Unenforceable Credit Agreements Clear Debts Forever
Over the last financial quarter in the UK the financial crisis has worsened and a totally different type 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 an agreement between the lender and the applicant} that Credit Card and Loan companies had to undertake when dealing with the applicant. 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 sign the application which had these T&C’s.
However, in the case of a lot of credit and loan companies they did not follow the credit agreement guidelines and as a result they have left themselves open to having what’s known as ‘Unenforceable Credit Agreements‘ or UCA.
What this means to the applicant is that if they did so before a specific date then they could ‘legally’ challenge the ‘validity’ of that initial agreement, and in lots of cases can either have the debt wiped clear or substantially reduced.
In the light of this ‘blunder’ there are now a deluge of credit related organisations who will help applicants get their Credit Agreement contracts nulled and in the process make a lot of people previously deep in debt very happy. 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 Unenforceable while 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’ credit card companies are being bombarded with 1,000’s of demands for copies of original credit or loan documents as more and more people deep in debt are trying to have all their debts totalled wiped clean.
