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SpinDistribute.com Article Directory

The following article was published in our article directory on December 2, 2009.
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Is Your Credit Contract Unenforceable?

Article Category: Finances

If you took out a loan before April 2007, it is probable that your credit contract is unenforceable. It is because it may not conform with the Consumer Credit Act of 1974. You must be wondering why the credit pacts have become unenforceable only after 2007. It is because in April 2007, changes were made to the act pertaining to the lenders' behavior. If your credit pact is unfair, as per the act, it may be considered to be unenforceable.

So, what does it mean when we say that a credit pact is unenforceable? This means you may be officially permitted not to pay off the amount of debt that you still have to pay off. It is your indispensable right to reject any further payment if you find out that the terms and conditions of repayment were not clear or you were lead into a doubtful deal, the terms of which emerged after you had been bound. For future reference, do not sign any pact letter until you have thoroughly read it (even read the fine print) and you have a solid professional advice on it.

Nonetheless, if you are trapped with an unjust pact or you think you might be, the best thing to do is to contact an advisor and find out if you are eligible for a loan repayment cessation. It is necessary to do this through a professional who understands credit repayment policies and who is a confirmed authority on the Consumer Credit Act.

In addition, always keep a copy of any agreements or contract you sign. In this case, having a copy would join your case as you can check every declaration you make before you approach your creditor with it.

Several things make your loan void. If the contract does not identify the APR rates clearly or the rate of interest is too high, you might find yourself in a position to defend the credit pact as being unenforceable.

The credit pact may also be unenforceable if it does not mention all the terms and conditions of repayment, particularly if these provisions and conditions are made known to you after you signed the agreement. The bond should also mention the prescribed monthly payments and the full amount that you would be paying inclusive of the interest being charged on it.

Your credit pact may also be considered unenforceable if your creditor failed to offer you with all the information pertaining to the loan or gave you wrong advice. Furthermore, your contract may become null if the creditor did not thoroughly research and determine your capacity physiologically and financially to pay back the loan.

Now, what are the criteria you have to fulfill for applying for an unenforceable credit pact? additionally the contract must be falling in a period before April 2007. Then it is imperative that the amount of loan be between £5000 and £25000. In addition, you are only entitled to allege an pact unenforceable if the loan exists and the remaining balance is in excess of £5000.

Keywords: PPI Claim, PPI Claims, Unenforceable Credit Agreement,

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