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The Consumer Credit Act 1974
February 22nd, 2010 | 
Author: The Consumer Credit Act 1974
Credit Cards and Unsecured Loan Write Off – How does it work?
What is the Consumer Credit act 1974?
The official long title is: “An Act to establish for the protection of consumers a new system, administered by the Director General of Fair Trading, of licensing and other control of traders concerned with the provision of credit, or the supply of goods on hire or hire-purchase, and their transactions, in place of the present enactments regulating moneylenders, pawnbrokers and hire-purchase traders and their transactions; and for related matters”
The Consumer Credit Act of 1974 was brought about to protect UK Consumers, however, the terms that allowed the consumer protection were not clear and therefore for years the Credit Industry was allowed free reign with little resistance or challenge from consumers.
These unclear terms of protection have now been changed as a result of the Consumer Credit Act of 2007. This makes it clear to all parties that Consumers can challenge a Credit Agreement if they believe it to be unfair. If proven to be unfair and unenforceable then they may be able to have theire credit card or personal loan taken out before April 2007 written off.
Our specialist financial compensation claims solicitors can check, audit or review your agreements and confirm if they are unfair or indeed unenforceable. If you believe you may have taken up an “Unfair Credit Agreement” they can handle the whole process for you including if necessary taking your Lender all the way to Court.
Our team of solicitors combine their knowledge and experience in finance with their Legal Panel’s expert legal advice to ‘Audit’ your credit agreement.
They can check that your agreement complies with the prescribed terms defined in the Consumer Credit Act of 1974. The Consumer Credit Act 1974 exists to protect the rights of lenders and borrowers who are in contract with each other.
Millions of credit agreements, ranging from credit cards to loans may be in breach of the Act and may be deemed to be unenforceable. Where a borrower’s agreement is declared ‘unenforceable’ he/she would not be required to make any future repayments and may have the debt legally written off.
What can I claim?
Irrespective of whom your credit card or unsecured loan provider is, so long as the balance is over £1,000 we could help. Once signed up our specialist team will obtain and ‘Audit’ your agreements and they will then guide you through the rest of the process.
No matter how many credit cards, store cards or loans you have they could help with them all. If your case meets the qualifying criteria the balance of your credit or unsecured loan could be written off in full.
In Debt Solutions invites you to visit Challenge Your Agreements under the Consumer Credit Act 1974 to find out if your agreements qualify.
Posted in Uncategorized | 
Tags: Borrowers, Brea, Compensation Claims, Consumer Credit Act, Consumer Credit Act 1974, Consumer Protection, Credit Agreements, Credit Card, Credit Cards, Expert Legal Advice, Finance, Financial Compensation, Free Reign, Lenders, Loans, Personal Loan, Provision, Resistance, Solicitors, Uk Consumers, Unsecured Loan | 
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Robert Mitchell Vs Bank Of Scotland
Robert Mitchell Vs Bank Of Scotland
Robert Mitchell, a self employed, sixty year old from Wetherby in Yorkshire recently challenged the enforceability of his Credit Card debt with Bank of Scotland, in Leeds County Court
His Legal representative used a Legal argument prepared by Queens Council (a very senior Barrister). Mr Mitchell’s case centred around his claim that when he took out his Credit Card, through his local Halifax branch, his application form did not contain all of the terms & conditions applicable to the Credit Agreement and that he was not provided with any other form of Credit Agreement
Prior to the Court hearing, Bank of Scotland argued in their defence that when Mr Mitchell originally took out his Credit Card, he was provided with a separate document containing the terms & conditions of the Credit Agreement. However, Mr Mitchell could not recall receiving this document and Bank of Scotland were unable to prove that he had received it, because their terms & conditions booklet did not contain a section allowing him to sign to confirm receipt
Mr Mitchell’s Legal representative argued that under the terms of the Consumer Credit Act 1974, a Credit Agreement is only binding or enforceable if it is a single document that contains all of the prescribed terms (terms & conditions of the Credit Agreement) and has been signed by both Borrower and Lender, in keeping with section 61(a) of the Consumer Credit Act 1974
Judge Langan QC, decided in Leeds County Court that Mr Mitchell’s Credit Card Agreement with Bank of Scotland was Legally Unenforceable and then ordered that all costs should be paid in full by Bank of Scotland to Mr Mitchell, which included the costs of his Legal representative and his Barrister
Mr Mitchell, following the Trial, commented that he was delighted with the outcome but disappointed that he needed to take this issue to Court and stated: “I hit problems because the bank kept increasing my credit limit and in the end I was struggling to simply pay the interest” and “The bank didn’t seem to listen to me. I kept making the same arguments, but it took court action before finally the Bank of Scotland were made to concede that they had no case”
Following his verdict, Judge Langan QC commented that he believes that the Bank of Scotland did not fight the case because it feared highlighting failings in their Credit Card lending system that may open the floodgates to numerous further claims
Posted in Uncategorized |
Tags: Amp, Application Form, Bank Of Scotland, Consumer Credit Act, Consumer Credit Act 1974, Court Hearing, Credit Card Agreement, Credit Card Debt, Halifax Branch, Langan, Leeds County, Legal Argument, Legal Representative, Mr Mitchell, Qc, Queens Council, Receipt, Robert Mitchell, Wetherby, Yorkshire |
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Payment Protection Insurance – PPI
Payment Protection Insurance (PPI) is offered with nearly every type of credit and if it was mis-sold to you we may be able to claim back every premium previously paid, which could be thousands of pounds. There are many reasons why you may have a valid claim, when obtaining credit were you:
Self-Employed, Retired, Student or Housewife?
