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  1. #1
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    Nov 2009
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    Credit Issues Limited

    Is it my imagination, or is this looking more and more like a scam?

    Credit Issues' Latest Newsletter:



    We can confirm that we have now prepared most of the No True Copy files for issue to our panel solicitors immediately upon receipt of the judge's ruling. However, despite several requests we are still inundated with requests for updates from Appointed Representatives and Regional Directors. We did ask that representatives cease requesting updates until the new year, where upon we would issue everyone with a detailed written update on their cases. On Monday this week we received 876 email requests and 231 phone calls, unfortunately this has now created a back log in new cases being loaded onto the system. Until a case is input onto our processing system we cannot issue confirmation of receipt of the case to client or AR, issue the DPA requests or create commission payments. All of these are produced electronically from our processing system and we are therefore currently 10 working days behind.

    The staff are all working 12 hour days and we have increased working capacity and expect to clear these backlogs over the next few weeks but again I must ask for your assistance in not chasing updates. Andrew Hood is to release a schedule of client communications shortly and as stated previously we intend to copy in each AR on these communications.

    We have also asked the Finance Department to ensure that all commission payments are up to date by the end of the first week in December, even if the case has not been input onto our processing system by that time. We will of course continue to pay commissions on an ongoing basis as cases are input onto our system.


    Kind Regards
    Gary Forrest - Chairman
    Guardian Financial Group

  2. #2
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    Sep 2009
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    73

    Re: Credit Issues Limited

    No true copies of agreements - sounds like HBOS , Barclaycard and Sainsbury's must be providing the bulk of their cases .

    What always amazes me is that the only true link between the creditor and the debtor is the debtors signature . Surely failure to provide a copy of a signed agreement or application form renders the agreement open to ridicule . The debtor could deny ever signing anything and without a copy of the debtors signature in front of the judge then there is no proof as to the originality of the "reconstituted agreement " that the lender has produced .

    In respect of Credit Issues - hmmmm getting towards that time of year when some CMC's are tipped to dissapear - time will tell !

  3. #3
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    Nov 2009
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    Re: Credit Issues Limited

    That all sounds very interesting but there seems to be a lot of people who have paid Credit Issues a lot of money and nothing has been delivered. A friend of mine has worked with them for nearly a year and hasnít had a single case complete, and is concerned that he is still charging clients (like me) upfront fees with no idea if the clients heís already signed up are being ripped off or not. When he showed me this memo from Gary Forrest, the Chairman of Credit Issuesí parent company saying ďDonít call usĒ he got extremely concerned. I donít believe I have ever been taken in by a scam before, but I am concerned that this scam has definitely taken my friend in and me with him.

  4. #4
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    Nov 2009
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    Re: Credit Issues Limited

    IMHO I really dont think there is any 'scam' here. I do genuinely think the intentions of ratio and credit clear auditing are honorable. I think they have both been victims of unrealstic timeframe expectations and to an extent victims of their own success in attracting new custom to a brand new industry. having had a good chat with my ratio solicitor it seems an awaful lot is riding on some cases coming up in manchester next week and going forward the clarity derived from these cases will make claiming a bit more straightforward. Its a shame that the people that were first in like me have been effed about the most. Both RM and CCS are both guilty though of poor customer service, Credit clear more than anyone. I will feel alot happier when CCS sols write to me, but as I say I do think they are both genuine. I dont know anything about Credit Issues.

  5. #5
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    Nov 2009
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    124

    Re: Credit Issues Limited

    Alison,
    Ratio may well have started out with good intentions but just have a look at this below now.

    This email has been received by just about every company who has had any dealings with Ratio Money .
    Make your own mind up about it




    To Whom It May Concern,

    I think you need to be aware of information obtained regarding Ratio Money Ltd. and their questionable business practices.

    Hundreds of complaints are being received by the Ministry of Justice regarding misleading services for their clients and clients of their introducers.

    Most worryingly it would appear that client's audit fees potentially amounting to hundreds of thousands of pounds may have been taken without providing the service and squandered on other things! Ratio's message of all cases are 'Lender Non-Compliant' is untrue and 1000s of cases have been sat in the office for months because they could not afford the audit fees as their account was £100,000s in arrears. Is this serious fraud?

    Ratio Money Ltd. is in a desparate financial situation, with just about all of its main introducers of business leaving them and some leaving the industry altogether because of the embarrassingly poor service some introducers cannot face clients they have had for years.

    Their audit solicitors have also ceased business with them as they are owed something like £200,000!!

    So it you are an introducer to Ratio and have been told over the last year that your clients cases are 'Lender Non-Compliant' this is lies so they can hold onto your clients money or even worse, spend it on debts they are mounting up.

