Credit Cards or Loans taken out before April 2007 ?.

[sparkie]

Martin Lewis (Money Saving Expert) backs this fully, and is encouraging people to proceed with the reclaims. If it upsets you on a moral level then don't proceed. But there are millions of people who follow MSE, and you can bet your bottom dollar there will be thousands of people in the UK going through the process in the near future

The damage to the economy will be done anyway, it's just up to all of us now whether we are going to be one of them or not.

Can't find this on the Money Saving Expert website, but it is quite busy with loads of links so it may be tucked away.

For some reason I still don't believe people will get away with this, but if it becomes common practice I guess I'll give it a go. If everyones credit rating is trashed it won't make much difference anyway, and I'd certainly not want to be the only individual with a debt when the economy goes nuclear because of this.

 

[Tom Hark Preston Park]

As they say, if something sounds too good to be true, then it probably is. If banks suddenly had to reimburse millions of people thousands of pounds each, wouldn't the industry just collapse in on itself into a big black hole? Can't see it happening somehow, or if it does, it may be the end of Western civilisation as we know it. Mind you, might buy some shares in the makers of giant plasma TVs, just to be on the safe side

 

[Couldn't Be Hyypia]

So do you think US should not make it known people can dig themselves out of a hole

Who says they are in a hole? They have a debt that they willingly entered into which some will now try and get out of via a loophole. Don't try to colour this as the public being shafted and now getting their fair recompense - this is lazy banks who have left a technical gap in their conditions which people are now charging through. People may be tragically in debt and suffering badly, but no one is suffering from the mis-wording of the T&C's.

I totally support US's right to mention this on NSC (some on here were kind enough to help me by adding reviews to my cottage review website - for which many thanks) and if I was going to follow this course of action I'd want to make sure an NSCer would benefit if possible. My issue mainly here is with the implications for getting future credit. How do you think the banks will view someone who dumps a legitimate debt by exploiting a loophole? Make sure you fully understand the implications is my advice - and I'm sure US will explain all that to you.

As for cjd's comments about banking - I think you have misunderstood the role of a bank. At their best, banks exist to help businesses grow by making funds available when cashflow is tight. That is the fundamental role of a bank. Everything else is incidental because without healthy businesses the whole country suffers. Business NEEDS banks - that's why the Govt bailed them out. Bankers on the other hand......... now they are more often than not a long way down the food chain in my opinion.

 

[Stoo82]

and I'd certainly not want to be the only individual with a debt when the economy goes nuclear because of this.

What does it matter either way?? Money will be worthless.

 

[Brighton1]

The idea of packaged lending with one rate fits all is soon to be a thing of the past. Credit in future will more reflect the risk associated with the borrower - I would have thought than anybody who has found a method of avoiding paying debts that they willingly entered into (oh dear me, I didn't realise i'd have to pay back what I'd borrowed) would find getting future credit either impossible or very very expensive. Also dont forget that the government will get back the money from HBOS, RBS and Northern Rock by having a vested interest in them being very profitable in the future!

Let me clear up your opinion, once a loan/credit card has been successfully challenged and as a result the debt written off, all information on that loan/credit card will vanish from your credit file. So, no one will ever know what has gone on and therefore will NOT penalise you when applying for finance in the future.

 

[Dean Deyn]

Ministry of Justice Press Release

You may want to read this press release issued yesterday:

Claims management businesses warned about misleading marketing claims - Ministry of Justice

 

[Uncle Spielberg]

A good article. Thanks for that. It is saying seek independant advice not that the claims are invalid which is fair enough. If there are any firms trying to make money and not offering a service and not achieving a result that should not be allowed I agree.

 

[Bozza]

Just so everyone is clear:

US - presumably you stand to make no money at all from speaking to all these NSCers about this loophole, and are just doing it as a public service like?

 

[Black Country Seagull]

Does that include balance transfers?

 

[Uncle Spielberg]

Actually Bozza I have not actually arranged 1 from NSC. I have given information out for people to act on. Some people are looking into it themselves as there are lots of websites out there. Believe it or not I thought people would be interested and its in the public domain anyway. If I did do any business I will be sure to give you a copy of my personal accounts for your perusal.

 

[Dean Deyn]

Citizens Advice Press Release

Here's another press release issued yesterday:

Beware bogus offers to get debt written off, warns Citizens Advice

 

[chimneys]

http://www.northstandchat.biz/showthread.php?t=143989

Another classic example of the something for nothing scum culture!!

 

[moggy]

anyone used this money saver site and can vouch for its credability

 

[seagullsovergrimsby]

anyone used this money saver site and can vouch for its credability

I have only used it once to print off a 50% discount voucher for Pizza Hut , the site is bona fide otherwise Martin Lewis's reputation would be worthless.

 

[moggy]

I have only used it once to print off a 50% discount voucher for Pizza Hut , the site is bona fide otherwise Martin Lewis's reputation would be worthless.

i don't mean martin's site, money saving expert, i meant the one quoted in the beginning of the thread which has nothing to do with martin lewis

Money Saver; Can we Write Off your loans or credit cards?

 

[Beach Hut]

i don't mean martin's site, money saving expert, i meant the one quoted in the beginning of the thread which has nothing to do with martin lewis

Money Saver; Can we Write Off your loans or credit cards?

I think this is very hit and miss I have seen on TV couples who have challenged and had written off loans / crdit card debts but do not believe this can be true for everyone.

If this were true everyone would be solvent and the UK even more in debt supporting the tenuous banks.

 

[Adam Virgo's Shirt]

I think this is very hit and miss I have seen on TV couples who have challenged and had written off loans / crdit card debts but do not believe this can be true for everyone.

If this were true everyone would be solvent and the UK even more in debt supporting the tenuous banks.

Some of that though, is down to people who don't even bother trying for these things. When Martin Lewis recommended recovering illegal mortgage exit fees, I gave the info to my ex husband who was entitled to a guaranteed £250. All he had to do was write to Northern Rock to recover it. But he couldn't be arsed to write the letter so lost out! There will be many other people like him too. Either they don't know about the recommendations, or they can't be bothered to try.

The recommendation in this thread is slightly different as people have genuine concerns about the long term effects of applying. My point though, is that not "everyone would be solvent and the UK even more in debt supporting the tenuous banks" as most won't be applying. So the ones who don't apply will essentially fund the ones that do!

 

[BensGrandad]

Does this apply to ALL credit cards etc taken out prior to 2007 as obviously people of my age and older like my mother have had credit cards for many many years.

 

[Sirius76]

So does it matter if you've actually paid the loan back already?

 

[Beach Hut]

Does this apply to ALL credit cards etc taken out prior to 2007 as obviously people of my age and older like my mother have had credit cards for many many years.

That is a fair point say after 2007 at some point I owed a credit card company £2K and have now paid it off can I claim it back ?

Mind you I cannot prove this as I have no statements but what if I could ?