Told you had to take out the PPI to get the credit?
Pressured into taking PPI?
Told that you could buy PPI from an independent provider (which can be 80% cheaper)?
If you answer yes to any of the above you may have been mis-sold and may be therefore entitled to a full refund.
Consolidation loan
Loan for a car
Mortgage
Personal Loan
Store Cards
No Win. No Fee.
Following a complaint by the Citizens Advice Bureau which highlighted serious failures in the PPI market, The Financial Services Authority conducted an investigation into how PPI is sold. They concluded that tens of thousands of people could have received bad advice. Many people didn’t even know that they had PPI.
If you think your PPI may have been mis-sold, In Debt Solutions can help. We will advise if your claim is likely to be successful and then manage the whole process for you. We’ll update you every step of the way and, if necessary, we’ll refer you to our panel of Solicitors to ensure justice is delivered.
Not sure if you were mis-sold? Please call us now for a free consultation and free advice. Alternatively leave your details here.
If you’re not sure whether you have been the victim of mis-selling then please give us a call on 01733 306509. Our team of experienced Claims Advisors are on hand to answer any questions you might have and will be happy to help in anyway they can.
Our charge of 25% on the reclaimed amount means that there are no costs to you unless we get you your money back.
Posted in Uncategorized |
Tags: Bad Advice, Citizens Advice Bureau, Consolidation Loan, Debt Solutions, Financial Services Authority, Free Advice, Free Consultation, Housewife, Independent Provider, Insurance, Insurance Payment, Insurance Protection, Loan Store, Money, Mortgage, Obtaining Credit, Payment Protection Insurance, Personal Loan, Ppi Market, Solicitors, Store Cards, Tens Of Thousands |
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Credit Card and Loan Debt
Frequently Asked Questions.
Q. How long is a claim expected to take?
A. Approximately 12 months. Some may be sooner and more complex cases may take slightly longer.
Q. Who does the client contact if they have a query?
A. Their Claims Consultant.
Q. What do we do if the loan is in joint names?
A. Make sure you both sign Account Holder 1 & Account Holder 2 on the forms.
Q. Can a client submit one claim now and then another later?
A. Yes.
Q. Which lenders have breached the Consumer Credit Act?
A. No particular lenders, all Credit Agreements from any lender can be investigated.
Q. What if the lender keeps contacting me?
A. Forward all written correspondence to The Claims Warehouse.
Q. What sort of credit cards/loans can you claim on?
A. Any credit card/loan with an outstanding balance of £1000+ (Credit Cards, Store Cards, Personal Loans, Secured Loans, Home Improvement Loans, Car Finance, Loans to pay-off other loans)
Q. Are there specific lenders that you have a better chance with?
A. No it would appear that all credit agreements may need investigating.
Q. Are there any back-end charges?
A. No, we do not charge back-end fees on UCA claims. When we win your case we claim our costs from the other side.
Q. What if I’ve lost or can’t find my original documents?
A. Don’t worry we request original copies from your lender or credit card company. They have a duty to release them to us, with your authority of course.
Q. Can I pay using the same credit card that I’m about to make a claim with?
A. No, this is not possible.
Q. What if the lender contacts me after I put a claim in?
A. Our solicitors will deal with the lender from the beginning of the dispute until its conclusion.
Q. Can I accept an offer?
A. Do not accept any offers made as you could be liable for costs and the offer will likely be a lot less than your claim.
Q. Are you a regulated Claims Management Company?
A. The Claims Warehouse Limited is regulated by the Ministry of Justice in respect of regulated claims management activities. Its registration is recorded on the website www.claimsregulation.gov.uk. Registration number CRM15365.
Q. I owe more than £25000 is there still a claim?
A. There is no upper limit. We can investigate to determine whether you have an unfair relationship and a claim for potentially thousands in compensation.
Posted in Uncategorized |
Tags: 12 Months, Amp, Better Chance, Car Finance, Clai, Claims Management, Consumer Credit Act, Correspondence, Credit Agreements, Credit Card Loan, Credit Cards, Credit Loans, Finance Loans, Home Improvement Loans, Lenders, Management Company, Ministry Of Justice, Personal Loans, Solicitors, Store Cards |
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