Credit Cards or Loans taken out before April 2007 ?.

[Bluejuice]

What if you have NO idea what the amounts of debts on cards that you've simply ignored for several years could be now?

Or even where the statements are going?

I mean I wasn't going to pay them back anyway, but if I can legally get out of it all the better.

What's the deal if the debt has already been passed to an outside agency? Presumably the original agreement between you and your card issuer is still unenforcable but wouldn't it just be the agency that suffered or can they in turn claim back from the bank or whoever?

 

[Bozza]

There's no hard sell but if I do not give this information to my clients someone else will and they perceive they had their interests more = lost client.

But you seem to be peddling this information to all and sundry on NSC, people who very clearly are not your clients. Or not your clients yet...

 

[Adam Virgo's Shirt]

I'm not speaking on behalf of US, but he is an IFA so this is an area he knows something about. He will have looked at the facts and know this is information he can help people with. He may well make money out of it, but hell, it's his job! Nobody is under any pressure to act on the information, you do so after researching it yourself, and being happy it is right for you. It isn't the same thing as his 'infamous' betting tips, as this could compromise his professional integrity.

I personally don't see the difference to the threads we all make where we have seen info somewhere and pass it on by posting here. It's your call whether you do it or not, but he is just passing on knowledge which MAY help someone

Opinions about how this will affect the economy are all valid, but I think it is your own decision to make, based on what you feel is right morally

 

[Uncle Spielberg]

I'm not speaking on behalf of US, but he is an IFA so this is an area he knows something about. He will have looked at the facts and know this is information he can help people with. He may well make money out of it, but hell, it's his job! Nobody is under any pressure to act on the information, you do so after researching it yourself, and being happy it is right for you. It isn't the same thing as his 'infamous' betting tips, as this could compromise his professional integrity.

I personally don't see the difference to the threads we all make where we have seen info somewhere and pass it on by posting here. It's your call whether you do it or not, but he is just passing on knowledge which MAY help someone

Opinions about how this will affect the economy are all valid, but I think it is your own decision to make, based on what you feel is right morally

That sums it up. It is something that is already in the Arena. Poeple will hear about this , this year. I am giving information on which people may or may not act on, it is their own choice. And no NSC are not my clients but I have have lots of clients from NSC. If you do not want to look into it thats your preogative but I am going to alert my clients and contacts about this issue.

 

[ROSM]

That sums it up. It is something that is already in the Arena. Poeple will hear about this , this year. I am giving information on which people may or may not act on, it is their own choice. And no NSC are not my clients but I have have lots of clients from NSC. If you do not want to look into it thats your preogative but I am going to alert my clients and contacts about this issue.

I have no issue with any small businessman using any means available to him to drum up business. As a matter of interest, do you advise them that this approach MAY cause issues with their ability to get credit in the future?

 

[Uncle Spielberg]

Of course, all the ups and downs wil be made clear. It is the clients choice.

 

[Uncle Spielberg]

Key changes to the Consumer Credit Act 1974 ("the Act") means that some credit cards and unsecured loans issued before 6th April 2007 could be totally written off through legal process.

Unfortunately many lenders / institutions may have failed to have internal systems robust enough to ensure adherence to the requirements of the Act in relation to agreements.

Recent case law and amendments to the Act has resulted in an ability to challenge a regulated agreement on the basis of their non compliance with the strict requirements of the Act which was designed to protect consumers. For example the aim of the Act was to make sure consumers understood what rights they have and what redress was available if dissatisfied.

 

[Beach Hut]

Think I'll start advertising my company on NSC now as well, IT-Services anyone ?

 

[chimneys]

As the banks f**ked up in the first place, they wouldn't be in the current situation. I have no sympathy for them.

Its us who suffer if the banks catch a cold!! End of free banking, higher overdraft rates etc etc. Not to mention the impact upon their share price which affects our (private sector) pensions.

Why do you think the Government has bailed the banks out. Hardly becuse Gordon likes bankers!!

 

[chimneys]

I disagree - this seems to be an endeavour to escape a commitment based on some vague technicality and little to do with improper selling.

Agreed!

 

[chimneys]

If you want to comment it would be better if you were more informed on the subject. Fact - This was exposed on Panorama 11/11/08... Fact - Hundreds of thousands of pounds have already been written off from many of the high street banks. I have also been told that MBNA alone have £4 Billion set aside for write offs....


