mark1889 Posted October 7, 2010 Share Posted October 7, 2010 Hi, I've just had a meeting with a representative from Financial Arbitration. He says they can wipe out all my credit card debt because of a loophole in the law. This seems far too good to be true to me and their high pressure sales technique screams SCAM but if it is true it would be amazing. He told me that there were hundreds of people in Sheffield who had used their services successfully but obviously he couldnt tell me who they were. If I can find some people who have used there services successfully and who can recommend them then maybe I'll take them up on their offer but Im just surprised I havent heard about this from anyone as Id be shouting this from the rooftops if it was true. Also it seemed from what he said that I could do this all myself so why should I pay them £500 up front? Has anyone had any experience of trying to fight these credit agreement loopholes through court? Interested to see other peoples thoughts on this or these types of company? Link to comment Share on other sites More sharing options...
neeeeeeeeeek Posted October 7, 2010 Share Posted October 7, 2010 Fair to say that if it seems to good to be true it probably is. Link to comment Share on other sites More sharing options...
sTaGeWaLkEr Posted October 7, 2010 Share Posted October 7, 2010 Hi, I've just had a meeting with a representative from Financial Arbitration. He says they can wipe out all my credit card debt because of a loophole in the law. This seems far too good to be true to me and their high pressure sales technique screams SCAM but if it is true it would be amazing. He told me that there were hundreds of people in Sheffield who had used their services successfully but obviously he couldnt tell me who they were. If I can find some people who have used there services successfully and who can recommend them then maybe I'll take them up on their offer but Im just surprised I havent heard about this from anyone as Id be shouting this from the rooftops if it was true. Also it seemed from what he said that I could do this all myself so why should I pay them £500 up front? Has anyone had any experience of trying to fight these credit agreement loopholes through court? Interested to see other peoples thoughts on this or these types of company? Can you explain why you think that you shouldn't accept responsibility for your spending habits? Why do you think you should be able to avoid paying for what you've spent. Link to comment Share on other sites More sharing options...
Cynic Posted October 7, 2010 Share Posted October 7, 2010 Try it. You will either lose any money you pay him or never be able to get credit again. So as long as you don't ever need a mortgage, credit card etc Link to comment Share on other sites More sharing options...
Little_Ron Posted October 7, 2010 Share Posted October 7, 2010 A quick search online brings this up http://diydebtfree.co.uk/ Not sure how it works mind. They all want money up front. I'd probably just stick to moneysavingexpert as thats the only advice I would take. Link to comment Share on other sites More sharing options...
Paul2412 Posted October 7, 2010 Share Posted October 7, 2010 Can you explain why you think that you shouldn't accept responsibility for your spending habits? Why do you think you should be able to avoid paying for what you've spent. Exactly what I was thinking, here's a good way to solve the issue; don't spend what you haven't got. Link to comment Share on other sites More sharing options...
RichJay Posted October 7, 2010 Share Posted October 7, 2010 If it has been missold, they are the victim of a crime, not sure why you would try and blame the victim for it. Then why didn't the OP say: 'I've wrongly been sold payment protection. How do I claim it back?' Link to comment Share on other sites More sharing options...
mark1889 Posted October 7, 2010 Author Share Posted October 7, 2010 Can you explain why you think that you shouldn't accept responsibility for your spending habits? Why do you think you should be able to avoid paying for what you've spent. To be fair I dont think that I shouldnt accept responsability for my spending habits but I havent spent on cards for years and have been trying to get to grips with this debt for along time. Also nearly all these credit cards have almost doubled their interest rates and put my limits up by thousands without asking me. If I could get a consolidation loan at decent rates I'd take it but the way things are at the moment no bank is prepaired to offer me one. Are you saying that if someone offered you the chance to wipe out any debt that you had you wouldnt be interested? He also told me that this wouldnt affect my credit rating but Im not too sure. I know I havent been sold any PPI either. I think Im going to try to pursue it myself rather than paying them to do it as moneysavingexpert does seem to suggest avoiding them Link to comment Share on other sites More sharing options...
HotPhil Posted October 7, 2010 Share Posted October 7, 2010 Sounds like they'll just IVA it. I'd not be chucking someone £500 up front for that. Link to comment Share on other sites More sharing options...
truman Posted October 7, 2010 Share Posted October 7, 2010 Because they didn't know.... Though now we know it isn't PPI, so my previous comment doesn't count. The Op said they would be able to wipe out all their cc debt...would mis-selling pp enable them to do this..? Link to comment Share on other sites More sharing options...
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