Unenforceable Fixed Term loans and Credit Cards.
If you have taken out a loan before April 2007 then there is a high possibility that that loan agreement or credit card is unenforceable.
Goddard Smith Solicitors http://www.goddardsmith.co.uk are working closely with a number of clients to make consumer credit act claims and to investigate whether they have credit agreements, whether a loan or credit card, which may be unenforceable because of fundamental breaches of the Consumer Credit Act 1974 and the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553).
The main reason why claimants can bring Consumer Credit Act claim is because credit agreements are being found unenforceable due to lenders failing to comply with section 65(1) of the Consumer Credit Act 1974, relating to improperly executed agreements. (The executed agreement is the initial credit agreement you signed.)
The credit agreement that you are provided with to sign must provide certain information and that information must be correct. The credit agreement has to state the total amount payable and the correct rate of interest payable on the credit. There are other requirements which must also be followed. Essentially though, where information is omitted or inaccurately displayed on the credit agreement, the credit or loan agreement is unenforceable.
Further if you were told that you had no option, or were just given a payment protection insurance policy (PPI) it was probably mis-sold to you and the mis-selling of this product may also render the loan unenforceable.
There are several websites available online that show people how to claim or seek a declaration from the court that their credit agreements are unenforceable such as ://www.consumeractiongroup.co.uk/forum/general/152852-unenforceable-credit-agreements.html. These website are useful if you have sufficient time and want to pursue a claims on your own, however the law surrounding this area is relatively complicated.
Goddard Smith Solicitors can provide you with a strong litigation team that has had experience in dealing with regulated credit agreements. Each claim is individual and we will strive to provide you with the advice that is relevant to your needs and to bring about the solution that you desire.
If you would like to investigate your loan agreement further please feel free to call us on 0800 160 1144 or email us at enquiries@goddardsmith.co.uk Goddard Smith Solicitors www.goddardsmith.co.uk
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