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moneymoneymoney
Junior Member
United Kingdom
171 Posts |
 Posted - 11 September 2008 : 14:06:19
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I searched the Forums, but couldn't find a relevant thread. A friend of mine has told me that he has just managed to wipe the debt off of one of his credit cards using a loop hole to do with terms & conditions. He used a company called www.easycreditclearservices.co.uk/ Basically they work on a kind of "no win no fee basis" My friend said that you can do it yourself, but obviously need to know all of the jargon etc and be able to hold your own against the credit card companies. (He said found it much easier and simpler to use these people. It cost him a couple of hundred pounds but he got his £12 000 Halifax credit card debt set back to £0!!) I'm thinking of doing it to. Has anyone else successfully done this, or heard of it??
I'm hoping that it may be an alternative (Or even delay the path) to bankruptcy.... |
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369
Junior Member
366 Posts |
Posted - 11 September 2008 : 15:18:09
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Hiya,
I just went on to this site and they say that "The first first credit agreement claim on your behalf will levy a charge of £495
Each additional credit agreement claim will levy an additional charge of £295"
Although this may be less than what you actually owe...you will still have to pay for this service. If you had 7 credit cards you would end up paying £2265 - just for them to look at your agreements and then they might not actually be able to wipe it.
Can understand if you have a big amount you want to clear paying that much would sound quite a good idea. But, they could just turn around and say no we can't do anything with your cards and then they will have just pocketed £2265 of your money!
Worth checking it out though for yourself as it could be an alternative to bankruptcy.
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synaesthesia
Junior Member
233 Posts |
Posted - 11 September 2008 : 21:47:08
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Credit agreement claim?
Sounds like the "loophole" they're trying it on with is one of the creditor's possession of a full credit agreement. The common loopholes are creditors supplying standard, unsigned agreements, agreements with no date, no name, no amounts on etc. Should that happen, the creditors then have no legal power to do anything nasty to you with regards to reclaiming the debt, but it doesn't stop them being able to continue chasing for it.
The exact legalities of it I can't remember, but morally I think it's wrong. Mistakes get made and it takes a bigger man to own up to them and face the consequences, be it paying it back or going bankrupt. I'd certainly not want to trust that amount of money to a company that won't actually guarantee success even on a no win-no fee. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 12:29:03
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Hi all,
I have been following this with some interest. There does seem to be something to it as these companies operate in conjunction with the Ministry of Justice. However, given the banks have just taken a hammering on fee reclamation, I would suggest they won't capitulate and will fight tooth and nail on this one.
In addition, these companies offer no guarantees of success. It may be that you hand over a lot of money, but still end up going BR, but for £100k instead of £120k.
As an interesting point, I find it hard to believe that the banks would leave themselves wide open on a piece of legislation that's as well known and understood as the Comsumer Credit Act.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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moneymoneymoney
Junior Member
United Kingdom
171 Posts |
Posted - 16 September 2008 : 16:49:24
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| Thank-you for your advice. I am going to look into it further. I'll give those guys a ring and see what they say. |
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Hmm, what do you think?
