Having Loan agreements written off.

[TotalControl]

I received a text last week about how I can get my loans potentially written off if they were pre April 2007 (which I ignored) I received and update for it earlier today. As I have one loan outstanding with Anglo Saxan Capital One (or watever it's called) this sounds like a nice proposition for me. However, instead of having to go through these companies which charge you for this priviledge, I was considering doing this myself. What would the best possible way be of me tackling this issue?

[saleen836]

How about just re-paying the loan?

[Eric Mc]

TotalControl said:

I received a text last week about how I can get my loans potentially written off if they were pre April 2007 (which I ignored) I received and update for it earlier today. As I have one loan outstanding with Anglo Saxan Capital One (or watever it's called) this sounds like a nice proposition for me. However, instead of having to go through these companies which charge you for this priviledge, I was considering doing this myself. What would the best possible way be of me tackling this issue?

Try examining your conscience - if you have one

[Rollcage]

I cant see this thread going well for the OP........

[TotalControl]

Don't get me wrong. I am paying it and am halfway through. Just considered it a helping hand. Thought that if there is a valid enough reason standing for this approach existing then why not? If not then it's not really the end of the world. I didn't claim any money back through the bank charges as I saw it as my own responsibility.

[audi321]

I say why not! These greedy banks have made enough money from the public, if they've not made up the legal agreements properly, then thats their fault.

However, I've yet to find anyone who has had their debts removed because of this technicality, so I guess it's not as clean cut as these legal companies make out.

[GreenV8S]

TotalControl said:

What would the best possible way be of me tackling this issue?

I suspect it would go something along the lines of:

• Understand the legal basis for writing the loan off.
• Understand the legal processes involved in applying to have the loan written off on that basis.
• Persuade the loan company that you have sufficient knowledge, resources and determination to initiate the legal processes and follow them through as far as necessary.
• Be aware that if you're bluffing and they call your bluff, withdrawing your claim could see you facing large bills for their legal expenses.

I think the other more common way to have your debts set aside is to convince them that you are not able to pay and persuade them to settle for a smaller lump sum repayment. (I think it's despicable to knowingly get yourself in that situation, and equally despicable to pretend you're in that situation when you aren't.)

[Gibson70]

A friend of mine who has a debt worth £15K with Egg.....They wrote her a letter offering to write off £10K and ask her to pay off the remainder of £5k !!! I thought it was a good deal and she paid the whole £5k off !!

I find it bizarre how the Egg can "afford" to write off £10k !!!!!!!!!

[Mojooo]

Rollcage said:

I cant see this thread going well for the OP........

Funny how in the Speed section of the site people are all for getting off speeding/parking tickets if a procedure hasn;t been followed to the letter but not so much here!

[kiethton]

Just seeing things like this makes me question why the economy has gone to pot over the past few years.

I am all up for getting off harsh penalties set for doing things i dont agree with, namely going over an arbitrary number in a car but when these loans were taken out the full terms were given and signed, the person agreed to those terms and me being someone of my word would mean that i stuck to them. It shows the culture of the country at present...namely nothing is anyones fault anymore, thus the economy will continue getting worse until people man up and accept their responsibilities.

[GreenV8S]

Mojooo said:

Funny how in the Speed section of the site people are all for getting off speeding/parking tickets if a procedure hasn;t been followed to the letter but not so much here!

I've a lot of sympathy for people who are penalised for doing something that is safe, harmless, socially acceptable and also happens to be against the law. I've a lot less sympathy for people who make a deal and then try to avoid honouring it.

[ninja-lewis]

Try Money Saving Expert or Consumer Action Group.

My understanding is you ask to see the original credit agreement, find out they've destroyed it (or it didn't the meet the rules at the time - something like that) and therefore the agreement is unenforceable under the Consumer Credit Act. It's something like that.

[Dr_Gonzo]

Gibson70 said:

A friend of mine who has a debt worth £15K with Egg.....They wrote her a letter offering to write off £10K and ask her to pay off the remainder of £5k !!! I thought it was a good deal and she paid the whole £5k off !!

I find it bizarre how the Egg can "afford" to write off £10k !!!!!!!!!

They can't and that's the reason the economy is in such a state. Money doesn't just disappear. And to the person calling the banks 'greedy' and saying they deserve to lose the money: How exactly are they 'greedy'? Because they are trying to run a business? Do you think companies shouldn't earn profits?

[Dr_Gonzo]

Mojooo said:

Rollcage said:

I cant see this thread going well for the OP........

Funny how in the Speed section of the site people are all for getting off speeding/parking tickets if a procedure hasn;t been followed to the letter but not so much here!

