Yes, the banks want your money … we give them the opportunity to make money out of us, our hard earned money we pay every month, one very important thing to remember about any dealings with financial institutions, is that you are a 'sales target'!
The banks will flatter you and make you feel special by calling you a 'valued customer' but in reality, you are simply a potential ‘cash cow’. They will increase your credit limit without your knowledge or authorisation, we’ve all received the credit card cheques, sent with ideas on what to spend them on within a given time period - pay your bills off, treat yourself and family to a long deserved holiday, attend to overdue home improvements or simply make them out to personal account.
So what do we do.....
We are only human so we spend to help our current situations. Their only aim is to ‘encourage’ you to borrow and spend more on your account this means you will pay them back more interest.
How many interest charges can you count on your statement???
- payment protection plan
- over credit limit charge (for those that have gone over their limit),
- interest on your cash balance,
- interest on your standard balance,
- interest on your balance transfer,
- late payment or missed payment.
- ETC......
An equally important source of income for credit card issuers is Credit Card Repayment Protection, which they will always try and sell to you every time you take out a new card. This insurance policy is optional, it’s meant to meet your monthly repayments if you are unable to work due to an accident, sickness or unemployment. It also pays off your outstanding balance if you are unfortunate to pass away.
The problem is that this insurance is overpriced and policies are packed with get out clauses, small print and jargon. If it is essential for you to have accident, sickness and unemployment protection, do shop around for a stand alone income protection policy, which can be used to cover all those important monthly expenses, including your mortgage repayments.
Is Your Credit Card Agreement Unenforceable?
There are many reasons why and situations where an agreement can be challenged.
Your Agreements will be audited by a litigation team to provide you with the answer.
It is not a problem if you may have lost or misplaced your documents because they will make a request for the original copies from your lender or credit card provider on your behalf.
Should your credit card, be found to be unfair and therefore unenforceable, the Litigation Team can act on your behalf to have any outstanding debt written off.
This means, no more struggling to make those monthly payments and no repercussions on your credit file no matter how much debt you have with the bank loan or credit cards.
How Can You Write Off Your Credit Card Debt?
A large majority of credit agreements are unenforceable because they fail to comply with the prescribed terms, as set out in the Consumer Credit Act 1974.
Consumer Credit Act 1974 allows borrowers to challenge unfair credit agreements in court. If Agreements do not contain prescribed terms detailed in the Consumer Credit Act, they are unenforceable by a court of law.
This covers:
- Unsecured Personal Loans.
- Secured Loans.
- Hire Purchase, Car Loans/Finance agreements. Consolidation loans.
If your Credit Agreement does not compy with the Consumer Credit Act of 1974 it is possible to claim money back, have the loan reduced or completely written off.
Credit agreements may be unenforceable if there are anomalies to be found, the important elements must be present in a credit agreement. If any of these are absent, the agreement will generally be unenforceable.
This means that credit card companies cannot legally re-claim the money that is outstanding on the credit card. This is why a detailed audit is made on each individual case and will help you to write off your alleged credit card debts as a result of invalid and unenforceable consumer credit agreements.
