Could your Loan or Credit Card be unenforceable?
Loans and Credit Agreements that do not comply with the Consumer Credit Act of 1974 may be unenforceable!
This means that you may be not liable to pay the loan back! If the loan is not compliant then the bank is unable to profit from the loan and as a result has to deem it unenforceable. You may even receive mis-sold PPI insurance back from the lender if this was applied unlawfully.
Loans included in this category include:
• Secured Loans
• Credit-Cards
• Unsecured Loans
• Car Finance
• Hire Purchase
The general areas of Law that make a Loan or Credit Agreement unenforceable include the following:
- Non provision of prescribed terms - your lender has not provided you with all the information they were required to provide you with under the terms of The Consumer Credit Act 1974 and the Banking Code
- Inappropriate Execution of Agreement - Your Lender did not include in your loan agreement the content to allow correct execution of the agreement as defined by the Consumer Credit Act 1974
- Miscalculation of Annual Percentage Rates (APR's) - Your lender did not use the specific method or failed to include certain costs when calculating your loans APR as required by the Consumer Credit Act 1974 and the Banking Code
- Non Disclosure of commissions and fees - Your lender did not disclose to you all of the commissions and fees they paid or received in connection with your loan as they are required under the Consumer Credit Act 2006 and the Financial Services and Markets Act 2000.
- Mis-selling of Ancillary Products - Your lender included an ancillary product such as Indemnity or insurance with your loan and did not follow the requirement s of the Financial Services and Markets Act.
How do I go about claiming for an Unenforcable Loan or Credit Agreement?
Go to our Apply Online page and fill the form in and we will call you back, alternatively call us on the number above and speak to one of our experienced, friendly and helpful team. We will send you a form out to fill in and send back, from then on we look after the whole process to keep things as simple as possible.
How much will it cost me?
We carry out a free no obligation review where we will asses if there are any areas we can take action in, then we charge a fee of £295 to process your first claim and £125 for any claim thereafter, however should we decide that there is no claim we will issue a full refund. If your claim is successful and then we also charge you 25% of the amount of financial benefit you receive. The point of how we operate is that you are never worse of as your current situation and our only intention is to put you in a better financial position.