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The litigation process is quite complex however below we have outlined the main
points for consideration in the consumer credit act. If you use our 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, our
Solicitors will deal with these matters.
Consumer Credit Act: Loan and Credit Card Overturns
The Government introduced The Consumer Credit Act 1974 in to Law, to provide
people with specific Consumer rights and to protect them from Lenders. The
Consumer Credit Act sets out very strict guidelines for the content and format
of all Credit Card, Loan and other Financial Agreements, that must be followed
by all Lenders in this Country
Government Legislation in the form of The Consumer Credit Act 1974 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.
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 of 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 Consumer
Credit Act.
- MISCALCULATION OF Monthly Payment, Interest Rates or THE TOTAL AMOUNT
REPAYABLE The Lender did not use the correct method to calculate the Monthly
Payment, Interest Rate or the Total Amount Repayable, in breach of The Consumer
Credit 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 Consumer Credit 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 Consumer Credit 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.
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