Unenforcable Loans with www.claims.350.com
If you have a loan or car finance prior to April 2007 you may be eligable to have your whole " loan " deemed unenforcable.
If sold a loan for under £25,000 prior to April 2007 there is a great chance that it isn't legally enforceable. All regulated loan agreements have to comply with the prescribed terms of the Consumer Credit Act 1974.
Types of Credit Agreements Affected
Secured Loans
Unsecured Loans
Hire Purchase
Consolidation Loans
Car Loans/Finance
Won't This Result In A Bad Credit Rating?
If a debt is written off as unenforceable it will not impair a credit rating at all, quite the contrary. It could actually have a positive affect as any recorded defaults, late payments etc are removed off the credit file.
Examples of when a Credit Agreement Might Not be Enforceable
The lender doesn't have a copy of the agreement.
The amount of credit (or credit limit) hasn't been stated on the agreement.
The interest has been incorrectly calculated.
The charges are not deemed to be fair.
The sale of a sub prime (adverse credit) product when a credit record is clean.
A deposit has been paid and this isn't acknowledged in the agreement.
No rate of APR is displayed, although some secured loans are variable rate.
There is no mention of any 'cooling off' period.
The agreement hasn't been signed.
If the loan is secured, this should be stated on the agreement.
A person has been advised that they can only get a loan if they take out Payment Protection Insurance (PPI).
Can Debt Be Written off?
If deemed to have an unenforceable loan agreement, the debt could potentially be written off in full. There is also a genuine possibility that all rep
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