Unenforceable Credit Agreements: Making You Debt Free

With the incidence of bankruptcy and personal debts on the rise, many a consumer or even small business owners are left feeling overwhelmed by their out of control credit debts. If you are in a such as situation, and are praying for a miracle that will make your credit debts disappear, well then, there is one just waiting to happen. Indeed, it is not divine intervention that is going to help you clear your debts for you. Instead it is the credit company itself! Perhaps you have heard about companies that promise to help you do just that, stating that most credit agreements are unenforceable. So how do you go about proving this?

For starters, it is the devious nature of most credit agreements that come to the rescue of unassuming customers, just like you and I. If you carefully peruse your credit contracts you will notice the mention of what is termed the Consumer Credit Act, which first came into effect in 1974 and was thereafter updated in 2006. This law provides regulations that define and lending policies including credit cards as well as personal and even unsecured loan, in an effort to make lending a mutually reasonable arrangement. This Act sets forward certain testing criteria to assess the credit agreement with regard to interest rates and redemption penalty clauses. Making the credit agreement open for scrutiny has brought to light that most such contracts do not follow the regulations set forth by the Act thus deeming them potentially unenforceable.

So is your credit agreement really unenforceable? While this sounds bizarre, it is essentially true. In fact, most credit agreements signed in the United Kingdom before April 2007 may not really conform to the Act and are therefore unenforceable. In fact, there are changes in the nature of the law which are responsible for making those agreements that have not been modified to take into account the newer policies unenforceable, and this is not merely a loophole.

It thus brings us back to the original question. Are there credit agreements that can be proved to be unenforceable? Yes! That is indeed accurate, factual and very feasible and could apply whether you have debt via unsecured loans or credit cards, or even PPI insurance which can be reclaimed as most were mis-sold to customers who often didn’t need them or we never eligible to claim in the first place!

There are companies who undertake this procedure on your behalf, and may ascertain if your agreement falls under the unenforceable category by submitting your agreement details via the Internet. This may then proceed to an investigation phase where reports are submitted based on an audit with your credit company. An initial fee for each credit agreement may be charged, depending on the levels of service required. If your credit agreement is proved to be unenforceable, a lengthy legal procedure is initiated, which may be over a period of months and then your debt can be disregarded completely. In the end, by establishing that your credit agreement is in fact unenforceable you can claim a debt write off and be free of your credit debt forever!

Unenforceable Credit Agreements? How do you Know If you Have Them?

Some very important straightforward information about unenforceable credit agreements. If you have any unenforceable credit agreements you could reclaim thousand of pounds!

1. There is a good chance that some of your loans or credit cards are unenforceable credit agreements and so cannot be enforced by your lender. Even your mortgage agreement could be unenforceable
2. More and more people every day are finding they have debts they don’t don’t have to pay back, as more and more unenforceable credit agreement claims prove to be successful
3. There is a right way and a wrong way to approach your lenders in order to establish if you have unenforceable credit agreements
4. Many new claims management companies have started up in business offering to approach the lenders on behalf of people just like you. They do two things: establish if you have unenforceable credit agreements; take care of all the complex paperwork if you do have a case to make a claim
5. However, some of these claims management companies deliver a better level of service than others – the industry is so new that the most reputable companies have not been identified yet – issues such as speed of service, responsiveness, cost and most importantly, success rate will determine the best companies to appoint as your agent
6. You have the power to choose which company you use, but it can be very confusing as there are so many of them.
7. Unenforceable agreement Comparison sites offer you FREE, unbiased information to guide you – suggestions as to what to look for and which questions you should ask your credit claims management company.

What Can YOU Claim For As Potential Unenforceable Agreements?

The type of lending that could be unenforceable credit agreements and are open to what might be called “Financial Claims Compensation” is shown below.
Credit Cards
Car Finance Loans
Secured and unsecured loans
Store Cards
Payment Protection Insurance (PPI)
Mortgages

It should be pointed out that this is NOT the same as any of the following: debt management, an IVA or bankruptcy. Your credit finance agreements are audited to see if they comply with the 1974 Consumer Credit Act. There are a number of reasons why they might not comply and therefore qualify as unenforceable credit agreements. It is a little bit like the idea of mis-sold endowments, which hit the headlines a few years ago, but there is more to it than just mis-selling. Your credit cards and loans could be completely written off!

Financial Agreement Claims – Help for Families During the Credit Crunch.

