If your Credit Card or Loan agreement(s) are found to be unenforceable, the debt cannot legally be collected...
You may have heard rumours or seen press advertisements for companies offering ways to legally get out of debt and wondering, "Is this true? And if so, how can it be done?" Well, to set the record straight, yes it is true and yes it can be done. It is what is known as an 'Unenforceable Credit Agreement' or 'UCA'.
What is an Unenforceable Credit Agreement?
Basically it's a method of proving that your credit agreement for your loan or credit card lender is invalid. Every credit agreement has 'prescribed terms' in order to make it legal in a court of law, but recently it has come to light that some credit agreements do not have all of these terms making the contract 'unenforceable'. This means that if your loan or credit card contract is found to be 'unenforceable'' then the debt cannot legally be collected by the lender and you do not have to repay a penny.
Is this a Scam or a Debt Loophole?
There has been a lot of bad press surrounding Unenforceable Credit Agreement claims as it appears to be too good to be true, but the fact is its simply an application of the Consumer Credit Act 1974. To explain further, the Act was amended in 2006 with specific sections being removed, more specifically to the sections which protect consumers from lenders who supply credit cards and loans without the correct documentation. This opened the floodgates for agreements that had no been correctly drafted to be challenged in court for enforceability.
This is sometimes referred to as 'debt write off' but although the debt is not actually cleared, the balance cannot be legally collected by the lender. It doesn't matter who the credit card or loan is with or what the balance is, we can check the enforceability of your credit agreement for you.
If your credit agreement is found to be ‘unenforceable’ then the agreement could be cancelled between you and your creditor and no more payments would be required.
This could result in millions of pounds of consumer debt no being repaid. Its no wonder the banks don't want this to get into the mainstream!
What debts can be challenged for ‘unenforceability'?
Credit Card Debt, Unsecured Loans, Secured Loans, Consolidation Loans, Car Finance and Hire Purchase can all be challenged.
How much does it cost to see if my debts qualify?
Nothing. We only recommend companies that do not charge upfront fees for auditing.
If your credit agreement is proved unenforceable then you will not have to make anymore repayments. There are not additional charges and you keep 100% of the money recovered.
How do I see if I can cancel my Credit Agreement(s)?
Simply fill out our form here to see if you agreements qualify.
Want more information on Unenforceable Loan Agreements?
For the most frequently asked questions visit our FAQ section here.
Live in Scotland?
If you live in Scotland and your debts dont qualify for unenforceability then a Trust Deed would be a good alternative debt solution.
What about Payment Protection Isurance? Can I reclaim that as well?
Our PPI specialists have years of experience in reclaiming PPI. 90% of our PPI Reclaim cases are settled within 6 weeks.
If a debt is found to be unenforceable this means that the debt can not be collected. All references here to writing off or wiping off or clearing debt and to 'write off loans' are understood in the colloquial sense. In most cases the debt will remain on file although it cannot legally be collected.
Dont just take our word for it...
"The bill gives us the once-in-a-generation opportunity to prevent more people becoming trapped in grossly unfair credit deals".
'Lenders are preferring to settle out of court if there is a case to answer.'
"By process of law, the inequity of our relationship with the lender has been recognised".
"If contracts are proved to be Unenforceable, they cannot be collected by the lender".