£19,000 Personal loan proved unenforceable

A customer of Credit and Loan Management Ltd (Mr. C) had been issued with court papers from a major high street bank. A defence requesting a copy of the credit agreement was duly filed. The bank provided the credit agreement and it was found the loan included Payment Protection Insurance (PPI). The customer insisted the loan was conditional on having payment protection insurance, this meant he was told he had to have the insurance or he would not get the loan.  Plus the credit agreement had various breaches under the consumer credit act.  The case was passed to several solicitors and it was a struggle to find anybody to take the case.  Eventually a solicitor agreed to run the case but as time went on, it was becoming clear that lenders were winning these types of cases and even if solicitors won they were struggling to get costs.

After a two year fight, we are pleased to announce, the bank have agreed the debt is unenforceable as long as Mr. C agrees to pay his own solicitors costs (£2,500).

The result is Mr. C. has no county court judgment (CCJ) against him and a £19,000 personal loan has been proved unenforceable.  He only has to pay his own solicitors costs (£2,500) at a rate of £50.00 per month.

Mr. C said “I'm very pleased with the outcome; I was in serious financial difficulties. I have told everybody about Credit and Loan and cannot recommend you enough”.

If you're having debt problems, either post a comment on the blog or telephone Credit and Loan Management Ltd for free advice on 0800 0727 844, we will be happy to help.

Something else of interest. Credit card borrower tortured by lender, says judge

Debt collectors threatening to call at your home.

Many people with debt problems receive letters stating a debt collector will call at their home. There is very often a date given, for example Wednesday 30th March 2011 between 8am and 8pm.

These letters are designed to get a reaction from the debtor. The reaction the debt collector wants is for the customer to panic and telephone them. The debt collector will then try to capture the debtor’s phone number and either demand full settlement of the debt immediately or some sort of payment proposal.

It is very rare for anybody to visit the debtor’s home; the letter is very successful in panicking the debtor into telephoning. Although it is very unusual for anybody to call, Credit and Loan Management Ltd provide open letters for our customers to hand to anybody who visits the customers home. They request that the debt collector does not call at the house again and invites the debt collector to contact Credit and Loan Management Ltd.

Letters from debt collectors should not be ignored, but we would recommend making payment proposals in writing rather than telephoning. Credit and Loan Management Ltd can do this on your behalf.

If you're having trouble with debt problems, either post a comment on the blog or telephone Credit and Loan Management Ltd for free advice on 0800 0727 844, we will be happy to help.

Attachment to earnings.

Credit and Loan Management Ltd was approached by a customer who had just received an attachment to earnings notification.  Because he had not been with his employer very long, he was worried that if his boss was involved he might lose his job.
This is another example of how, by ignoring the county court judgment (CCJ); it does not go away and can lead to further action, in this case an attachment to earnings.
Credit and Loan Management Ltd completed to relevant court forms and requested the court accept a monthly payment without the need to contact the customer’s employer.

Success: The court accepted the offer of monthly payments without the need to make the attachment to earnings, subject to regular payments. Credit and Loan Management Ltd also contacted the customers other creditors and arranged reduced payments.
The customer is very happy; because he now has no problem with his boss and all his creditors are now under control.

If you receive a County Court Judgment(CCJ), the advice is always, DO NOT ignore it.
Please contact Credit and Loan Management Ltd if you need any advice on County Court Judgments , attachment to earnings or debt in general or post a comment on the blog.