I agree it does look a bit to good to be true, but with all the evidence I have seen, it does exactly what it say's on the tin..This is why I am actively recommending that my clients take advantage of this, I would NOT like Gareth recommend anything unless I was confident it was right for my clients.

And did you see the end of the Panorama programme. "Basil", one of the main instigators, was left bankrupt because the banks countered sued for thousands. Its not often I have sympathy for banks but he deserved it!

 

[chimneys]

What he said.

People have got used to the idea that credit is some sort of "entitlement". It isn't.

If you'll need a loan in future, think carefully before acting now.

Absolutely right. Do people honestly think the banks are going to lie down. The fee rebate issue was nothing compared to this.

 

[chimneys]

You've hit a low here US. Had some respect for you and your industry up to now (some IFAs not recommending from whole of market aside!). Even felt sorry for your plight in this recession.

But what you are doing is worse than ambulance chasing personal injury lawyers!

What a pathetic way to make money (and the rest of us who play by the rules will suffer in the future!).

There must be a good pyramid selling scam you could promote next!

Very, very sad!

 

[sparkie]

Absolutely right. Do people honestly think the banks are going to lie down. The fee rebate issue was nothing compared to this.

I'd support anyone claiming back fees illegally charged by the banks, but this is way different, and just seems to be a way of wriggling out of good faith agreements on a technicality.

 

[Uncle Spielberg]

You've hit a low here US. Had some respect for you and your industry up to now (some IFAs not recommending from whole of market aside!). Even felt sorry for your plight in this recession.

But what you are doing is worse than ambulance chasing personal injury lawyers!

What a pathetic way to make money (and the rest of us who play by the rules will suffer in the future!).

There must be a good pyramid selling scam you could promote next!

Very, very sad!

I am sorry for think like that but I am justing advising the facts as they are. If you could understand how these financial institutions have treated mortgage brokers trying to force them out of the market and treated them with complete contempt you may feel any loyalty you had was long gone.

 

[Brighton1]

You've hit a low here US. Had some respect for you and your industry up to now (some IFAs not recommending from whole of market aside!). Even felt sorry for your plight in this recession.

But what you are doing is worse than ambulance chasing personal injury lawyers!

What a pathetic way to make money (and the rest of us who play by the rules will suffer in the future!).

There must be a good pyramid selling scam you could promote next!

Very, very sad!

So do you think US should not make it known people can dig themselves out of a hole when he clearly knows they can? What would your attitude be if he did not make it know to the NSC community and people on here find out about this over the comming months? I would guess you would then either hammer him for not knowing what was doing or just why did he not share it with our fellow members? If I saw what I thought was a real bargain i.e. ATelevision offer in currys, I would want our friends on here to know about it, so what is your problem? As I know US and I'm a work colleague of his, I know his ethos and morals. Therefore I find some of your other comments offensive, if you had any idea as to the lenghs he goes not only provide a good service to his clients but his advice is often to his own detrement as it's always impartial and honest and can result in no reward. Would you ever work in the knowledge that you may not receive a bean for doing the right thing for a client?

I hope now many NSC members report on here in a few months time thanking US for making their Finances become far more manageable, and you should then eat a bit of humble pie!

 

[Del Boy]

You've hit a low here US. Had some respect for you and your industry up to now (some IFAs not recommending from whole of market aside!). Even felt sorry for your plight in this recession.

But what you are doing is worse than ambulance chasing personal injury lawyers!

What a pathetic way to make money (and the rest of us who play by the rules will suffer in the future!).

There must be a good pyramid selling scam you could promote next!

Very, very sad!

Agree fully, it all seems rather desperate which is not a good sign when looking for an ifa. I would try here... http://www.unbiased.co.uk/

 

[Uncle Spielberg]

This has nothing to do with being an IFA. What is the relevance of that ?.

 

[Gazwag]

Ok so everybody claims £1,000's back from banks for goods they have purchased and enjoyed, what happens next then - banks hike up interest rates, charges etc, those of course that survive.

Truth is financial advisors are jumping on the band wagon because they cant sell mortgages at the moment - greedy people working for other greedy people. So what if an agreement was worded wrong - you borrowed the money, you knew how much a month it would cost you, you knew how much interest you would pay.

IMO anybody who tries to get loans cancelled or money back are just greedy bastards

 

[seagullsovergrimsby]

The banks have already jacked up the price of personal loans , last year 7% now 20%. Thats if you meet their lending criteria.