Here's just some of what the media are saying;
'The bill gives us the once-in-a-generation opportunity to prevent more people becoming trapped in grossly unfair credit deals'
'A couple who feared losing their home after a loan of less than £6,000 spiralled to more than £380,000 expressed their relief last night after the court of appeal ruled the debt should be wiped out... They said the loan agreement was unenforceable under the Consumer Credit Act.'
'...certain technical breaches of the Consumer Credit Act can lead to an agreement being irredeemably unenforceable.'
What Is An Unenforceable Credit Agreement?
An unenforceable credit agreement is basically any credit agreement that cannot legally be enforced in the United Kingdom. The Consumer Credit Act of 1974 states that the terms of a credit agreement must be stated in the agreement contract.
Unbeknownst to most people in the UK, most of the banks and other financial institutions get their customer to sign contracts that do not follow the terms as stated in this act.
These agreements can therefore be declared as unenforceable credit agreements. If you can prove that you have been effected by one of the unenforceable credit agreements, you may be able to cancel any loan and write off any debts that you may have with your creditors.
As stated in the Consumer Credit Act of 1974, the terms and conditions of any loan must be clearly written and stated in the contracts and this is not something that credit card companies and other financial institutions have been doing.
Many financial institutions of all types have avoided clearly stating terms and conditions in their contracts in the past. If you have any type of financial loan that was taken out before April of 2007, there is a good chance that you can cancel the loan and have it completely written off.
Of course, there are some requirements that must be met before the loan can be deemed unenforceable. You will want to closely review your agreement and will want to look for the following information, as it must be stated to be legally binding:-
If your loan agreements are lacking any of this information or if you have not signed the agreement, the loan may be unenforceable.
If you do not have a copy of the agreement, you will need to write a request to the financial institution that you have the loan with and ask them to send you a true copy of the loan agreement that was signed with them. The financial institution will have twelve days to send you a copy of the agreement, but it must be a true copy.
If they do not comply within this amount of time, you will want to report them to the Trading Standards in their area. However, even if you think your loan will be eligible for cancellation, you will not want to stop paying on the loan right away. Do not stop making payments until a claim company has declared the agreement unenforceable.
You can quickly and easily check if you have an unenforceable credit agreement by completing our short form on the right now. There's no obligation and all you've got to lose is your debt. Complete the form now.
More loan agreement information
Make your claim today, before your lenders change their terms; and it may be too late for you to claim. It is your right in law to check your credit agreement! Complete the enquiry form above now.