Are you feeling the pinch during the credit crunch? Help may be at hand in the form of a new finance claim. This new and fast growing financial claims allows customers to audit any finance agreement taken out since April 2007 to assess whether it has issues which could make it unenforceable. All agreement must follow the rules laid down in the 1974 Consumer Credit Act. Many agreements fail to do this. This means you may be able to wipe out your credit card and loan balances. It doesn’t matter if you are in arrears or following a debt management plan or IVA. You can still claim.

The types of agreements which are potentially unenforceable are;-

* credit card agreements
* store card agreements
* car finance agreements
* hire purchase agreements
* unsecured loans
* consolidation loans

You need to find a reputable financial claims management company to act on your behalf. How do you find one from the ever increasing number? And what do you look for?

Up front fees

This is a sore point for some people who wonder why ‘upfront fees’ are charged at all. The vast majority of financial claims managers charge fees in order to carry out a full and detailed audit. These range from around £195 to £495. Basically this is to look at your agreement in detail and assess it for breaches. There is a great deal of work involved. The process takes up to a year at the moment. The rational behind this is that the companies need some form of liquidity as every business does. The fees are refunded if your agreement is found not to be unenforceable. Some companies take a small administration fee.

Call 0845 475 5435 for a FREE audit with NO back end fees at all!

Auditing – Don’t be mislead

Your agreement must be obtained from your lender before you have a definitive answer as to whether you have an unenforceable contract or not and this will cost you £10 usually. Some companies offer this free and some request £1.00 which is the minimum fee stipulated under the data protection act. It is only after a full audit that you will know if you have a claim or not. Some companies mislead clients by saying they offer a free audit when in reality they ask the same preliminary telephone questions that all companies ask to establish if it is worth considering a full audit or not. For example was the agreement taken out prior to April 2007? What is the balance? Different companies claim for different balance amounts. Who is the lender? Some have more of a reputation for writing unenforceable agreements than others. This is not a full audit. As far as I know there is no company out there yet which offers a solicitors audit – free.

Successful Claims

The majority of companies have been in business for over a year now. Some will be ‘introducers’ for other main companies. They should be able to tell you how many successful claims they have achieved and the length of time it took to achieve the results.

Back end fees

Some companies charge fees at the completion stage of your claim. Be sure to ask if this is the case for you. Some charge 30% while some charge a fix amount of £1000. Most companies don’t charge any fees.

Other fee structures

I have come across some peculiar fee structure whereby some companies offer to handle your claim for you paying them six months credit card repayments. Others offer to take over your debt for you and leave you debt free in six weeks. I would not take these seriously. There are plenty of straightforward ways to clear your cards for a reasonable fee, no misleading promises of a free audit and certainly no back end fees.

Time scales

The process is a long one relying on the co-operation of your lender which of course is not likely to be forthcoming. The legal to and fro-ing will take up to a year. There is no way to avoid this so claims of speedy conclusions, at the moment, are false. The lenders use all sorts of tactics to delay matter for example refusing to send the copy of the agreement to your claims manager but only dealing with you and completely ignoring the requests made by your solicitor.

Credit Card Crisis! How many cards do YOU have? Write Them Off!

How many credit cards are too many? Remember when you got your first credit card? There was probably a feeling of excitement or appreciation for the fact that this little piece of plastic somehow meant that you were maturing into the responsible adult you always thought you’d be.

Then came the next one and the next one after that. Eventually, after you got a decent job and starting accumulating bills and other loans, you began to get more than a few credit cards in the mail every month. Many of those said you were preapproved and all you had to do was call a phone number and you’d have yet another credit card in no time. That’s where the problem started. Most people have at least three or four credit cards. In some cases, people have accumulated more than nine or ten credit cards. It comes to the point where you have to ask yourself ‘how many credit cards do I really need?’ To speak the truth, all those easily attained credit cards were just a trap trying to get you to spend money on them so that yet another company would be able to hold you accountable for an unpaid debt.

And if you’re one of those people who just kept spending money on all the credit cards you had, you’re probably feeling the tight squeeze of owing so much money to so many different credit card companies. This is where it stops. Realistically, a person doesn’t need that many credit cards. One good method of maintaining a good financial record is to limit the number of credit cards you have. You should have one main card that you use. This card should be the one with the lowest interest rate, and the one that gives you the most benefits in terms of reward plans and credit limit. Every 12 months or so, you can request an increase in your credit limit. If you are a good customer then they will likely grant that request.

It is a good idea to have another credit card with a reasonable interest rate and relatively high credit limit as well. But this should be a card that is rarely used (a good tip is to only have one or two minimal charges on this card simply to keep it active and open) and is mainly kept as a means of a “back-up” plan should you need a larger amount of money for an emergency or an unexpected and necessary purchase. It’s up to you whether or not you would have a third one, but if you do, stick with the same plan you have for the second card and do not use it often. There is absolutely no need to keep acquiring credit cards and piling up a large list of debts owed.

