Credit Agreement Review

How to obtain a Credit Agreement Review.

A credit agreement review should, ideally, be carried out by an experienced and regulated financial claims management company who has a panel of solicitors experienced in  consumer credit Law. By carrying out a credit agreement review, they can identify if your credit agreement complies with the Consumer Credit Act of 1974. Any credit agreement signed prior to the 6th April 2007 is governed by this Act, and must contain a number of prescribed terms. Under The Act, both the lender and the borrower need to adhere to these.

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 (“Credit Agreements”) to be enforceable. The relevant part of the Act covers credit agreements for credit cards and loans with a current outstanding balance of less than £25,000.  The Act was created on the basis that Lenders who did not comply with The 1974 Act could not enforce repayment of the loan in a court of law.  Although it was never intended to catch out the larger banks and credit card companies, it has become apparent recently that many Lenders may have inadvertently not met the requirements, thus rendering some credit agreements unenforceable. Quite simply, this means the lender cannot force the borrower to pay the outstanding balance of the loan back.

A credit agreement review will confirm if the credit agreement contains all the prescribed terms, as set out by The Act, and then if the lender has complied with them. If a credit agreement lacks the prescribed terms, it is unenforceable, unless the Lender applies to court for an enforcement order. There are certain circumstances in which the court does not have power or jurisdiction to enforce the credit agreement, so the agreement remains unenforceable and the Lender is unable to recover any money, in legal proceedings, from the borrower.

The most important question you should ask any claims company before you part with you hard earned cash for them to review your credit agreement is do they have the necessary funding and ATE “After The Event Insurance” in place to proceed with the claim should your credit agreement be deemed unenforceable?

This only relates to Credit Agreements signed before 6th April 2007.

You will probably have seen advertised, both on the Internet and in the newspapers, a number of companies claiming to be able to eliminate your debts and claim compensation on your behalf. Some companies are claiming that 80% of agreements are unenforceable, and or that they can “guarantee” to clear your debt. Some of these companies will be charging various prices in order to allegedly “get you out of your debt”, plus a further percentage of the debt cleared at the end of the process. They may also claim that they will subsequently claim compensation for you. 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, such as Debt Clear Solutions, who have 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.

Although many companies may claim their credit agreement review confirms your credit agreement is unenforceable, if they do not have a major insurance firm in place to underwrite your claim, then you may be leaving yourself vulnerable to legal fees, should the case go to court, and you lose. That is why it is vital to choose a financial claims management company, who are associated with a highly established insurance firm able to provide ATE “After The Event Insurance.”

An insurance underwriter will only underwrite a claim if they are extremely confident your case is a strong one. This can only be determined by the credit agreement review carried out by a panel of solicitors experienced in consumer credit law. That is why it is vital that the credit agreement review is rigorous and thorough and carried out by professionals. This is a legal process and should be treated as such.

Why “Debt Clear Solutions Ltd” to Review your Credit Agreement?

Debt Clear Solutions Limited credit agreement service consists of a proven legal process. We have an exclusive partnership with our solicitors, and have retained the services of a Barrister, who is an expert in Consumer Credit Law. He is on hand to supply guidance and law on individual cases as required.

Our solicitors are able to process 10,000 credit agreement claims per month and operate a fully automated case management system so as to track our clients’ credit card claims.

One of the major obstacles to successfully processing a credit card claim is having the available funding required in order to issue proceedings. This is necessary in a large volume of credit card claims and costs in the region of £150 to £180 per credit card claim. Due to the backing of a major equity investor, who has made a £25 million drawdown facility available to us, we are in the enviable position of being able to fund our clients’ credit card claims up front. This ensures we can offer our clients a genuine service, with a successful resolution to their claim in as short a time as possible.

We are associated with an insurance company who provide “No Win, No Fee” After The Event Insurance. This ensures that our clients will not be liable for any further costs other than the initial application paid at the commencement of the evaluation (‘Audit’) process. Backed by a major firm in the City of London, our insurance is a three-tier premium policy, with the premium deferred until the end of the case. The initial cost of the insurance premium is approximately £500 and then if credit card claim goes to court the insurance premium can increase to as much as £10,000 which is why “Debt Clear Solutions Ltd” has made sure the much needed funding is in place in order to see credit card claims through to a successful completion.

We operate a comprehensive ‘Audit’ of each and every Credit Agreement to ensure there is genuine claim. Each case file is assessed three times before proceeding.

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).

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