What Is An Unenforceable Agreement? How You Can Improve Your Credit Score Here ph
What is an unenforceable agreement?
Sometimes referred to as an unenforceable, unfair, or flawed credit agreement, your credit card, store card or mortgage 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, loan or mortgage 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 solicitors and Barrister it transpires that some of these lenders failed to apply the guidelines outlined by the Act when effecting or finalising certain credit agreements. This resulted in solicitors being in a potential position to challenge the agreement on your behalf, in search of a substantial reduction in the balance outstanding or even enable you to walk away from the debt altogether. 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. Solicitors will fully assess your credit agreement, 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 they look for, they will report back to you 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. Normally, a personal case owner will keep in touch as well as your local Appointed Representative who assisted you with the application. It is important that you fully understand the service provided and the processes solicitors follow to ensure the right result for you on each of your card or loan agreements. Please take a moment to visit What is an unenforceable mortgage agreement? and take the two minute test to see if you qualify.
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Published on Oct 17, 2012