Consolidate on one card and keep another as a “just in case” credit card. Any additional credit cards will only give you headaches and leave you with empty pockets.

If you have credit agreements taken out before April 2007 there is a new unenforceable credit agreement claim which is becoming more and more known about here in the UK. It is possible to have your credit finance agreements –agreements such as credit cards, store cards, secured and unsecured loans, car finance agreements, and those with payment protection insurance ( PPI) ‘audited’. They may not comply with the terms of the 1974 Consumer Credit Act and if they do not they are unenforceable credit agreements. This means you can claim to have them written off. That is the balance completely cleared. For NO FEES at ALL a solicitor with handle your claim. This is on a no-win-no-fee basis so it is risk free. Many people like me, have found this to be the perfect solution to their debt problems.

Call 0845 475 5435 NOW to make a claim.

The extent UK Credit Card usage

UK Credit Crunch

It was announced at the beginning of 2009, that Capital One, one of the UK’s largest credit card providers, will be increasing credit card rates by 14 per cent. The company justified the rate hike in a notice to clients claiming that it’s costing them more money to lend funds due to “changes in the credit environment.” There is certainly a change in the economy that is affecting Brits across the nation. This is a fact that’s difficult to dispute. The changes are hitting households in a variety of ways. British consumers that have found themselves in financial trouble with credit debt are being offered a lifeline. The UK government has recently intervened on their behalf with some new directives. They have outlined new regulations that give credit cardholders a 30 day grace period to consult with the Citizens Advice Bureau in reference to their money woes. There is an additional 30 day period in which payment demands will remain on hold while consumers attempt to work out repayment plans with creditors.

The Citizens Advice Bureau is a charity organization that helps people resolve legal and money problems by providing free, independent and confidential counseling. The organization has over 3,200 locations throughout the UK. The group also works to influence policymakers concerning consumer issues, debt problems, and other areas of public concern. The government is also forbidding credit card companies from changing their interest rates during the first 12 months of a new customer’s business.

This protection has been enacted due to complaints surrounding major increases in interest rates only weeks or months after accepting a promotional offer by a credit card company. This is good news for most credit card consumers. There will probably be far fewer lower introductory offers with rock-bottom interest rates extended to prospective new customers as a result however. There are signs that we Brits are starting to take notice of the seriousness of the current credit crunch.

Research by Abbey credit cards show that more than 50 per cent of those in the UK have cut back on dining out at restaurants and pubs. The survey also reflects a reduction in British carry out trends as well. Many are opting to cook meals at home in an effort to cut back on living costs. Most credit counsellors agree that charging restaurant meals is not a good financial practice so this is an encouraging trend. According to an Abbey Banking study in October 2008, disposable income has decreased 29 percent compared to two years ago. The study indicated that most Brits are spending about 75 per cent of their cash on “essential” items such as rent or a mortgage, food, and other household bills. Two thirds of UK citizens typically are out of money before payday according to the report.

These are disturbing statistics but are a true reflection of many individuals’ financial situation. This report makes it clear that individuals need to improve in the areas of budgeting and planning. There are many changes occurring in the present economy. UK citizens are feeling the pressures of the credit crunch along with many other countries throughout the world. There is an amount of hope on the horizon, however, as we Brits adjust our attitudes and the government reaches out to consumers with new regulations.

How You Can Write Off Your Credit Card and Loan Debts

Are you being crushed by the credit crunch? Having difficulty with your finances. I know how it feels! I have been there. Sleepless nights and that churning feeling inside. But don’t panic. Financial help is now at hand in the form of a NEW financial claim which is set to explode in the UK! You can write off your credit card and loan debt.

It is not a scam as some people may think. The banks been expecting this for many years which is why some lenders have set aside a large amount of funds to pay for all of this. Don’t worry about the banks though. As we have all seen in the media lately the banks are not short of funds because they make 9 Billion pounds a year in interest from credit card holder. But they cannot it appears, adhere to the law in the manner in which they draw up the finance agreements we sign. The law which was designed to protect us the consumer.

So how is it possible to write off the balances on your credit cards and loans you may be asking?

