Is the Trade Descriptions acts any use against CCA's

[jimbo45]

Hi all

Reading these Forums where people have got into all sorts of problems regarding debt issues -- it seems to me that for a lot of so called "Unsecured" Loans surely whatever other Consumer Credit acts apply NO mention is EVER made of the fact that levies can eventually be made against property in cases for whatever reason the debtor can't continue to pay.

 

Now unless this case "Your Home is at Risk ...." is shown CLEARLY on the Credit agreement the word UNSECURED is quite clearly a BLATANT lie so the Credit product is being sold in a manner totally likely to deceive the customer.

 

In these cases couldn't SOMETHING be done regarding the various Trades descriptions Acts -- in addition to legislation already available under the various Consumer Credit acts.

 

Not everybody (unfortunately) reads CAG Forums so there are probably a HUGE number of people out there that don't realize that your HOME could be at risk if you get into difficulty with a Credit card or other "Unsecured Loan" and many people wouldn't have taken out the credit arrangement in the first place if they had realized there was even a REMOTE possibility of this happening.

 

With regard to CCJ's as well DCA's etc now invariably apply for a "Judgement Forthwith" which to anybody who actually lives in the real world would realize that a creditor certainly 99.9999% won't be able to pay the full amount immediately so the CCJ goes into default and hence the Charging Order process starts.

 

WHAT A THROUGHLY DISGUSTING AND IMMORAL WAY TO DO BUSINESS.

 

Sucker the punter into an "Unsecured Loan". Punter often through NO FAULT of their own -- Partner / wage earner dies, job losses due to recession, jobs being outsourced to India, ill health and so on gets into payment difficulties.

 

Of course people often say "You should speak to the Lender" but we are HUMAN BEINGS with emotions etc etc.

Financial institutions don't normally have a reputation of being sympathetic listeners -- and also especially if its the first time someone finds themseleves in serious Financial difficulties a common trait is to ignore it and hope the problem will one way or another get sorted out.

 

It never does of course -- but we are HUMANS and not machines - allowance has to be made for this.

 

No sympathy or help with say a 12 month payment holiday -- payments to be re-negociated when the creditor is able -- meantime often HORRENDOUS interest and other charges accrue so the hapless punter will NEVER have a chance of paying the debt off and then loses his home which is often sold for a fraction of its true value.

 

This isn't a Political Forum when when I see the horrors people have to go through at the hands of totally RUTHLESS DCA's, Solicitors (not all - there are still a few "humans" left in this profession) and Financial institutions I sometimes feel we would be better off letting the Mafia run the whole kybosh.

 

At least with them you'd know EXACTLY where you stood from the start.

 

Cheers

jimbo

Edited January 15, 2010 by jimbo45