"Unenforceable credit card agreements – is it still possible to claim?"
There are many factors and complications to consider that could decide whether or not someone has signed unenforceable credit card agreements. The mis-conception is that claims management firms that dealt with claims for unenforceable credit cards were simply exploiting sections 77-79 of the consumer credit act. In its simplest form, the CMC's argued that if a creditor could not produce a valid credit card agreement then this instantly null and voided the contract according to this section of the act. However, the OFT has recently published clarification on this issue, clearly stating that just because a lender cannot produce a valid agreement within 12 days, this does not mean the debt is written off. The OFT even published its guidance twice, with the second version being a simple guide in plain English, just to clarify that if a lender can't produce a signed contract it doesn't mean a person has unenforceable credit cards or loans, and that the lender can pursue the debtor for money, add interest and charges and register a default with the credit reference agencies.
UK Money Solutions view on proceedings are that there's more to this type of claim than simple interpretation of sections 77-79 and that there are many other factors that could mean somebody has unenforceable credit card agreements and loan contracts. Factors include:
APR – was this calculated properly and set at the correct level? Was the correct APR rate advertised in the literature and contract? Was the client aware of the figures and fully understood the charges involved? Any breaches in these areas could potentially mean someone has unenforceable credit cards or loans. Secret Commissions – were fees charged that the client was unaware of? Were fees added in a non-transparent manner? Were any fees shoe-horned in after the client had already signed the contract? Again this could mean that the client is paying completely unenforceable credit card agreements. Other factors include – was everything signed properly? Was there any pressure selling? Is everything compliant with the consumer credit act? It's certainly a complicated area and therefore clients should contact UK Money Solutions FREE on 08000 748 059 for urgent assistance. We can't promise or guarantee that all your debts will be written off overnight, but we will certainly push for compensation if you've been unfairly treated or are unknowingly paying out on completely unenforceable credit cards and loans.
Questions and Answers
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A recent ruling has made it very clear that if a credit card company cannot supply an enforceable agreement, containing the terms required by the Consumer Credit Act 1974, the agreement is unenforceable. Further where secret profit is earned by the selling of PPI where not disclosure of commission is disclosed, this may also lead to the loan be written off, and the PPI reclaimed with interest.
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