Unenforceable Credit Agreements - Frequently Asked Questions

1. What is an unenforceable Credit Agreement?

Lack of paperwork, inconsistencies, incorrect dates/signatures and incorrect rate data can all lead to your agreement being unenforceable.

2. What will the Audit involve?

The audit will consist of writing to your lender to request copies of all information that they hold regarding your account along with a copy of the original agreement. Upon receipt of this our experts will conduct a full investigation and identify all valid claims. This will include a calculation of the figures on your agreements to ensure that they are correct, ensuring that all prescribed terms and conditions are correctly stated in line with the Consumer Credit Act 1974. If you were sold Payment Protection Insurance, we would also conduct a full investigation into the sale of the policy, using the information supplied to us by the lender(s) or broker(s) involved. The audits do take some time as we are required by law to give the lenders certain periods of time to respond.

3. If I claim how will this affect my credit rating?

When an agreement is found to be unenforceable, armed with the court order following completion of the legal action, you can apply to the credit reference agencies to cleanse your credit file of any negative information - as if the debt did not exist. As a result your credit rating may actually improve as a result of this legal challenge.

4. What will it cost me?

We charge a fee of £175 to audit and challenge each credit agreement. This fee will be refunded minus a £70 administration charge if we are unable to find the agreement to be unenforceable and therefore decide, along with yoursleves, not to pursue the claim.

5. How long does the process take to legally cancel the debt?

It's hard to be precise over timescales since it largely depends on how cooperative the lender is in the legal process. We aim to have a result within nine months.