Write Off Credit Card and Loan Debt - The Consumer Credit Act 1974 By Kerry Jonas

The Government introduced The Consumer Credit Act 1974 (The Act) in to Law, to provide people with specific Consumer rights and to protect them from Lenders. The Act sets out very strict guidelines for the content and format of all Credit Cards, Loans and other Financial Agreements, that must be followed by all Lenders in this Country. Write Off Debt under the Consumer Credit Act.

Government Legislation in the form of The 'Act' states that if a Lender provides Credit using a written Agreement that does not fully comply with certain Conditions of the Act, it becomes an unenforceable Credit Agreement. Therefore the borrower will not need to repay the outstanding balance and may be entitled to a refund of payments and compensation.

The Consumer Credit Act and other Government Legislation, explicitly detail the exact content and format a Credit Agreement must use if a Credit Agreement is not to become an unenforceable Agreement. However, because of changing legislation and Legal new presidents, Lenders regularly change the content of the Credit Agreements they use.

Solicitors have now discovered that over the years, some of the many often inexperienced people used by the Lenders to draft or amend their Credit Agreements have made errors by failing to include all of the content required, in the exact format required by Consumer Credit Act Law.

This area of Consumer Credit Law is relatively complex, however in simple terms some of the areas which can make Credit Agreements become unenforceable Credit Agreements include:

NON PROVISION OF PRESCRIBED TERMS

The Lender did not include in the Agreement all of the information they were required to provide, in breach The Consumer Credit Act.

INAPPROPRIATE EXECUTION OF AGREEMENT

The Lender did not provide an Agreement in the format allowing correct execution, in breach of The Act.

MISCALCULATION OF APR's or THE TOTAL AMOUNT REPAYABLE

The Lender did not use the correct method to calculate the Interest Rate or the Total Amount Repayable, in breach of The Act.

NON PROVISION OF RELEVANT DOCUMENTATION POST AGREEMENT

The Lender is unable or unwilling to provide copies of the original signed Agreement and supplementary documentation, in breach of The Act.

NON DISCLOSURE OF COMMISSIONS OR FEES

The Lender did not disclose all of the commissions and fees they paid or received in connection with the Agreement, in breach of The Act.

MIS-SELLING OF ANCILLARY PRODUCTS

The Lender inappropriately included an ancillary product with the Credit Agreement, in breach of The Financial Services and Markets Act 2000.

If you use Solicitors to arrange for your Lender to write off your unenforceable Credit Agreement, you will not need to know which aspects of the Law your Lender has broken, Solicitors will deal with these matters.

Visit http://www.CreditIssuesUK.co.uk - Write Off Credit Card and Loan Debt with the Consumer Credit Act and take the 2 minute test to find out if your credit agreements qualify.

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