Wednesday, May 13, 2009
Unenfoceable Credit Agreements
BBC News: Unenforceable Credit Agreements
The Government introduced The Consumer Credit Act 1974 to provide consumer rights and protection for people from their Lenders. The Consumer Credit Act sets out strict guidelines for the establishment, content and procedures of all credit card, loan and many other agreements. These must be followed by law by all Lenders in this Country. The Act states that if a Lender provides credit using an agreement that does not fully comply with each of the conditions of the act, it becomes an unenforceable Credit Agreement. This means that the borrower will in turn not need to repay the outstanding balance and could even be entitled to a refund of payments and compensation. If you would like further information and to challenge your agreement to asses it’s compliance with the Act please contact us.
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