Please excuse me because before tuesday I had no idea about any of this! I thought if I couldn't pay the minimum payments on my cards I would be out on the steet within 3 months so I may appear really stupid! I am now thinking the best way to go is ask all my credit card co's for CCA and take it from there myself. My only concern is when to do this! The company that offered to buy my credit card debts is part of the Rankines company but from what they told me it was only last week that they started dealing in this way and it is because they are so convinced that all pre 2007 can be wiped they are now prepared to legally buy the debt. As my original post implied I have no idea if this is legal and if by signing their agreement you have truly sold it to them and they can not give them back. I do however think this offer is a new route to the problem, I think there will be a lot more people asking the same question as me and although I know there are sharks out there if someone with the knowledge could look at the contracts they wanted me to sign (attachment in previous post) it might help people in the future know if it is a good step to take. I am so impressed with this site and the knowledge I have gained in the last three days is amazing and I truly thank everyone for making it what it is!

Due to the current buy to let mortgage conditions we are in serious financial difficulties and having read Blemains terms and conditions it says they may repossess as soon as we come to an arrangement with anyone we owe money to! This and many other concerns has stopped me sleeping at night for the last three months! My health and my family are at serious risk and at this point I have no choice but to do anything I can to secure our home. Advice would be truly appreciated as I can not afford time pursuing this if I have no chance of success. Many thanks

Hi Just reading through your thread. I am just trying to learn how this all works (trying to save my home and family!) Can I ask you?... Are these people still harassing you? Have you agreed a payment plan? Did they admit it was unenforceable? Thanks

Hi frettful38 Does your agreement also say they can change the interest as and when they choose with just 7 days notice? When we took this out Blemain insisted we see a solicitor to have them explain the terms to us. Which we did and the only thing the solicitor really came up with is if you have an insurance claim any money you get from the insurance you must give to Blemain (which I thought was bizarre but not terribly important!). He didn't seem to notice the blank space (or didn't care about it!). Because we thought it was just for 6 months we weren't too concerned but now it's been more than a year (and we have read through the terms properly!) we are very concerned about it.

It's done it again!! The gap is between the words "dated" and "in favour" I hope someone can understand me!!

SORRY!! Just re read my post they spaces I put in to show where the gap was obviously wasn't enough to show on my post! The gap is where it says "being of the charge dated in favour of the Lender referred to in the charges register"

Thanks PGH7447 (good luck to you) and gizmo111 We also have a 2nd charge at 12.1% (I have another post about this one!) that we need to get rid of so remortgage will put us in a much better position but not solve the problem of the credit cards!! The company said they legally buy the debt so it's not ours any more, they give us sample letters to send to credit reference agencies and each credit card to say that we no longer own the debt and in future they should contact Momentum. We pay them £349 plus 10% (which I could add to the credit card debt they were buying!) and they pay us £1 to say they have legally bought the debt. It then becomes theirs to do with as they will. What worried me about it is they said as long as it was taken out before Apr 07 they were convinced they could get it written off but from what I read on hear it's not all pre Apr 07 debt that get written off. I spent all night reading this site and have got my head around it a bit more I think!! Can I just ask a couple more questions? Once you request the CCA do they stop you using the card? If they can't find the agreement and they suspend it (until they do) does it show as a debt on my credit record? Thanks again!

It's in the Schedule under Mortgage conditions No 5. In any case where the Property consists of registered land the Mortgagor agrees that the Lender may apply for a restriction to be entered on the Proprietorship Register in the following terms: *no disposition of the registered estate by the propritor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the charge dated in favour of the Lender referred to in the charges register (or, if appropriate, signed on such propritor's behalf by an officer or its solicitor)" and to the extent that the Lenders security shall fail to take effect by way of Legal charge it shall take effect as an equitable charge, in which case; (1) By signing this agreement the Borrower agrees to the registration of an agreed notice for the purposes of protecting the Lenders interest and to an entry in form N of schedule 4 of the land registration rules 2003 ans (2) The borrower authorises the Lender to sign any application for the registration of an agreed notice on behalf of the borrower. I hope that is what you mean! I truly have no idea what it is talking about!! (I must have been out of my mind to sign this!)

We took out a 2nd charge on our home with Blemain Finance in Dec 2007 through Freedom finance on the assumption that we would only need it for 6 months, then we would pay it off (along with the 12K early repayment fees!) and not worry any more. We needed the money for a building development that was meant to get us out of financial difficulty! We had no other way of raising the money and thought it was our only way out. When the time came we were unable to repay after 6 months and our development was complete but we were unable to sell we had no choice but continue the monthly payments (12.1%pa). Seven months on and we are in severe financial difficulty. Mainly because we cannot remortgage the development. Trying to work out exactly where we stand we have been trying to understand all the very small print in our agreement. I know we should have taken more notice before signing it....! Having read (but not understood) all the small print I am amazed they are allowed to force such incredibly tough conditions! I certainly didn't realise they could change the rates whenever they feel like it with just 7 days notice. Also having read these terms and conditions there are a couple of things that have come to my attention:- They do not quote a title number. There is a clause in the schedule that has a blank space that should have been filled in. Do I have some come back on this agreement? Any advice would gratefully received. Thanks

Thanks! So am I right in saying if they don't reply to CCA in 12 + 2 that means they have no chance of getting any money out of me? I find this incredibly scary!! The offer I got from the company I should not touch with a barge pole was offering to take all this stress/pressure off of me! I am no expert in law so I find it unnerving having to do it myself and not know what the probable outcome will be!

Thanks bazaar! Should I be making this months payments in the mean time? I can't see how I will be able to pay next months anyway! Am I likely to succeed with them if they are from before april 2007 or is that just rubbish i've been quoted? How long does this process take? Thanks again!

Thanks so much for all this advice. Our debts are to credit cards all but one was taken out before April 2007. Do I need to post a list of which cards and how much to get advice? I have read so much and I don't know what is right and what is wrong! Thanks again

Here is the agreement they want me to sign! This_is_what_you_need_to_do_READ_THIS_FIRST-1.pdf I hope that has worked!! I am currently in the process of remortgaging my home, it's taken a long time to find someone willing to loan and I don't want to rely on it until it is complete, therefore I don't want to mess with my credit rating at this moment. I have just enough money to pay my minimum payments on credit cards this month should I be paying them or not? Thanks again!

Thanks so much! They tell me they are so sure they can wipe off my debt they are prepared to buy it! I do have to sign to say that any money they can claim back n unfair charges becomes theirs but hey if this is a quick and easy way to get some sleep at night and they do all the work they can have it!!

Not normally the person to avoid paying their way but circumstances are now as such that I cannot pay my minimum payments on huge credit cards and am desperate to save my family and home. I am constantly searching for a way out! I have come across a website (linked to a program I saw on panorama last year) that is offering to buy my credit cards debts (if taken out before april 2007) for £349 plus 10% of outstanding debt. The craziest of this crazy thing is they allow you to pay them by credit card then include that debt into their sale!! Am I so bogged down with desperation that I am being fooled here? Please please help! Thanks