Claim What Is Rightfully Yours.
It has come to light that a significant number of Credit Card Agreements signed before the 6th April, 2007, may be flawed and potentially cannot be enforced by the Credit Card provider. Although this information has been in the public domain for some time, it is only in the last year that consumers have started to hear about how this is possible. There is, however, still a misconception that the process involves taking advantage of a legal ‘loophole’ – on the contrary, it is the consumer’s legal right.
A Credit Card Agreement is the contract the consumer signs when taking out a Credit Card or Loan. This is a legally binding contract that has to be adhered to by both the consumer and the lender. Any Credit Agreement taken out prior to 6th April, 2007 is governed by the Consumer Credit Act of 1974. Should any of the prescribed terms of the Credit Agreement not comply with this Act then the consumer may have a credit card claim and possibly not be required to pay the outstanding balance back.
A recent example of this occurred in April, 2009, in a Lancashire court where the Judge found in favour of the consumer. The court confirmed the lender had breached a prescribed term of the Consumer Credit Act (CCA), resulting in the consumer not having to pay the Loan back.
Most consumers are now fully aware of unfair bank charge reclaims. However, the issue of ‘Unfair’ Charges being added to Credit Cards is now also coming to light. Consumers are challenging excessive and unnecessary charges being added to their Credit Card debt pertaining to late payments or exceeding their credit limit.
Recent press coverage has also highlighted the mis-selling of PPI’s (Payment Protection Insurance). ‘Which?’ magazine in June 2008 stated: ”…..as many as 2 million policies have been sold to people who may not be eligible for cover…” ‘Which?’ estimates that “around 6 million PPI policies - about a third of the market - were attached to loans at the end of 2006.” Doug Taylor, spokesman for ‘Which?’ said, “We have always known that people were being mis-sold PPI, but we were still amazed to discover the scale of it.”
More and more consumers are now discovering that not only may they be able to completely clear the outstanding balances on their Credit Cards through a credit card claim, without actually having to pay the loan back, but also receive further compensation for mis-sold PPI policies attached to the debt, as well as ‘unfair’ charges. However, it is important that consumers understand this is a legal process, which ideally requires the expertise of a regulated financial claims management company with the legal expertise and insurance in place to take on each case.
Debt Clear Solutions Ltd is a regulated financial claims company that is able to provide a bona fide legal process for their clients.
To see if you have a valid credit card claim and possibly write off your credit card debt take our 60 second test at:
or call Debt Clear Solutions today for a free consultation on: 0207 544 1093
It Pays To Claim.
