How do I find out if my Credit Card or Loan is unenforceable and can be written off You need to provide us with basic details of your Credit commitments, including the name of the Lender, if it was taken out before April 2007, amount outstanding and your approximate monthly repayment.

 

Do I need to provide you with copies of my Credit Card or Loan Agreements ?

No, it is important for various reasons that an independent third party obtains copies of your originally signed Agreements and any accompanying documentation from your Lender, on your behalf. This is because the copies of Agreements you may already have could be "Borrowers copies" which can be significantly different from the original documents. Also, our experience has shown us that when clients request their own documents from a Lender, where the agreement is unenforceable or there has been mis-selling of PPI, the Lender often fails to provide the relevant documentation.

 

What happens if my Lender refuses to provide you with a copy of my Credit Agreement ?

The Consumer Credit Act states that your Lender must provide a true copy of your Agreement and any other required documentation together with a statement of account within 12 working days from receipt of the Statutory request we make on your behalf. If your Lender fails to do this they are unable to lawfully enforce the Agreement while they are in breach. We also make a request under the Data Protection Act which your Lender must comply with within 40 days from receipt of the Statutory request we make on your behalf.

 

How long will it take to write off my Credit Card or Loan ?

Obtaining original signed copies of your Agreements and the accompanying documentation from your Lender can take from between 1 -3 months. Our Solicitors detailed evaluation and audit of your Agreements normally takes around 4 working days. It can then take between 6 -8 months for either your lender to agree to write off your outstanding balance or for our solicitors to obtain a declaration of unenforceability.

 

Will I be entitled to receive a refund of some or all of my previous payments ?

Our Solicitors will arrange to write off your outstanding balance on your Credit Card or Loan. However current case law states that payments already made are regarded a voluntary payments and are therefore not recoverable from your lender.

 

Will my Lender threaten me or take me to Court ?

If you are already in arrears yes they can but our solicitors will act on your behalf. If you are not in arrears no. It is more likely that our solicitors will be taking your lender to court.

 

Will I need to attend court?

There is usually no need because it is only the agreement and the surrounding paperwork that needs to be considered by the Court.

 

Will writing off my Credit Card or Loan allow my Lender to register a Default against me ?

Because your Credit Card or Loan Agreement will be in formal legal dispute and at a later stage acknowledged as an unenforceable debt by your Lender or the Court, our Solicitors will utilise the Law, The Data Protection Act and The Banking Code to stop your Lender registering adverse credit information on your Credit File

 

If I owe Car Finance and my Loan is written off will I still be entitled to keep the vehicle ?

Yes, if your Finance Agreement is unenforceable and is written off by our Solicitors, you will be entitled to retain ownership of your vehicle

 

How much will it cost to write off my Credit Card or Loan ?

After you have submitted details of your Credit Card and Loan Agreements you will receive written confirmation of the exact costs that will be involved

 

Can Credit Cards or Loans taken out in joint names be written off?

Yes, if all Account Holders agree that they wish to write off the Credit Card or Loan using our Solicitors

 

Will I still be able to take out other Credit Cards, Loans or Mortgages in the future ?

Yes but probably not with the same lender for a period of six years.

 

What if my Debt is being dealt with by Debt Collectors ?

The process is the same.

 

Can my Credit Card or Loan be written off if I am in Arrears or making reduced monthly payments ?

Yes, your Credit Card or Loan can be written off.

 

Can my Credit Card or Loan be written off if I am currently in a Debt Management Plan or IVA ?

Yes, your Credit Agreements can still be written off. After your Agreement has been written off, your monthly payment to your Debt Management Plan or IVA should either be reduced or closed.

 

Can I write off my own Credit Cards or Loans ?

Yes, if you are fully conversant with the Consumer Credit Act and the other relevant legislation, you can. However in order to do this you will have to be prepared to present your case in Court, and to risk the costs associated with taking your Lender to court

What happens if my Lender refuses to write off my Credit Card or Loan ?

Our Solicitors will issue Court Proceedings against them to force your Lender to agree to write off your outstanding balance. You will not be responsible to pay any additional money for this service and our Solicitors will also ensure that you do not become liable for any costs incurred by your Lender

 

Do I keep paying my monthly Credit Card or Loan payments after contacting your Company ?

If you do not want to harm your Credit Rating, you should continue to make your minimum monthly payments until our Solicitors have confirmed to you that you can stop making payments

 

Why won't your Solicitors accept Credit Agreements that were taken out after April 2007 ?

Because the Consumer Credit Act 2006 allows the Court discretion as to whether or not an agreement is unenforceable for agreements entered into after 6th April 2007.

 

Can I Claim for Credit Cards or Loans that I have repaid ?

Only for mis-sold Payment Protection Insurance.

 

Frequently Asked Questions (FAQ’s)