Credit Agreement Advice

Where to get Credit Agreement Advice.

When you first take out a credit agreement with your credit card or loan provider, you should be issued with a true, legible copy for your records. However, many consumers simply sign an application form, mail it to the lender and the next thing they know their credit card arrives in the post. Consequently, the majority of consumers do not hold a copy of their original credit agreement.

This credit agreement is a legally binding document and is governed by the Consumer Credit Act. The Act was originally created to protect the general public from unscrupulous Lenders. It laid down requirements that had to be complied with for a credit card or credit loan agreement, known as a credit agreement, to be enforceable. Under The Act, the credit agreement must contain a number of prescribed terms that clearly define all the conditions of the loan, and what both the lender and the borrower must adhere to.

Recently, it has come to light that a number of credit agreements signed before 6th April, 2007 may be flawed. Credit agreements taken out before this date are governed by the Consumer Credit Act of 1974, and it would appear that many lenders have inadvertently not met the requirements of this Act, thus rendering some credit agreements unenforceable. This means that the lender cannot force the borrower to pay back the outstanding balance of their loan or credit card.

So how do you know if the credit agreement you took out prior to 6th April, 2007 is unenforceable? Firstly, you will need to obtain a true and legible copy of your original credit agreement from your lender. Under both the Consumer Credit Act of 1974 and the Data Protection Act, there is a formal process you ideally need to follow in order to request the copy of your credit agreement from your lender, to ensure they comply with your request. Only once you have received a copy of your credit agreement can you seek professional advice as to whether your credit agreement complies with the Consumer Credit act of 1974.

It is imperative that when seeking professional advice, you employ the services of a regulated financial claims management company that is experienced in reviewing credit agreements to assess whether you may have a genuine case against your lender.

There are many companies advertising on both the Internet and in the mainstream press claiming that over 75% of all credit agreements taken out before 6th April, 2007 are unenforceable and guaranteeing they can eradicate your debt. This is simply not the case. While it is true that certain credit agreements are unenforceable in certain circumstances, it is wrong to assume that a high percentage of credit agreements are unenforceable. That is why it is so important to employ the services of a regulated company, who has a respected panel of solicitors, highly experienced in Consumer Credit Law, plus a major Insurance Company in place to guarantee you are protected on a ‘NO WIN NO FEE’ basis.

Debt Clear Solutions is an established financial claims management company that can provide all of the components necessary to maximise success for their clients’ credit agreement claims. In partnership with a major city law firm, plus a Barrister who is an expert in Consumer Credit Law to advise on individual cases, where required, Debt Clear Solutions is able to provide the highest quality of legal expertise available.

Debt Clear Solutions offer a 100% REFUND POLICY. If, once we have conducted the ‘Audit’, we cannot identify any breaches of contract, thus preventing us from taking the case any further, we will refund the client their full application fee.  

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).