Was Rankine as bad as we thought??

[JonCris]

You decide as it appears not to have been so bad for them............or us..........apart from the legal costs that is:rolleyes: I also think this explains why very few creditors rely on it;)

 

From the BBC.....

 

Loopholes clear couple's debts

 

 

 

The Rankines had 13 credit cards

 

As more people find themselves in debt, one couple found loopholes in their credit agreements to avoid paying tens of thousands of pounds. But a High Court judge had the final word.

 

Amanda and Basil Rankine ran up debts of £120,000 after their mortgage advice business collapsed and they found themselves unable to afford their monthly payments.

Their debts were spread over 13 credit cards, four loans, car finance and an overdraft. They decided to study the Consumer Credit Act and contacted lenders claiming they had found mistakes in their credit agreements.

The Act lays down the rules which companies have to follow when they advertise or sell credit. FIND OUT MORE...

Watch Panorama: Can't Pay, Won't Pay on BBC iPlayer

 

 

"I studied the Act and decided that there were things that didn't match so I put together a bit of a letter to HSBC, thought I had everything correct, and sent it off," Mr Rankine told the BBC's Panorama programme.

"They wrote back, and after a few months said we're prepared to write balance off."

The Rankines, from Rugeley in Staffordshire, looked at all their credit agreements and identified potential loopholes.

These included whether the correct annual percentage rate (APR) was used, whether the forms had actually been signed and if the lenders had kept a copy of the paperwork.

In this way, they managed to have a number of their 13 credit cards and loans written off, to the tune of £37,000, including the sum from HSBC.

Challenge or repay at their level, or challenge and repay at your level

 

 

Basil Rankine (pictured with wife Amanda)

 

 

Sir Roy Goode, an eminent commercial lawyer who was instrumental in drafting the Act, said the rules relating to credit agreements were "extremely complex".

"So any slip that is made entitles the consumer to refuse to pay unless the court gives leave to enforce the agreement," explained Sir Roy.

Mr Rankine said: "Now more people challenge agreements, and more people will realise… the law is there so they have a choice. Challenge or repay at their level, or challenge and repay at your level.

The couple decided to take their remaining creditors to court over loopholes they believed they had spotted, and in an attempt to set a legal precedent that may benefit others. But the case was dismissed by a High Court judge, who said the couple were wriggling out of debt.

Despite the judgement, a legal technicality - which meant the lenders could only claim the money back while the court proceedings were going on - meant the couple still managed to get most of their debts frozen.

Warning

That took their total debt clearance to £100,000, leaving more than £20,000 outstanding. However, a legal bill of £100,000 left the Rankines back where they started.

At least they were now earning enough to manage the legal costs. With some irony, they are paying it back through consultancy work on the Consumer Credit Act.

They don't accept they lost the case and they say they would prefer to be paying a legal bill than paying a debt they thought was unlawful.

The Rankines did their own work in scrutinising their credit agreements, but a whole industry is emerging online of companies claiming to get debts written off, and securing compensation, by rendering credit agreements unenforceable.

[Guest Andy1969]

I stupidly used Basil Rankines company (Momentum Network Limited T/a CreditCardKiller), I was recommend it by my IFA through an agency process as an alternative to an IVA.

 

I gave them over £5k and nearly a year later I hear nothing from them and all the creditors are still chasing and threatneing legal action. Worse still (Momentum Network Limited T/a CreditCardKiller) has since been registered as a non-trading company, which is incredible since they've had 10s of thousands of people like me pay them money through the same process, potentially in the millions.

 

I've seeked legal advise and I'm currently moving forward with legal action. In short, if its too good to be true, it is... this was a total con, do NOT use them.

[CarhleJon]

Hmm, you might also be able to sue the IFA for bad advice !!

[sillygirl1]

CreditCardKiller has been closed down by the Ministry of Justice.

 

I said right at the beginning of the news about the Rankines that they were a disgrace and typical of a 'get it while you can' attitude.

 

One wonders who the victims of their mortgage advice company are and what is happening about helping them and the repossessions which follow...

[sequenci]

CreditCardKiller has been closed down by the Ministry of Justice.

 

The hearing has been put back to January I believe.

[JuryMan77]

The hearing has been put back to January I believe.

 

And the website is still operational: http://new.creditcardkiller.co.uk/