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Archive for the ‘FAQ's’ Category

The Consumer Credit Act of 1974 allows borrowers to challenge unfair credit agreements. Credit Agreements up to £25,000 and issued before 1st April 2007 must comply with the terms of the Act.

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The Consumer Credit Act of 1974 was brought about to protect UK Consumers, however, the terms that allowed the consumer protection were not clear and therefore for years the Credit Industry was allowed free reign with little resistance or challenge from consumers.

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Did you know there is a little known loophole in some credit agreements that could mean many people will not have to repay their loans, credit cards or store cards?

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Debt is a huge problem and is set to worsen. If financial problems are an issue, write off debt as a result of unenforceable credit card agreements.

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The current growth of UK debt is £1million every 8 minutes and we all contribute a huge £263 million in interest a day. There is currently 27.4million credit cards transactions made a day with a total value of £1.56billion. The total credit card debt in the UK for September 2008 was £55.7 billion and the average adult in the UK has approximately 4 credit cards, store cards and debit cards.

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According to the industry, approximately 50 million Credit Agreements are created in the UK each year. However it is widely believed that as many as tens of millions of credit agreements could be deemed unenforceable.

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Figures are already showing that a staggering number of credit agreements taken out prior to April 2007 are legally unenforceable.

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