A ticket is a fine for some supposed action. Trying to get a debt written off is spending someone else's money and then trying not to pay it back. It's today's 'something for nothing' culture with people seeing themselves as victims for having to repay money they've spent.

[Gring]

I find it really annoying that some people take out loans, enjoy spending the money, then when it comes to repaying the money try and find ways out of doing so. Any wonder why loan companies are making it harder for people to take out loans. Someone along the line is paying a higher interest rate to repay their own loan and other loans that people decide they dont want anymore.
I looked at that cack site 'Money saving expert' for a laugh the other day, it's full of pikey types trying to find ways of not repaying loans that they were so happy to get in the first instance.

[R6dug]

Gring said:

I find it really annoying that some people take out loans, enjoy spending the money, then when it comes to repaying the money try and find ways out of doing so. Any wonder why loan companies are making it harder for people to take out loans. Someone along the line is paying a higher interest rate to repay their own loan and other loans that people decide they dont want anymore.
I looked at that cack site 'Money saving expert' for a laugh the other day, it's full of pikey types trying to find ways of not repaying loans that they were so happy to get in the first instance.

Some people like myself are not pikey types but have lost there jobs and this website has been full of useful information which has helped me along.

[P924]

Gibson70 said:

A friend of mine who has a debt worth £15K with Egg.....They wrote her a letter offering to write off £10K and ask her to pay off the remainder of £5k !!! I thought it was a good deal and she paid the whole £5k off !!

I find it bizarre how the Egg can "afford" to write off £10k !!!!!!!!!

Easier to write off 10K than 15K.
or
Would you rather have 5k in your hand, or 15k over 5 years?

[Gring]

R6dug said:

Gring said:

I find it really annoying that some people take out loans, enjoy spending the money, then when it comes to repaying the money try and find ways out of doing so. Any wonder why loan companies are making it harder for people to take out loans. Someone along the line is paying a higher interest rate to repay their own loan and other loans that people decide they dont want anymore.
I looked at that cack site 'Money saving expert' for a laugh the other day, it's full of pikey types trying to find ways of not repaying loans that they were so happy to get in the first instance.

Some people like myself are not pikey types but have lost there jobs and this website has been full of useful information which has helped me along.

If you have a loan and you genuinely cant repay it, then the correct way about it, is to speak to the loan company involved, they will help you over the period of time that you are out of work by either reducing the payments, or putting the loan on a tempory hold. Maybe it's just me, but finding ways to get out of repaying debts is just wrong. Money was lent, so it should be repayed. Why should everyone else repay their debts but not a 'select' few.

[R6dug]

Gring said:

R6dug said:

Gring said:

I find it really annoying that some people take out loans, enjoy spending the money, then when it comes to repaying the money try and find ways out of doing so. Any wonder why loan companies are making it harder for people to take out loans. Someone along the line is paying a higher interest rate to repay their own loan and other loans that people decide they dont want anymore.
I looked at that cack site 'Money saving expert' for a laugh the other day, it's full of pikey types trying to find ways of not repaying loans that they were so happy to get in the first instance.

Some people like myself are not pikey types but have lost there jobs and this website has been full of useful information which has helped me along.

If you have a loan and you genuinely cant repay it, then the correct way about it, is to speak to the loan company involved, they will help you over the period of time that you are out of work by either reducing the payments, or putting the loan on a tempory hold. Maybe it's just me, but finding ways to get out of repaying debts is just wrong. Money was lent, so it should be repayed. Why should everyone else repay their debts but not a 'select' few.

I am not trying to get out of my debts i saying that the website was useful in the way i approach my creditors and what i can claim for.

[Gring]

R6dug said:

Gring said:

R6dug said:

Gring said:

I find it really annoying that some people take out loans, enjoy spending the money, then when it comes to repaying the money try and find ways out of doing so. Any wonder why loan companies are making it harder for people to take out loans. Someone along the line is paying a higher interest rate to repay their own loan and other loans that people decide they dont want anymore.
I looked at that cack site 'Money saving expert' for a laugh the other day, it's full of pikey types trying to find ways of not repaying loans that they were so happy to get in the first instance.

Some people like myself are not pikey types but have lost there jobs and this website has been full of useful information which has helped me along.

If you have a loan and you genuinely cant repay it, then the correct way about it, is to speak to the loan company involved, they will help you over the period of time that you are out of work by either reducing the payments, or putting the loan on a tempory hold. Maybe it's just me, but finding ways to get out of repaying debts is just wrong. Money was lent, so it should be repayed. Why should everyone else repay their debts but not a 'select' few.

I am not trying to get out of my debts i saying that the website was useful in the way i approach my creditors and what i can claim for.

I understand that, and I am not having a go at you. But it is amazing how many people on that site just want to default on their loans. Just makes it harder for genuine people to get loans in the future.