Unfair Credit Agreements

 

It is important to us that you fully understand the service we can provide and the processes that we follow to ensure the right result for you. Debt Solutions 4U has seen an increase in interest for the following service so we have joined a reputable company that Debt Solutions 4U can refer you to, with no charge to you from Debt Solutions 4U.   

 

What Is An Unenforceable Agreement?

 

Sometimes referred to as an unenforceable, unfair, or flawed credit agreement, your credit card, store card or personal loan agreement will probably be regulated by the Consumer Credit Act (“the Act”). The Act was recently modified, some of which came into force in April of 2007. So if you have a card or loan agreement taken out before the 6th April 2007 you may have a claim.

The Act outlines strict rules to which card and loan providers (lenders) must adhere to which gives the customer rights when entering into a new card or loan agreement.

After careful and detailed research by Credit Issues, its lawyers and Barrister it transpires that some of these lenders failed to apply the guidelines outlined by the Act when effecting or finalizing certain credit agreements.

 

Is My Agreement Unenforceable?        

                               

There are some initial easy questions to ask: firstly did you sign the agreement for your card or loan before 6th April 2007? Secondly do you have an outstanding balance? If you have answered yes to those first two questions then you are on your way to a possible claim. Some claims management companies may give the impression that you are guaranteed a claim and that you can have all the payments you have ever made back. Well, the reality is that things are a little more complex than that.

Your credit agreement is fully assessed, searching for areas where the lender may not have adhered to the regulations laid out by the 'Act'. Your agreement may be unfair or unenforceable on one or more of up to 30 different points, you will be kept updated once this assessment has been carried out.

A case can take from 6 – 9 months to complete and during this time you will be fully informed every step of the way.

 

What Can I Claim On?

Money back, reduced, or even written off on any Credit Agreement not in line with the Consumer Credit Act of 1974, for example, it does not illustrate the full amount of interest payable or cash price we may well be able to reduce or have the total amount owed written off.

Common examples of credit agreements include:

Ø  Credit Cards

Ø  Retails Finance Agreement (Electrical, Home Furnishing etc)

Ø  Car Loans

Ø  Secured Loans

Ø  Unsecured Loans

Ø  Store Cards

Ø  In effect any Finance Agreement You Have....

Ø  Get the loan massively reduced or written off

What does it cost?

Before we discuss the application fees it is important to let you know that the company we deal with in regards to unfair credit agreements have a refund policy. Upon receipt of your application should they feel that your case may not be successful they will refund 100% of the application fee less a £50 administration fee.

Your application can consist of as many loans and card agreements as you wish to put in, some clients may put all agreements in at once, others choose to stagger the application process.

After they receive your application you have a 15 day cooling off period where you may cancel your application and receive a full refund of any fees paid.

• 1st Agreement - £450
• 2nd and subsequent Agreements - £150
• Completion Fee - £1,000max. 

Let’s look at that in a real case example for a client that has 2 credit cards and 1 loan, a total of 3 Agreements:

• 1st Agreement - £450
• 2nd Agreement - £150
• 3rd Agreement - £150
• Total Fees with Application - £750

When is the Completion Fee of £1,000 payable? Once we have confirmed that one of the 3 agreements has been successful in accordance with our current policy the conditional time charge of £1,500 becomes payable. The charge is only payable once.

 

 

Have a look at a typical debt management applicant and an example debt plan

Visit our Debt management example page >>

 

Have a look the debt management plan process

Visit our Debt management process >>

 

Feel free to call us on 0191 454 0226 for a confidential discussion or send us a quick email.