It is now thought that many credit finance agreements such as those for credit cards, store cards and cars are legally flawed and so invalid and unenforceable! Some lenders have been taken to court and been forced to write off the debts and in some cases been made to pay compensation. These debts can be legally written off by carefully examining or auditing the credit agreements to establish if it complies with the Consumer Credit Act of 1974 . If it doesn’t then you will be able to make a claim through your solicitor to write off the debt. It is not a debt management programme, IVA or bankruptcy. These programmes can be costly and the consequences can stay with your for years to come.

So what is the process?

It is simple and easy and will cost you NOTHING! It is totally free. Firstly, with your signed permission your solicitor will request your credit agreement from your lender. Secondly, the agreement will be carefully audited for breeches in the terms and conditions of the consumer credit act. Thirdly, if breeches are found which is usualy the case, the solicitor writes to your lenders and states your claim to write off the credit card debt on your behalf. All this is carried out on a no win no fee basis and you don’t have to pay ANY back end fees and you keep all your compensation if awarded. . If you have taken out any finance agreements prior to April 2007

Clear Your Credit Card and Loan Debts- Legally!

Are you worried about being able to pay your monthly credit card, store card and loan bills? Losing sleep worrying about how you will ever be able to clear your credit card balances?

Imagine if you could clear your credit card debts. Imagine being debt free? Imagine never having to make another credit card or loan repayment? Well you don’t have to imaging any more! Financial help is now at hand in the form of a NEW financial claim which is set to sweep across the UK! You can legally clear your credit card and loan debt.

It is not a scam as some people may think. The banks have seen it coming for many years which is why some lenders have set aside a large amount of funds to pay for all of this. Don’t worry about the banks though. As we have all seen in the media lately the banks are not short of funds. They can afford to pay their Directors well for the services they have provided. But they cannot it appears adhere to the law in the manner in which they draw up the finance agreements we sign. The law which was designed to protect us the consumer.

Did you know that many of finance agreements taken out before April 2007 are unenforceable! Its true. Most of them DO NOT comply with the terms and conditions of the 1974 Consumer Credit Act. And this makes them invalid and unenforceable and you can apply to the court to clear them. Now you can find out if your credit agreements are unenforceable by having them audited by a solicitor. If any breaches are found your solicitor will deal with your claim on a no win no fee basis and you will be able to clear your credit card and loan balances.

It is not debt management, IVA or Bankruptcy but a perfectly legal process whereby you are able to challenge the validity of the agreement you made with your lenders. It is a straightforward process carried out on a no win no fee basis. How is this possible you may be asking? There have been many successes to date. The most famous being that of Mr and Mrs Rankine who appeared on the BBC Panorama programme recently. Your solicitor asks your lender for a copy of your credit agreement. Then it is audited to see it complies with the 1974 Consumer Credit Act. If breaches are found your credit agreement may be unenforceable and you can apply to clear the balance. Your solicitor writes to your lender on your behalf saving you time and stress of having to do this yourself. The process takes about nine months to one year depending on how quickly your lenders reply to the requests for your account document made by your solicitor. There are thousands of people who are having problems with debt and a company who can help you to write off your debts is surely a great thing.

Helping you to Choose

Some Very Important Straightforward Information

1. There is a good chance some of your loan or credit card or even your mortgage agreement cannot be enforced by your lender
2. More and more people are finding they don’t have to pay back their debts, because they are unenforceable.
3. There is a right way and a wrong way to approach your lenders in order to make your loans unenforceable
4. Many new companies have started up in business offering to approach the lenders on behalf of people just like you
5. Some of these companies deliver a better service than others
6. You have the power to choose which company you use, but it can be very confusing as there are so many of them
7. ClaimsCompare.co.uk offers FREE, unbiased guidance on what to look for and which questions you should ask your Credit Finance Company before you claim.

1974 Consumer Credit Act

It has been discovered that many finance and credit agreements signed before April 2007 breach the terms and conditions of the 1974 Consumer Credit Act. It is possible to have any agreement you have ‘audited’ by a solicitor to check the contract to see if it complies with the 1974 Act. If is does not, it is unenforceable and you can apply to your lender to wipe out the whole balance.

Because of the manner in which the banks and lenders solicitors drew up the finance agreements we signed, I.e ignoring the law as laid down by the Consumer Credit Act 1974, it is possible to take your lenders to court and apply to wipe out the entire balance. The fact is that the banks and lenders did not adhere to the very strict and complex terms which were required to be written into the contract by the 1974 Act. This law was designed to protect us, the consumer from the whims of the lenders with regard to interest rates rises etc. It has been found that many of credit finance agreements are not valid contracts because they don’t comply with the very strict terms and conditions of the act and this actually makes them unenforceable contracts which is why you can apply for a wipe out of the debt.