 Introducer Agents for Grass Roots (Financial) Email: info@debtcomp.co.uk Most people in the UK now have some form of credit debt – credit card, mortgage, loans of one sort or another. The 1974 Consumer Credit Act was put in place to protect the consumer (the borrower) and outlines a strict set of procedures, rules and regulations that must be followed by lenders in drawing up all forms of credit agreements.
Changes to the Act in April 2007 were made to tighten up these procedures and offer the consumer further protection. However, prior to this date it is now becoming increasingly apparent that many credit agreements were flawed or invalid in some part and did not comply with the 1974 CCA. In law, such agreements can therefore be deemed unenforceable in which case the debt can be totally written off. Furthermore, it may also be possible for the borrower to gain some compensation for interest paid to the lender throughout the span of the agreement, and this can also apply to debts that have already been fully paid off. This is not simply a case of “mis-selling” on the part of the lender, although it could be a factor. Nor is the fact that you signed an agreement of issue. It is the sole responsibility of the lender to provide a legal agreement which follows the guidelines of the Credit Act in its entirety and outlines clearly your terms and conditions. Where the letter of the law in place at the time has not been followed by the lender, the contract can be deemed illegal and the debt therefore unenforceable in law. Under sections 77-79 of the Act, lenders must supply a “true copy” of the original signed agreement within 12 days of request. And as is demonstrated by the growing number of successful claims, lenders are not able to fudge the issue with excuses of missing documents, new contracts, re-drafts, etc. If you have entered into any credit agreement with a lender (particularly the major companies) before April 2007, then there is a high possibility the debt will be unenforceable because many lenders have failed to meet their obligations. The types of agreements covered are: Mortgages / Re-Mortgages Secured Loans / Unsecured Personal Loans Car Finance Payment Protection Insurance (PPI) Loans Leading to House Repossession (or threat of) In recent years a number of people have challenged lenders to write-off their credit debts as unenforceable, which has forced the finance companies to make a stand against individuals, in court if necessary. The likelihood of success when going it alone is therefore very small and carries the risk of huge legal costs. A safer and more reliable option is therefore to place yourself in the hands of a specialist company, and their legal team, to proceed on your behalf. We represent one such company who are rapidly developing a reputation as pioneers in the field, having now successfully contested and won numerous cases brought against lenders, on a No-Win-No-Fee-basis.
You may be wondering if any of this can apply to you. Well, if you have taken out ANY credit agreement before 6th April 2007, it is highly likely you will have a claim worth pursuing. This will be of particular benefit if you are struggling for whatever reason to meet your payments or, for example, tend to have your credit card(s) run to the limit. There is no limit to how many claims you can make - loans, mortgages, credit cards, etc. - so long as each meets the above requirement. It is totally free to take the initial step to find out if you may have a viable claim, and you will have an answer typically within 24 hours. Please let us put you in touch with one of our Advisors by completing the form below. They will explain the initial procedure, which is actually very simple and straight forward requiring the minimum of details from you, and run through the follow-up procedure should your claim be initially flagged as “proceed”. Following this there is a small administration fee per claim to set the process into motion to its conclusion.  Attention |