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A very worrying trend is developing, more and more people are applying for loan advice via Trumpo because they are in trouble with current credit cards and loans.

Not unusual you would think, however these people can actually afford to pay their loans and credit cards, and they have paid regularly for a number of years. The lure of free money was so attractive that people have paid upfront fees to dodgy claims companies who guaranteed that the agreements were unenforceable and they could write the debts off.

These unfortunate people are now being chased by debt collectors, their credit history is shattered and the loan agreements are actually enforceable.

What these claims companies fail to tell their victims, is that their credit histories will be shattered as soon as they stop paying the loans and credit cards.  We have learnt that customers have been told that all their credit agreements and loans where “unenforceable” due to a legal loophole and their was no need to keep paying the monthly payments - yes a number have cases have been found in favour of clients and the debts written off, but it is highly unlikely that a person with say 5 different cards and loans will have them all wiped out – it’s just a con.

What you have to realise, is that the banks and credit cards are not charities. If you put yourself in their well heeled, big bonus shoes for a minute –  if you loaned money to somebody, and that person tried to get out of paying via a loophole,  would you ever provide a loan, credit card or mortgage to them again ? – Think about it. With the power of technology and the consolidation of the worldwide financial institutions you could be completely blackballed from obtaining finance ever again.

Trumpo advises anybody who does actually go down this road, or is already down it, to continue to make payments on all your cards and loans, remember, if it sounds to good to be true – it probably is!

Please be careful and dont part with any money upfront to anybody !

Your Trumpo.

Whilst I fully support this warning statement and its sentiment, we have issues with the FSA and ”pot calling the kettle black”. 

The OFT and FSA have justifiably raised the issue, and the much welcomed warning is to protect consumers from being ripped off.

Real Trumpo Client Experience: A client made an application online via a google advertised website thinking they had applied to AN Other Bank for a personal loan, they where then duped by a  slick call operator to part with £50 via a debit card on the false pretence that they had been approved for the loan. A 1000 of these a week is a lot of £50’s!  This is clearly missrepresentation and obtaining monies by deception.

Trumpo has an ongoing issue with the regulators own “Money Made Clear” website. When you search Google for Mortgage Advice – guess who is paying to advertise at the top of the google search engines on the term “Mortgage Advice” and inviting customers to click their advert to complete details via their own website for “Mortgage Guidance”, you guessed it, The FSA.

The FSA does not give mortgage advice, so surely they should not be able to bid on this term as it could be deemed missleading?

I wrote a very strong Blog on the subject in May 2008 and we had 43 passionate responses, and a lot more we couldn’t publish.  http://www.trumpo.com/blog/business/fsa-plonkers-drop-another-clanger/

Your honest comments on this subject will be warmly received.

Your hard working Trumpo.

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