What is a Regulated Credit Agreement? |
If you have a loan or have purchased goods on credit (£25,000 or less)
your lender will have been required to give you a credit agreement to
sign. This credit agreement must conform to the regulations of the
Consumer Credit Act to be valid. |
For what reasons can credit agreements be unenforceable? |
There are many rules and regulations that a lender must adhere to when
offering credit to individuals. If they have not conformed to the
regulations of the Consumer Credit Act the loan is likely to be
unenforceable. There are 27 areas which can render an agreement
unenforceable.
These include: incorrectly dated agreements;
agreements that apply unfair terms on a consumer; agreements where the
interest rate or APR has been incorrectly calculated; or not including
the cost of payment protection insurance in the true cost of a loan. |
What types of agreement does the Consumer Credit Act cover? |
Fixed sum loan agreements or hire purchase agreements.
Credit card, store card or overdraft agreements.
|
What types of agreement can Debtonator check for me? |
All of the above. Please refer to ‘Our Services’. |
What types of agreement are exempt from regulation? |
Generally, agreements issued to charities, firms with more than four
partners, certain specified overdraft accounts and most mortgage loans. |
How do I find out if I have an agreement that may be unenforceable? |
Debtonator offers a quickfire online test, which will give you a good
idea whether you would have a valid claim. It takes approximately two
minutes to complete.
|
How can you offer this service on a no win, no fee basis? |
Debtonator
believes that consumers should not have to pay for a service upfront
unless they feel happy to do so. We do not want to put anybody in
further financial distress until they have seen what we can do for
them.
Under our ‘no win, no fee’ option you pay
only if your claim is successful. For every successful claim you will
be charged 29% of all monies refunded.
There is
a £39 registration fee which covers the initial audit of your claim and
all paperwork that has to be sent to your lenders. |
Typically, how long would it take for a case to complete? |
Many cases complete within 28 days. However, experience has shown that 5 months is the average timescale for a case to complete. |
