There are actual online companies that can check your credit agreements and make sure that they comply with the Consumer Credit Act of 1974. So why would you want something like this? Well, if you find that a you have signed up to an unfair credit agreement, you can get the Solicitors to act on your behalf to have any outstanding debt written off. These Solicitors can "audit" all agreements between 5,000 pounds and 25,000 pounds including:
Secured Loans Unsecured Loans
Hire Purchase Consolidation Loans
Car Loans / Finance Credit Cards and Store Cards
Well over 50 million credit agreements are created in the UK every single year and according to sources over 25 million of those could be unenforceable by law! If the solicitor can help you with something like this, they claim that you can keep 100% of any final settlement plus interest. You will also get to keep any products, services or good purchased beforehand. The consumer credit act was first created to protect the UK consumers, however, the original terms that allows the consumer to be protected were not clear enough. In the years that followed the credit industry was given free rein with little resistance from consumers. In recent years these unclear terms have now been changed as a result of the Consumer Credit Act of 2006 which makes it 100% clear to all parties involved that consumers are allowed to challenge a situtaion if they see it to be an unfair credit agreement.
These companies check and recheck that your current agreement complies with the terms defined in the original documents, this credit act still exists today to protect the rights of lenders and borrowers who are in contract with each other. So how does something like this work exactly? First things first, you have to find a company or website online that offers this kind of protection, then once you find the site I suggest you taking some time to read up on any information they may have on their website. Unfair credit agreements can be a complex thing and the process must be followed carefully. Check the "who we are" and the "how it works" section, also be sure to check the FAQ section for any questions you might have. Listed below are some of the steps the company may ask of you in order to make a claim:
Fill in the online claim form. They will ask questions such as; name, email, address, how many credit agreements of yours are outstanding, name of lender, etc.
The company will send you a claim pack that includes a letter of authorization allowing said company and a solicitor to deal with your credit agreement provider.
They will need copies of your original credit agreement if you still have them.
Once they receive the above information they will evaluate the claim and either move on with the claim or if nothing has been "broken" they will let you know.
On settlement of your claim you keep 100% of settlement plus any interest.
The best thing about this process is that you will never have to talk directly to your creditors. The company that deals with all of this will have a solicitor or legal counsel talk to the creditors on your behalf. Personally, I like this idea because a lot of times credit companies try to strong hold you or use scare tactics in order to get you to do what they want. In this situation you will not have to worry about any of that, it's completely safe, legal, and protected. If you would like to find sites online that deal with this kind of process please visit your favorite search engine about this easy and convenient service!