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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.

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.