Write Of Your Credit Card / Loan / Hire Purchase

[Saraj]

Hi,

I had a few phone calls today from companies claiming that if my credit cards were taken out before April 2007, I may be able to write them off due to mistakes made and these companies could do it for me.

I was not convinced and told them where to go. I did some research on the net and found that these companies claim there are able to do it, but you have to pay them as usual, some ranged from £195 for all your loans, or some £395 for each one. And a promise to give your money back if not successful.

I did even more research and found that its possible to do it yourself.

So guess what, I'm doing it ! well for my dad who has quite a few credit cards.

I'm going to put my progress here, and what I've done so far. So everyone can try themself if there want.

To begin, I firstly needed all the original credit agreement, its been highlighted that the agreements before April 2007 were not conforming the Credit Consumer Act 1974

This link provides more infor on this: Link

So I have sent Subjest Access Requests to each creditors requesting the original credit agreement. Which I've attached a template.

I sent this along with a £1 postal order as written in the letter, all recorded signed for, to each of the creditors

Just got to wait and see what there reply.

Theres alot of stuff on the net to say there got 14 days to supply the information if not then the account goes into dispute which means you dont have to pay and theres nothing there can do untill its supplied, but not too sure on this.

Anyone got any experiance or advise please post away.

I will keep everyone upto date on this, and see how I progress

Template.doc

[Parthiban]

I don't really know about this, but wouldn't taking this sort of action to write off debts totally screw your credit rating?

[Saraj]

From what I've read quite the opposite, if it is found that the creditor is in breach of the act and did not follow standards when providing the credit in the first instance, there is nothing there can do, specially your credit rating, ive read examples where the credit company has restored individuals credit after defaulting them due to the errors made.

This is just what ive read, plus we dont mind if it does aslong as the credit is wrote off. there cant affect ur rating if you continue to make payments on time, all we doing is questioning whether certain information was provided on the piece of paper which was signed

[kam05]

I'd be wary of companies like this. I'm off work this week and all I'm seeing on daytime tv is these types of ad's and also ad's for 'Don't delay claim today!'.

If you have debts, pay them off...simples.

[Saraj]

thats one reason why i wont pay them a penny, and when the option came up to try myself might as well do and try

[Sagitar]

And none of this impacts on your conscience?

Didn't you borrow this money freely and willingly?

Don't you feel that you have a responsibility to repay it - irrespective of the whether the agreement breaches some technical requirement?

If a mate borrowed a few quid from you and then said "but I didn't sign a proper agreement so I don't have to repay it" how would you react?

[Saraj]

lol I dont have a conscience for these major companies who makes billions from customer on a yearly basis, doing it with somebody private would be wrong.

For example, if I was given more change then there should in Asda or Tesco for example I would not bother telling them, but if it happend at my corner shop, I would say something and give the money back

I opened this thread to provide advise to others on what options there are out there instead of struggling,

[VVProtocolVV]

True, banks are so quick to charge you should you make a genuine mistake, yet you can't claim anything back when they make mistakes e.g recession because they can gamble on risky shares with your money, yet we as tax payers have to bail them for their mistakes...not once, but twice!

[Saraj]

agreed, I will let you know how I get on, im looking forward to the challenge

[Sagitar]

lol I dont have a conscience for these major companies who makes billions from customer on a yearly basis, doing it with somebody private would be wrong.

For example, if I was given more change then there should in Asda or Tesco for example I would not bother telling them, but if it happend at my corner shop, I would say something and give the money back

I opened this thread to provide advise to others on what options there are out there instead of struggling,

There is no such thing as a victimless crime.

Stealing from someone who is rich is still stealing, no matter how you dress it up.

[chrali]

lol I dont have a conscience for these major companies who makes billions from customer on a yearly basis, doing it with somebody private would be wrong.

For example, if I was given more change then there should in Asda or Tesco for example I would not bother telling them, but if it happend at my corner shop, I would say something and give the money back

I opened this thread to provide advise to others on what options there are out there instead of struggling,

There is no such thing as a victimless crime.

Stealing from someone who is rich is still stealing, no matter how you dress it up.

Banks know all there is about stealing. I had a £30 overdraft charge an INTERNAL transfer from one of my accounts to another failed at the bank, despite having 3k across my accounts at that bank !!!!!!!! Currently taking this up with the banking ombusman.

I have no issue about legally being able to do away with debt, its not like weve all done it for a golden lifestyle.

If its legal, its legal.

[katana92_uk]

but i think thats not fare. we are looking for excuses not to pay back.

you borrowed money you owe them money. its not your money so you have to pay back

doesnt matter what misstake they made..end of the day you borrowed money so you should pay back.

in my opinion its like stealing money but in sophisticated way..

thats just my opinion ...

