Scrubbing old credit cards due to “unfair” credit agreements?

I have heard that companies are offering this service and it can be done under legislation due to badly written credit card agreements prior to April 2007?

Any truth in this?

Yep but they will charge a few hundred £ for looking at it and there is no saying they will be successful.

Worse than ambulance chasers 🙄

Any other opinions?

I would imagine that the possibility of ever getting credit in the future will be pretty small afer doing one of those, also the couple who “discovered” this “loophole” are more insufferable than I can put words to.

JoeBones – Member

Any other opinions?

If you are man enough to spend the money, you should be man enough to pay it back!

Absolute quagmire of unlicensed agencies scamming money of people who can’t afford it. Reopening as fast as they get shut down. Avoid, tell your neighbours to avoid etc.

From http://www.moneysupermarket.com/community/forums/t/unfair-credit-agreements-26477.aspx

Copy n Pasted

Hi — Carefully read the warning from the Ministry of Justice and click on the links below and the links contained within them, before considering parting with any money. !

CONSUMER ALERT

CLAIMS REGULATOR AND OFT WARN CONSUMERS ABOUT RISKS OF BEING MISLED OVER THE ENFORCEABILITY OF CONSUMER CREDIT AGREEMEMTS

The Claims Management Regulator at the Ministry of Justice and the Office or Fair Trading (OFT) are warning consumers to think carefully before responding to businesses claiming that they can arrange for outstanding balances under loan, credit card and other consumer credit agreements to be written off and secure compensation.

Consumers are advised to seek independent advice before using the services of businesses that offer to find ways to render consumer credit agreements unenforceable. Businesses can only provide claims services if they are authorised and regulated by the MOJ under the Compensation Act 2006. Such businesses may also need to hold an appropriate OFT consumer credit licence.

Consumers may be asked to pay large up-front fees, often up to £500, for the businesses to review their credit agreements. Some businesses are claiming that many of these agreements are completely unenforceable, that consumers can have debts cancelled and claim back thousands of pounds. Consumers should think very carefully before committing themselves to making claims and handing over hundreds of pounds in advance to do so, even where refunds may be promised if the claim is unsuccessful.

Consumers with specific debt problems may wish to contact their local Citizens Advice Bureau who will often be able to provide advice free of charge. Free, impartial advice can also be obtained from the contacts at the end of this alert.

http://www.claimsregulation.gov.uk/

http://www.claimsregulation.gov.uk/search.aspx

Its a worse scam than the alleged credit card deals you had in the first place

Isn’t the point of a credit card to offer a form of credit; rather than ‘free money’? Either pay the min payment or go into debt management. Some banks may have no morals doesn’t mean everyone else has to follow suit.

Get a shed load of credit cards, max them all out, then go bankrupt. Wait 6 years and repeat.

bigsi – Member
Yep but they will charge a few hundred £ for looking at it and there is no saying they will be successful.

Worse than ambulance chasers

Come on bigsi, you should know better than that, there are good and bad in all industries. Sweeping generalisations like that are like saying that all Mortgage Brokers as dodgy barstewards, for example.

I’m in the Mortgage Market like you. I’ve seen your posts, and you come across as a great broker with integrity and honesty.

I’m part of Citri (Directly authorised with 250+ brokers) and we have very high moral standards. Virtually all my work is by referal and mainly with high net worth people so I’m doing something right. I am involved in UCAs. I don’t advertise the service, but I’ve helped some of my clients genuinely improve their situation by using the UCA.

Far far from an ambulance chaser. With the right knowledge and best advice, the UCA can be used very effectively to improve people’s situations. I’ve just helped save 2 clients from potential bancruptcy using the UCA – a lot of brokers would have just bumped them over to an insolvency practitioner whereas because I have an extra string to my bow, I’ve given them great advice and helped them when they thought that they were beyond help.

Drop me a line if you want to have a chat as to how you could really help some of your clients using the UCA. You don’t need to be an ambulance chaser, but can use it selectively and effectively to help some people (not all).

Stu.

I wouldn’t worry too much about the allegations of sharp practice or responsibilty shirking.

Banks in particular will screw you without a second thought.