If sold a loan for under £25,000 prior to April 2007 there is a chance that it isn't legally enforceable and needn't be repaid. All regulated loan agreements have to comply with the prescribed terms of the Consumer Credit Act 1974. The problem is that, although regulated by the Ministry of Justice, there are still rogue claims providers. Several companies, including Cartel Client Review, have been shut down.
This article is designed to help people decide whether it is worthwhile progressing the matter to a solicitor to commence legal action. There are literally dozens of discrepancies that could result in compensation being given or the loan being written-off entirely.
Types of Unenforceable Loan Agreements
- Secured Loans
- Unsecured Loans
- Hire Purchase
- Consolidation Loans
- Car Loans/Finance
- Credit Cards
- Store Cards
Unlawful Mortgage Agreements
The Consumer Credit Act 2006 also deals with unlawful mortgages and secured loans in excess of £25,000. The process is slightly different, but numerous people have been awarded compensation by the Financial Ombudsman. The simple reality is that a lot of loans aren't fair or lawful.
- Proxy Solicitors
- Family Law Solicitors Manchester
Joan Goss is an experienced Family Law solicitor and a Member of the Law Society's Advanced Family Law Panel.
- Harbottle Lewis Solicitors
- Goughs Solicitors Corsham
- Silverman Sherliker Solicitors
