Welcome to the Unenforceable
Credit Agreements web site. By now a lot of people have discovered
that if they have credit card or loan agreements which were taken out
prior to 6th April 2007 they will be unenforceable
if they do not contain certain details which are now mandatory. Unenforceable
credit agreements exist if these agreements lack such details, known
as the 'prescribed terms'.
You will then be
in a position of knowing with certainty that your lenders cannot enforce
collection of the remaining debt, even by a court. With unenforceable
credit agreements you cannot be legally compelled to pay the outstanding
balance. Many thousands of people in the UK are now in this happy position.
This applies
to any of the following types of credit agreement (not just credit cards):
Secured and Unsecured
Loans
Store Cards
Car Loans/Car Finance Agreements
Unenforceable
Credit Card Agreements: Minimum criteria:
1 You must intend to write off any UK credit card debt
or UK loan debt and be a UK resident;
2 Have at least one credit card, store card or loan with a debt of over
£2,500;
3 The credit card or loan taken out before 6th April 2007.
We can also help
you reclaim all your credit card charges for the last 6 years; by law
they must pay all this money back to you, with interest
at 8%. But you have to ask them first.
Similarly, we can
reclaim any PPI (payment protection insurance) back for you if this
insurance was missold with any loan.
The
service we use does not charge £295 or more (like
many others who have since been chased off the streets by the Office
of Fair Trading and similar bodies); in fact it doesn't charge any upfront
fees at all, so you have nothing to lose by applying.
If you have at least
one balance with over £2,500 we will look at your account to see
if it is unenforceable. Multiple accounts are welcome. Complete the
short form below and you'll be called back. (UK residents only):
We respect your
privacy and will not pass your details on to third parties without your
consent.
Unenforceable
Credit Agreements is registered and regulated under the Data
Protection Act. Reg. No. Z1620707 and licenced by the Office of Fair
Trading. Consumer Credit Licence No. 633327.
Establishing that
your account is an unenforceable credit agreement means that the debt
cannot be collected; it will not make the debt disappear,
only your requirement to pay it. It will probably remain on your credit
file for 6 years, unless the debt itself is proven to be in error or
a factual mistake. You should avoid companies who tell you that they
will make the debt disappear, because that is not what happens! The
only thing that is removed is your obligation to pay the debt, because
by definition unenforceable credit agreements cannot be enforced by
law.
The debt does not
disappear. Don't listen to anyone who tries to tell you that it does.
You just don't have to pay it, that's all. And think of what a difference
that would make to your household budget every month!
To write off credit
card debt may mean one of two things, in colloquial terms. It may mean
taking out an IVA and writing off up to 65% or more of your total unsecured
debt. Or it may mean taking steps to find out if the debt is unenforceable
in which case you won't have to pay any of it back at all.
Unenforceable
Credit Card Agreements and Debt: How does it work?
The Consumer Credit
Act of 1974 allows borrowers to challenge unfair and unenforceable credit
agreements. Credit Agreements up to £25,000 and issued before
6th April 2007 must comply with the terms of the Act. Many UK banks
and lenders have not followed their legal obligations under the Act
over the years. This means that your credit card agreements (and other
types of loan agreements) may be legally unenforceable. Unenforceable
credit agreements take many forms and are mostly applied to unenforceable
credit card agreements, although other unenforceable credit contracts
exist for loans, unenforceable car finance agreements, store cards and
certain other types of finance.
Recently, a high
percentage of those agreements that have been challenged have been found
to be unfair and unenforceable. The result is that the debt cannot be
collected. Establishing that you have unenforceable credit agreements
will not make the debt disappear. It will probably remain on your credit
file for 6 years, unless the debt itself is proven to be in error or
a factual mistake. Only then can the debt be eliminated from your credit
file.
Please note that,
under normal circumstances, hire purchase contracts are not normally
associated with unenforceable credit agreements.
We take details
of your debts and our specialist legal team challenge the agreements
with the lenders. They obtain documentation on your behalf and then
verify the legality of the contract. Our legal team will then, via specific
correspondence, prove that your agreement is not valid. As such it is
deemed to be an unenforceable credit agreement. In some cases we may
be able to get the item removed from your credit file.
Unenforceable Credit
Agreements and Associated Services
Many people who
are interested in finding out about whether they have unenforceable
credit agreements also took time to find out how they can claim back
all the money they have been charged on their credit cards and also
on paying into insurance plans which were mis-sold to them when they
took out other loans or financial products. In the latter case, the
mis-sold payment protection insurance was found to be unnecessary as
their payments were already covered by existing consumer laws or other
statutes. You can noe claim back all that money, sometimes running into
thousands of pounds, by clicking here or ask the advisor after you arrange
for a call-back.
In the case of credit
card charges, they were found to be unjustifiably high. The newly convened
UK Supreme Court, in a surprise decision, ruled that such charges on
bank current accounts could not be claimed back (a decision which many
found disappointing). But the same is not true of credit card charges.
That means that you can claim back all of the charges on your credit
card, plus interest at 8%, going back as far as six years from the date
of your complaint. You can reclaim credit card charges by asking the
advisor when he or she phones you back.
It is interesting
how much the combined actions of unenforceable credit agreements, claims
for wrongly sold insurance policies and refunds for illegal credit card
charges can bring a smile to peoples' faces!
Unenforceable
Credit Agreements: An IVA Is A Different Instrument But CAN Be Used
Please note that
the main subject of this website is that of unenforceable credit agreements
and not debt management plan or IVAs, where the debt
is written off over 5 years.
However, we can
put you in touch with IVA and debt management specialists, if that should
be suitable to your own circumstances. Arrange a callback and peak to
the advisor about this.
Unenforceable credit
card agreements before April 2007
Unenforceable car finance agreements.