Credit Agreement

27/06/2009 by Debt Clear Solutions Ltd.

What is a Credit Agreement? 

A credit agreement is the contract between you and the lender that issued you with your credit card or loan. Typically, you should have signed this original credit agreement, as should the lender, prior to being issued the credit card or loan. The lender then keeps a record of this credit agreement, and you should also be issued a true and legible copy.

Any credit agreement signed prior to 6th April, 2007 is governed by the Consumer Credit Act (CCA) of 1974. This Act requires that each credit agreement should contain a number of prescribed terms. These must comply with the CCA and be adhered to by both the lender and the borrower.

If a credit agreement does not contain these prescribed terms, then the credit agreement may be deemed unenforceable, meaning the lender cannot force the borrower to pay back the loan. Although the lender can apply to the courts for an enforcement order, there are, however, certain circumstances in which the courts do not have the power or jurisdiction to enforce the credit agreement. This means the credit agreement remains unenforceable and the lender is unable to recover the outstanding balance of the credit card or loan from the borrower. Consequently, the outstanding debt is written off.

“So, is it really possible to write off your credit cards and loans due to an unenforceable credit agreement?

Yes. It is possible to clear the outstanding balance on your credit cards and loans, should the credit agreement that you signed when you took out the loan not comply with the Consumer Credit Act of 1974. If this is proven to be the case, then the credit agreement would be rendered unenforceable, meaning the lender cannot enforce the debt – in other words, your credit card and loan debt can be written off.”

To determine if you have an unenforceable credit agreement, it is necessary to have the credit agreement obtained and reviewed by an experienced and regulated financial claims management company. In addition, you may also be entitled to compensation as you may have incurred unfair charges by your lender for late payments, or exceeding your credit limit. You may also be eligible for compensation if you had been Mis-sold Payment Protection Insurance when taking out your credit card or loan. So, not only may it be possible to write off your credit card debts by legally clearing the outstanding balances of your credit cards and loans due to the unenforceability of the your credit agreement, but also receive additional compensation for unfair charges.

To find out if you have a claim due to the credit agreement being unenforceable, visit www.DebtClearSolutions.com where we will be happy to assess your current debt issues, and identify how we can assist you in resolving these concerns as swiftly as possible.

Our goal is to provide a professional credit agreement claim service that ultimately clears your credit card debt.

To see if you may have a credit card claim take our 60 second test at:

or call us for a free consultation on:

0207 544 1093

Debt Clear Solutions is a Financial Claims Company authorised and regulated by the Ministry of Justice in respect of regulated claims management activities, (Authorisation No: CRM15623).

Debt Clear Solutions Limited. International House, 223 Regent Street, London W1B 2QD.
Registered in England as a Limited Company Registration No. 06610207

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