[Rich OB]

So everyone here who says this is stealing are trying to tell me if someone came up to you while you were taking money out of the bank and said, we can write off your debt due to a mistake on our behalf you would say "no its ok i borrowed the money i will gladly pay it back."

Or if you went to withdraw £100 and the cashpoint gave you £1000 would you take the other £900 back?

I understand where you're coming from but where and when banks can make money from us no matter how much or little you already have they do so.

People who say they would do so either have no debt or don't know how it feels to have a debt you may have borrowed with good intentions of paying back, peoples circumstances can change.

[Parthiban]

This has turned into a slightly weird debate, but to add my 2ps worth, I understand where you're coming from Rich, but this is not technically the same. As a capitalist, I agree that this is their mistake and therefore they lose.

However, this is not the same as them turning around and saying that they are going to write off their debt. This is due to a tiny legal loophole, and the writing off is due to a technicality. The more we pick up on things like this, the more we become like the Americans, a legally driven society who's waiting for one slip up in the small print to screw someone else over. That is what I don't agree with.

However, due to current circumstances, I hate banks in general, they're idiots who gambled on the most ridiculous game, lost big time and it's us who are left to pick up the pieces. So in this case, go for it, get back every penny you can that they're going to steal through our tax money anyway

[Rogue]

An interesting thread will be returning for progress.

[katana92_uk]

So everyone here who says this is stealing are trying to tell me if someone came up to you while you were taking money out of the bank and said, we can write off your debt due to a mistake on our behalf you would say "no its ok i borrowed the money i will gladly pay it back."

yes i would say no thanks. thats like some body coming to me and sayin cmon i'll show you how to steal some money

Or if you went to withdraw £100 and the cashpoint gave you £1000 would you take the other £900 back?

personally yes i would take it back to bank and give that money back to bank. i would love to steal that money but my guilt would kill me.

I understand where you're coming from but where and when banks can make money from us no matter how much or little you already have they do so.

well thats what you call business. banks never forced you to go to them and give them your money. when you open account in bank with your own free will you are actually admiting ok MR BANK i agree with your terms and condition please open my account now.

People who say they would do so either have no debt or don't know how it feels to have a debt you may have borrowed with good intentions of paying back, peoples circumstances can change.

i tottaly agree if circumstances have changed and someone is really in deep ***** ..then yea they should go and seek some help i have no prblem with that.

my problem is people know they dont have money but they still spend money on credit cards and stuff.

logic is simple if you dont have money then save it and organise your budget.

i mean i would not go on holiday if i dont have enough cash or i would not go out and buy new trainers.

but some people do...oh feck it i need new trainers or holiday i dont have money but i'll pay by card and then we will see what ever happens.

all this above is just my personal opinions and thoughts :)

[Steviewevie]

Or if you went to withdraw £100 and the cashpoint gave you £1000 would you take the other £900 back?

Yes, I would. In fact something not totally dissimilar happened to me quite a few years ago. I was on holiday, I think in France (I was visiting a few countries), and I went into a bank to exchange some cash/travellers cheques (can't remember which) for the currency of the next country I was visiting. After I left the bank I realised that the cashier had made a mistake and had put the decimal point in the wrong place, giving me ten times too much money ! I immediately went back and pointed out the mistake, and gave them back the excess money.

[Saraj]

i think the example for the bank giving 1000 pounds i would take back, as i would know taking it would lead to problems with the bank chasing it back and being a pain in the back side.

Its hard to judge people and tell them there should pay back, when we all dont know the circumstances of the debt.

Im sorry but this thread has caused a bit of a debate whether its wrong or not, which is fair enough.

Banks are fast to penalise us when we make mistakes (directed towards charges) but not when there make mistakes.

So why not is the question I ask, as stated before I would not pay a penny to these other companies who claim there can do it, and im only doing it, becuase I have learnt how to thanks to the many forums on the internet.

Will place update once I get replies from each creditor

[Steviewevie]

One thing that bothers me about this, is if it is possible for a large number of people to get their debts written off due to a technicality, then what will this do for the banks who have to take another hit ?

I can perfectly understand if a bank makes a genuine material error which they have to take account for. But if a large number of perfectly valid debts got suddenly written off then that doesn't sound good to me, sorry.

[katana92_uk]

One thing that bothers me about this, is if it is possible for a large number of people to get their debts written off due to a technicality, then what will this do for the banks who have to take another hit ?

