I've received a letter today, following on from a phonecall, from a company called Simply Credit Terms, offering to do us a free audit on our secured loan to see if it is unenforceable or not. What they are saying is we may be entitled to refund of excess interest, hidden charges or even a complete waiver of payments. Has anyone heard of this company, and are their claims genuine - they are quoting changes in recent legislation etc. They are saying it's a no win no fee situation, with a solicitor working for us, if after the audit they think we have a case.
I would be interested to hear peoples views/experiences on this.
Did you borrow the money? And did you understand the terms and conditions of the borrowings when you signed up to the loan? If so, I think it would be difficult to argue it is unenforceable - especially as you have agreed to get it secured over your property.
It may be worth a try, if you genuinely feel you have been hard done by.
This is the start of another round of ambulance chasers touting for business on the premise of potential "unenforceable contracts".
As Melanie states unless ytou have grounds for a complaint on terms or anything not told you at the time of taking the loan then possibly you have a right of re-dress otherwise you might be able to have the contract made unenforceable - but on moral grounds this might not be right.
Never heard of this outfit though.
Last edited by David Mond on Thu May 14, 2009 6:42 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thanks you two for your advise! I know morally it would be wrong, and this is one reason why I asked for some feedback on it. I got slightly suspicious when the flyer that came with it had several spelling mistakes on it - very amateurish!So think I'll give it a miss.
I believe that since yesterday, due to the massive amounts of claims going through, the courts have frozen all claims of this sort until they decide upon what is fair and unfair in a contract.
Think it might be time for the ambulance chasers to move on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
"Judges have taken a “landmark” decision to put on hold over 100,000 claims from borrowers trying to write-off their credit card and loan debts.
At a hearing last week at Chester Country Court, Judge Derek Halbert announced the decision to freeze all cases pending the outcome of a few “carefully” chosen test cases.
Borrowers will now have to continue to repay their loans until the judiciary system decides how to manage the huge volume of cases that have been brought in front of judges in recent months.
The claims management sector has grown substantially since the onset of the recession, with indebted borrowers being told they can get their debt written off due to loopholes in the law. However, this ruling will deliver a significant blow to the increasing number of claims management firms."
Hi
I think most companies take money upfront for this "service", one person that I spoke to was paying £99 for each of his four loan agreements. I think that this will be wasted money for him and the company involved must be laughing all the way to the bank.
Just to be clear bank charges are, in my view, a legitimate claim for someone to make as they have been, and still are, excessive. To claim for having a whole loan written off due to an unenforceable contract is purely debt avoidance, although I can understand that anyone in financial difficulty will look at all options out of desperation.
As far as I am concerned, I borrowed the money, it is my duty to pay it back (or as much as I can afford!). No one forced me to do it.
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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.
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I too agree with what andy says, but don't you also think there is a bit of hyprocrisy on here re the taking out of loans etc then not paying it back? Is this not what IVA/Bankrupcy is???? Just a thought.
No, IVA and Bankruptcy are not about debt avoidance. Those of us that can afford an IVA will do that and pay back what we can afford - sometimes that will be 100p in the pound.
Don't forget as well that some people have to do IVA's and BR's because of changes in circumstances, not because they have overstretched themselves.
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 believe there is a difference between not wanting to pay a loan back and not being able to afford to pay back a loan. Therefore I don'y believe it is Hypocrisy.
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I don't think it's a case of people not wanting to pay the loans back with these claims, it's a legal loophole in the credit agreements that can't be enforced, so why not have a go.
Unfortunately some dodgy companies have jumped on the bandwagon charging high fees for getting them through the courts.
