PAYMENT PROTECTION INSURANCE

If you have had Payment Protection Insurance (PPI) on any credit agreement, it is likely that we can recover all payments made together with interest charged. We can recover PPI even if the credit agreement has been paid in full.

                                               

IVA's & DEBT PAYMENT PLANS

If your lender is taking Court action against you, or if you have already entered into an IVA or a Debt Payment Plan (DPP) with your lenders, we may still be able to help you. Any elements of the original debt which prove to be unenforceable can be removed from the IVA or DPP. In some casaes this means that the IVA or DPP can be ended. We can even help if you have already been defaulted.

                      

IMPORTANT

Once you make a decision to have an existing credit card or loan reviewed for unenforceability, it is recommended that you should:

Not use the card to make additional purchases

Not increase the outstanding balance on the card

Not increase any arrears

Continue to make any monthly payments that fall due

Should you do any of the above, it may have an adverse effect on the success of a claim.  

UNENFORCEABLE AGREEMENTS

Credit Agreements that may be unenforceable:

If you have individual loans both secured and non – secured,  Hire Purchase agreements or running credit agreements (credit and store cards) of up to £25,000, which were taken out before 6th April 2007 then it is likely that some of the agreements cannot be legally enforced by the Creditor.  This is because there are strict regulations, known as “prescribed terms” under the Consumer Credit Act 1974 which the Creditor must comply with and the financial penalty they pay for not complying with the relevant regulations is that they lose the right to enforce the debt.

Credit agreements may be unenforceable for many reasons,  some of which we list as follows:

• The loan agreement does not state the amount of credit.
• Credit/Store cards do not state the credit limit, interest rate charged  or what  the  monthly repayment is.   
• Depending on the date and type of agreement there is no rate of interest or APR specified
• Hire Purchase/conditional sale and credit card/store cards - agreements do not state how the money borrowed is to be repaid  by stating  the number of instalments, the amount of repayments or when the instalments are due to be paid.  
• If the Creditor has power to vary the interest rate or minimum amount payable for example then that, depending on the type of agreement must be specified.
• The agreement is not signed.
• The creditor has neither the original agreement nor a signed copy.
• In the case of cancellable agreements, such as loans signed in the borrowers home, failure by the creditor or hirer to include, in an agreement or copy, notice of the right to cancel

ARREARS NOTICE PENALTY

If the creditor fails to provide a notice of sums in arrears when required to do so, they are not entitled to enforce the agreement until they comply.  The debtor or hirer is not liable to pay any interest that relates to the period of the creditor or owner’s failure.  

 

NOTICE OF DEFAULT SUMS

A creditor or owner must serve a Notice of Default Sums where for example they want to charge a late payment penalty. The Notice must detail the amount the debtor has to pay.  A creditor may only require a debtor to pay interest (in connection with a default sum) 28 days after the day the notice was given to the debtor. So if the creditor fails to give notice to the debtor then he can not enforce the agreement until notice is given.

DEFAULT/TERMINATION & COURT ACTION

 

 

CREDIT AGREEMENTS

If you have secured or unsecured loans, HP agreements, or credit or store cards of up to £25,000, originally taken out prior to 6th April 2007, the chances are that some of them will not be legally enforceable by the lender, as such agreements are subject to strict regulations under the Consumer Credit Act 1974.

We can obtain copies of your credit agreements and associated documentation from the card issuers or credit companies, and determine whether or not each agreement is enforceable, and if PPI or penalty charges are recoverable. If the agreements do not comply with the relevant regulations and procedures, as laid down by the Consumer Credit Act 1974 and 2006, we can initiate a process which leads to the effective elimination of your debt or loan.                                                                       

Before a Creditor can terminate your credit agreement early for non payment they have to follow the procedures required under the Consumer Credit Acts 1974 & 2006.  If they have not complied with the statutory Default and Termination procedure  and the Creditor issues court proceedings then the Creditor is only entitled to the arrears at the time they originally defaulted you, not the whole amount.