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Unfair Credit Agreements

It is believed that eight out of ten credit agreements are not formed correctly as required by law. Thus, you have the chance to cancel the credit agreement with the lender, according to the courts, when the following mistakes are made: information is not complete, simple oversights on the lender's behalf and signatures are not done correctly or missing.

In the UK, when a credit agreement was not formed as required by law, it may be possible to void the contract.

Unenforceable Credit

Terms of credit agreements for credit cards, lending, hire purchase agreements, credit hire agreements, mortgages and other lending are set forth in the UK Consumer Credit Act of 1974. Once the credit agreement meets the requirements under the law they are considered binding. However, there are lenders that withhold some of the terms in their credit agreements, even though the law states they are to be in the agreement. Therefore, you can cancel the loan or credit and the firm cannot force you to abide by the agreement if it has been considered incomplete.

Unfair Credit Agreement

Of course, not all credit agreements are considered invalid. However, with the amount of debt in the typical UK family, there is often at least one credit agreement that will fall into this category. When something like this happens, you will generally save hundreds or even thousands of pounds by cancelling the credit agreement. Paying attention to specific items will give you a better concept of what you are looking for before you or the one representing you goes over the fine print within the credit agreement. These items for unfair credit agreements are commonly:

  • Credit agreements established before April 2007;
  • Any credit agreement where the amount is under £25,000;
  • Nine months or more of payments still owed on the agreement;
  • The total amount left in payments is more than £2,500 remaining to be paid.

Claims

You do not need a representative to assist you in filing a claim or cancellation in an unfair credit agreement as long as you research what items should be in the it thoroughly before you file your complaint or cancellation with the lender. The lender will be ready to dispute the claim immediately, however, it is not uncommon for individuals to win their claim or receive their cancellation without the assistance of a representative.

There are many who seek the advice and representation of those familiar with unfair credit agreements to decide whether the credit agreement is at fault. These consumers often seek legal representation to assist them in dealing with the unfair credit agreement and the lender. This is generally available through firms for a small amount of the claim or a specified fee.

When all parties have agreed that the credit agreement is an unfair credit agreement, the debt is void and you no longer have to pay the lender with no repercussions. Your credit agreement will be void by law and will not affect your credit score in any way. 

 


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