24th Apr 2009
Unenforceable Credit Agreements Clear Debts Forever
Over the last 6 months in the UK the financial crisis has worsened and a different breed of debt related company has started to concern loan/credit card companies .
Lets go back to 1974 when a Consumer Credit Act was drawn up, and within which was outlined a number of practices} that Credit Card and Loan companies had to undertake when dealing with the people takin on the credit card or loan. These practices covered aspects such as Interest rates, cooling off periods, monthly payments etc. Basically these terms and conditions were compulsory in order to make the agreement valid, even if it was to be in small print. Plus the applicant had to acknowledge these T&C’s by signing the agreement too.
A large amount of credit and loan companies did not follow the specific guidelines which now means there are 1,000’s of potential ‘Unenforceable Credit Agreements‘ or UCA.
What this means to person who took out a loan or got a credit card is that if they took out a loan or credit agreement before a specific date then they could ‘legally’ challenge the ‘validity’ of that initial agreement, and in a large amount of cases can either have the debt wiped clear or substantially reduced.
In the light of this ‘blunder’ there are now loads of companies who will help applicants get their original credit contracts checked for UCA and in the process make themselves a lot of money. Nothing wrong with people wanting to know if they have Unenforceable Credit Agreements that as the applicant will in some cases be able to save ten thousand pounds plus, in credit or loan debts which they could then spend elsewhere.
Most of these companies will charge an initial ‘investigation’ fee just to look at the applicant agreement to see if it’s if it meets the UCA validation criteria and others will be work on the basis of not getting any payment if they don’t win your case. These companies for now have the full backing of the law after a few test cases in the courts but for now the so called ‘greedy’ loan and credit organisations are being bombarded with 1,000’s of demands for copies of applicant credit agreements as more and more desperate people are trying to have their debts cleared forever.
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