I need to first explain that the following does not constitute advice. It is my experience and understanding of unenforceable Credit Agreements. I am not a Lawyer or a Solicitor.
It will explain some of the experiences I came across whilst having several Credit Agreements made unenforceable. Although 100% legal there may be those who hold a moral high ground and do not find what I have done acceptable. In my case I put the moral ground to one side in order to fight for my family and against certain banks who made my life a living hell.
What do I mean by unenforceable? I mean that a Credit Agreement cannot be enforced under law. It was whilst studying a law module at University that I became interested in Consumer Credit Law. This included the Consumer Credit Act 1974. During my research it became clear to me that certain Credit Agreements could only be enforced by a Court and some could not even be enforced by the court. It was not in their powers to do so. This made me look into this even further.
The first thing I needed to do was to request a copy of the original signed credit agreement in respect to any alleged debt a company believed I owed them money for. This was my right under the Legislation contained within s.77 (1) and s.78 (1) of the Consumer Credit Act (CCA) 1974. It would also help me understand what cateogory any alleged debts I owed fell under. I enclosed the statutory amount of £1 and requested the agreements. I did not enclose my own cheque as certain (not all) lending institutions, upon receiving this request, would have the opportunity of forgeing my signature on certain documents.
The company was obliged to supply these documents, whether they were the original creditor or not under S189 of the CCA 1974.
If they could not provide the agreement. They could not enforce it in court. So the chances were in my favour that older agreements over 10-20 years old would be more difficult for the lenders to obtain. However even if they could provide the agreement it had to obtain a number of precribed terms. If they did not they also could not be enforced by the court. In case law an important case to put forward in Court is the one below. Wilson v First County Trust Ltd 2003.
So far I have had 2 Court cases awarded in my favour and one which was 'struck out' by the court, in my favour. This has meant that approx £21,000 worth of 'alleged debt' has been made unenforecable by the court. I am in the midst of trying to get several other credit cards the same way.
Since I started my fight against certain lenders there has been an ammendment, which I understand to mean that 127 (3-5) of the CCA which meant that an agreement which did not contain certain prescribed information was improperly executed could not be enforced by a court order, has now been repealed. However, this amendment will only benefit agreements entered into after the repeal took effect on 6 April 2007 - it is not retrospective, meaning that existing agreements which do not contain the prescribed terms will still have the same problem.
You do not need to be a lwayer in order to put your case forward in court. If you feel that you may have a Unenforceable Consumer Credit Agreement you can always contact the Citizens Advice Bureaux or sign up to one of a few Consumer Forums online.
If you want to read some success stories and have a few hours to spend (it is well worth it) have a read here
There are over 10,000 posts. So if you are serious - what is stopping you!!!