It is huge already Declan, as I am sure you are aware. I suspect that this may end up like the bank charges case, a certain number will get through, be settled before court etc and then the financial institutions will cut their losses and use all the tools at their disposal, high court action etc, to stop the haemorrage of money.
Just my opinion of course, but that is what I expect. The morals and ethics are a different story of course.
Regards.
Last edited by size5 on Thu Oct 01, 2009 12:43 pm, edited 1 time in total.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
All the 'write your debts off' companies will be quick to jump on this bandwagon.
I really don't see why her whole debt should be written off though. The PPI I can accept, I've never taken that out, but she did take out the card and regardless of commission or not (and let's face it, commission will always be paid by someone) the debt was owed.
I still call it debt avoidance, and always will.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If a signed copy of the credit agreement cannot be provided when requested then in law the whole debt is unenforcable is my understanding. Rightly or wrongly
Wonder how many banks could actually find that document if you had been using the same credit card for say 15 years or more with all the merges and closures there have been in that time.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Sorry herb, we will have to agree to disagree on this one.
As far as I am concerned, I took out the loans/credit cards and it is my duty to pay back as much as I can.
Even if I could use this 'loophole' I would never do so.
I am responsible for my debts, and would never seek to write them off via this route.
I am thankful that I have been given a chance to repay what I can.
Last edited by kallis3 on Thu Oct 01, 2009 12:56 pm, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sorry, I wasn't agreeing with it hence I am 3 years in an IVA to pay back as much as I can and not interested in these loop holes.
But I do believe that if banks can't supply that document people can and will now start trying to walk away laughing debt free.
Last edited by herbekj on Thu Oct 01, 2009 1:03 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I agree size5, it is becoming huge and this court case will prove to be the litmus paper in what will be an inevitable rush before the big credit institutions find a way to stop this.
In fact I guess the next round of letters telling me that I was mis-sold my IVA (Not) will all be along the lines of 'Did you IP check the debt was enforceable if not then you were mis-sold your IVA and we can fix it'
I can see it already.
Something to light the fire with I suppose to save money....
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Can only hope that if they manage it, their names will be blacklisted by the firms concerned so they can't get anymore credit.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think Herb has a point as this case could affect the insolvency industry. Salespeople will be telling clients in financial trouble to avoid IVAs or bankruptcies because they do not have to pay the debts back at all. There are clearly issues in this case that will not apply across the board but it will not stop dodgy companies from quoting the details of the case and getting large fees up front.
I have to say that unfortunately I have 2 of the products mentioned above.
An endowment on which I would lose money if I made it paid up, although it is no longer tied to the mortgage, and a hospital cash plan which pure superstition will not allow me to cancel, especially after I have just arrived back at the office now after visiting a colleague in hospital this afternoon who has fallen foul of a sudden unexpected kidney infection, and who now has MRSA.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
When you have Fanancial self regulation - let the Banks and BS do what they want they inadvertenly cook up those money making schemes that makes them money first and then the rest. Did I forget Bank charges....how silly of me????
The undeniable verdict is that consumers have been taken for a ride. The Recession have exposed the systemic fraud, and we needed some form of a Rapture, to be free again!
I don't condone the use of the CC to get out of debt, but like in the film the Matrix, there are anomalies that allow the little guy [NEO] to fight back against the odds and the system in unconventional ways.And as a metaphor,I see such a parallel in these court claims against CC agreements been unenforceable.
