeks -whichever party loses is likely to appeal.

 

One of the prescribed terms within Schedule 6 of the Agreement Regulations is a term stating “the credit limit or the manner in which it will be determined or a statement that there is no credit limit”.It should be noted that the creditor has the option of choosing one of the three means of complying with the requirements of Schedule 6.In the present case the Claimant has most definitely not stated the credit limit within the credit agreement;it has not stated there is no credit limit.

That leaves only the option of stating”the manner in which the credit limit will be determined”.We are concerned therefore with the manner of determination.

 

It is submitted that the words” We set a credit limit and can change it.We will notify you of the limit and any changes” does not satisfy the requirements of Schedule 6.

The statement is meaningless in relation to how the credit limit will be set.

A determination is an ascertainment or fixing and the reference to “the manner” requires reference to some sort of methodology.

 

The claimant will no doubt respond that there are millions of credit agreements which use similar rubric and that the use of such phraseology has become an industry standard.But that misses the point .Parliament was quite specific in its requirements and as was found in Wilson v First County Trust there is no room fortolerance or deviation from the strict requirements of Schedule 6.If this case opens up floodgates then so be it.

 

 

Should be interesting !!

[patrickq1]

Bank of Scotland v Mitchell case in the Leeds County Court.