    Michael La Vell (Kevin - Coronation Street) apparently invested £1/4 million pounds a couple of months ago and according to a very reliable source at the highest level only £30,000 or so was left in the account the day after!! The source is also extremely concerned as they know that a serious fraud on this scale could not only involve prosecution of the directors of the company but also the staff involved. The source is the reason you are able to receive this email along with every other litigation solicitors and every introducer of Ratio. Copies have also been forwarded to Kevin Rousell (Head of Claims Management Regulation M.O.J.), Claims Standards Council, Trading Standards, O.F.T., David Berkley Q.C., Solicitors Regulatory Authority and Allens Accountants.

    It appears to be common knowledge that Ratio have been "hawking round for sale" over 2000 claims to various solicitors for a price.

    The clients are still waiting for audits that have not been done! And Ratio is trying to sell them on!! Unbelievable!

    Rumour has it that Ratio's "Phoenix" company "Solace" (Debt Management) (whom Matthew Porteus is the main shareholder along with Steven Lidster), had to refrain Matthew Porteus from plundering clients money from Solace to pay debts for Ratio!!

    It is amazing also that David Berkley Q.C. is not running a mile from this company.
    The many staff and colleagues that have come and gone over the last 18 months is staggering and they do not deserve the blame or possible prosecution for the Directors diabolical mis-management.

    Oops :1crysad:

  6. #6
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    Re: Credit Issues Limited

    ok they may have upset some people, seems like it from that e-mail!! I have to speak as I find though...ratio have done a pretty good job for me. My solicitor has now issued proceedings against my bank and I have insurance so Im happy with them. Having said that my solicitor has really dragged his arse over the last 10 mths or so but thats his fault not ratios. As long as people do what they say for me the internal fighting in the credit industry doesnt really bother me that much.

  7. #7
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    Re: Credit Issues Limited

    Quote Originally Posted by AlisonSE1 View Post
    ok they may have upset some people, seems like it from that e-mail!! I have to speak as I find though...ratio have done a pretty good job for me. My solicitor has now issued proceedings against my bank and I have insurance so Im happy with them. Having said that my solicitor has really dragged his arse over the last 10 mths or so but thats his fault not ratios. As long as people do what they say for me the internal fighting in the credit industry doesnt really bother me that much.
    Like I said you are lucky that your case is being progressed but there are many people not as fortunate as you who are being let down by Ratio appointed solicitors who not only have sat on their arses for 12 months but have then said 'sorry we can't help you' and I disagree that its not Ratios problem.
    Ratio have appointed the solicitor they should ensure that the solicitor gives a proper service.

  8. #8
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    Re: Credit Issues Limited

    Quote Originally Posted by Bertie Magoo View Post
    Like I said you are lucky that your case is being progressed but there are many people not as fortunate as you who are being let down by Ratio appointed solicitors who not only have sat on their arses for 12 months but have then said 'sorry we can't help you' and I disagree that its not Ratios problem.
    Ratio have appointed the solicitor they should ensure that the solicitor gives a proper service.
    A claims firm directing the conduct of a firm of solicitors? Hardly likely. Im starting to get the feeling there are hidden agendas here against credit clear services and ratio money. Im ouuta here!!:rasta:

  9. #9
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    Nov 2009
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    Re: Credit Issues Limited

    Quote Originally Posted by AlisonSE1 View Post
    A claims firm directing the conduct of a firm of solicitors? Hardly likely. Im starting to get the feeling there are hidden agendas here against credit clear services and ratio money. Im ouuta here!!:rasta:
    No idea about CCS but Ratio have a lot of explaining to do I think your earlier statement about poor customer service is the understatement of all time.
    There are thousands of people who have paid 295 quid to have their claim taken forward and over 15 months later they have got precisely no where and many of them have just about paid off some loans etc by now so even if they win it will be to no avail.You may be happy with the service you have had but as far as I can tell you have not yet had a result either so don't speak too soon.
    I spoke today to a solicitor who had a case from Ratio since January this year and finally decided today that he could not deal with the case.
    If I had not asked him he would have not told me I would still be suitting here now thinking the case was being dealt with.
    His reason for not dealing with the case?He did not agree with the audit report that there was a prescribed term breach in it!
    He has had the report since January and its taken him 11 months to reach that conclusion and all this time I thought he was working on the case.
    This is typical of the sort of treatment Ratio appointed solicitors have experienced and its no wonder that hundreds of people have complained to the MoJ and SRA.
    Ratio have doled the claims out to any solicitor with a pulse and have even been hawking claima areound to the highest bidder.
    There is no hidden agenda Ratio are ripping people off end of.

  10. #10
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    Nov 2009
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    Re: Credit Issues Limited

    This thread originally started about Credit Issues and it seems they have some results to shout about.

    http://image.exct.net/lib/fef11d7270...+Documents.pdf

    Seems MBNA are on very shaky ground now

  11. #11
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    Nov 2009
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    Re: Credit Issues Limited

    Credit where credit is due to Credit Issues. Seems at long last at least some of the claims industry is getting its act together. Credit Clear Services to follow shortly perhaps???? This is evidence to me that the process works when executed competently. Im nearly there with ratio, come on CCS pull your finger out.

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