I can perfectly understand if a bank makes a genuine material error which they have to take account for. But if a large number of perfectly valid debts got suddenly written off then that doesn't sound good to me, sorry.

well we will pay for other peoples holidays and new trainers fred perry tops etc

people who work full time always pay their taxes never claim any benifits these kinda people always get shafted....

chap in my street doesnt work and has 4 kids and drives 07 plate galaxy...when i see him i wonder why the hell im working like a dog and paying for his house and galaxy.....it really makes me wonder some time...why the hell bother working just make 4-5 babies and sit on your arse and chill...somone else can pay for my house and car.....

what really pisses me off...i live in 2 bed house and drive R reg Lexus and work like a bitch......but my neighbour does feck all and lives in 3 bed house and drives 07 plate car... :tsktsk:

[Saraj]

One thing that bothers me about this, is if it is possible for a large number of people to get their debts written off due to a technicality, then what will this do for the banks who have to take another hit ?

I can perfectly understand if a bank makes a genuine material error which they have to take account for. But if a large number of perfectly valid debts got suddenly written off then that doesn't sound good to me, sorry.

well we will pay for other peoples holidays and new trainers fred perry tops etc

people who work full time always pay their taxes never claim any benifits these kinda people always get shafted....

chap in my street doesnt work and has 4 kids and drives 07 plate galaxy...when i see him i wonder why the hell im working like a dog and paying for his house and galaxy.....it really makes me wonder some time...why the hell bother working just make 4-5 babies and sit on your arse and chill...somone else can pay for my house and car.....

what really pisses me off...i live in 2 bed house and drive R reg Lexus and work like a bitch......but my neighbour does feck all and lives in 3 bed house and drives 07 plate car... :tsktsk:

perfect and well said

[Mike_B]

One thing that bothers me about this, is if it is possible for a large number of people to get their debts written off due to a technicality, then what will this do for the banks who have to take another hit ?

I can perfectly understand if a bank makes a genuine material error which they have to take account for. But if a large number of perfectly valid debts got suddenly written off then that doesn't sound good to me, sorry.

well we will pay for other peoples holidays and new trainers fred perry tops etc

people who work full time always pay their taxes never claim any benifits these kinda people always get shafted....

chap in my street doesnt work and has 4 kids and drives 07 plate galaxy...when i see him i wonder why the hell im working like a dog and paying for his house and galaxy.....it really makes me wonder some time...why the hell bother working just make 4-5 babies and sit on your arse and chill...somone else can pay for my house and car.....

what really pisses me off...i live in 2 bed house and drive R reg Lexus and work like a bitch......but my neighbour does feck all and lives in 3 bed house and drives 07 plate car... :tsktsk:

perfect and well said

But nothing whatever to do with the rights and wrongs of having your debts, which you presumably freely entered into, written off on an obscure technical quirk in otherwise perfectly reasonable law...

Think of it like this: why should I pay more for any loans I might want, because you don't feel you should have to pay yours back? Are you going to share with me the extra money you'll now have at the end of each month?

[Saraj]

The question then is, why dont you request your credit agreement and see if it stands, if it doesnt then you have every right to stop payment.

This thread was not set up by me to debate the right and wrongs of doing this, but was providing options to other people out there in what there can do

[Saraj]

update, after my first letter to them i got this response:

As you can its not the original, and has no signature or dates on it,

so with some advise from the consumer forum, i sent them this:

FORMAL REQUEST FOR INFORMATION

CPR part 31.16

Date 14/05/2009

Dear Sir/Madam

Re:− Account/Reference Number

I write with regards to the above account with your organisation.

I respectfully request that you provide me by return a copy of the credit agreement which bears my signature. I require this as I have reason to believe that there may be discrepancies within the agreement which may leave it improperly executed.

Obviously if the agreement is improperly executed I would be entitled to ask the court to consider the agreement and make a declaration of the rights of parties to the agreement.

I must stress this request is NOT made pursuant to section 78 Consumer Credit Act 1974 but is made pursuant to the Civil Procedure Rules ( Pre action protocols and Part 31.16) and therefore unsigned copy will not suffice, only a copy of the original contract in its unaltered form will suffice in these circumstances

Please confirm if you still hold a copy of my signed agreement and that you will provide me with this document.

I do not view this as an unreasonable request given that by supplying the document which I have asked for it will allow me to assess if my case has merit and will help to resolve matters possibly without the need to involve the court and will undoubtedly save costs on both sides

I look forward to your reply and would ask for a response by 4pm on 04/06/09.

Yours faithfully

With the view there may provide it, but got this reply:

Its clear that Capital One do not have the original signed agreement,otherwise by now there would have provided it.

Im looking at what my next reponse would be, but will keep thread updated

[wildybeast]

could the financial ombudsman offer any help.