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Write Off Debts Legally | Unfair Credit Agreements | April 2007 Write Off Debt
Kerry Jonas asked:
I would just like to tell you a little bit about the law.
I know it can be boring but it could be beneficial to the majority of people out there.
Changes in the Consumer Credit Act 1974 has meant that debts can now be challenged in court and if they are deemed unfair the debts can be written off.
The courts have a wide range of powers these include:
altering the terms of the credit agreement or a related agreement
reducing the amount payable by the borrower
requiring the lender to refund money to the borrower
removing any duty placed on the borrower under the agreement , and
imposing requirements on the lender or an associate.
Banks had to give back over a billion in bank charges however we know that they have put aside billions and have had to take out huge insurances as law changes have meant that people who have been dealt with unfairly by such creditors can have their debt payments reduced and in best case scenario completely written off.
We wont lead you to believe you have an unfair credit agreement until our legal team have seen the documentation. However we do know that Radio4 broadcast on their money programme that out of the 200 credit agreements a solicitor was given 7 out of 10 had severe flaws which meant the debt could be stopped.
This is just the tip of the iceberg.
We know that the majority of credit cards fall under this arrangement as their penalty charges were deemed as unenforceable hence the office of trading taking them to court and forcing them to cut the charge by half.
This is going to dwarf the endownment scandal and also the bank charge scandal.
Have you suffered unfair or illegal credit charges?
The Author is a huge fan of Write Off Unfair Credit Agreements
Create a video blog
I would just like to tell you a little bit about the law.
I know it can be boring but it could be beneficial to the majority of people out there.
Changes in the Consumer Credit Act 1974 has meant that debts can now be challenged in court and if they are deemed unfair the debts can be written off.
The courts have a wide range of powers these include:
altering the terms of the credit agreement or a related agreement
reducing the amount payable by the borrower
requiring the lender to refund money to the borrower
removing any duty placed on the borrower under the agreement , and
imposing requirements on the lender or an associate.
Banks had to give back over a billion in bank charges however we know that they have put aside billions and have had to take out huge insurances as law changes have meant that people who have been dealt with unfairly by such creditors can have their debt payments reduced and in best case scenario completely written off.
We wont lead you to believe you have an unfair credit agreement until our legal team have seen the documentation. However we do know that Radio4 broadcast on their money programme that out of the 200 credit agreements a solicitor was given 7 out of 10 had severe flaws which meant the debt could be stopped.
This is just the tip of the iceberg.
We know that the majority of credit cards fall under this arrangement as their penalty charges were deemed as unenforceable hence the office of trading taking them to court and forcing them to cut the charge by half.
This is going to dwarf the endownment scandal and also the bank charge scandal.
Have you suffered unfair or illegal credit charges?
The Author is a huge fan of Write Off Unfair Credit Agreements
Create a video blog