The 5 Top Considerations For Unenforceable Credit Agreements

Is Your Credit Agreement Enforceable?
A staggering number of credit card agreements written before April 6, 2007 were not written to the letter of the law. This means that 70% of the credit card statements are simply not enforceable. To the consumer, it could be that you don't have to stay in the contractual relationship - you can write off that credit card debt completely. The only way to determine the validity of your agreement, however, is to have it closely assessed by a qualified solicitor.
Is Your Solicitor Honest?
For the legal firms going after credit card companies, there is quite a bit to be made from unenforceable credit agreements. This means that while many companies are working hard honestly to earn their fees and protect your interests, others are much more interested in their bottom line. Do a bit of research on your solicitor or company of choice when choosing someone to represent you. Many offer services with no payment up front, but read the contract carefully to determine what services you are getting and how much you will eventually have to pay.
Will You Be Debt-Free?
When you begin to consider unenforceable credit agreements, it's easy to get a bit ahead of yourself planning to be completely debt free. The fact of the matter is you might only be able to write off a portion of your debt under this legal loophole. This will leave you with some debt to continue working with on your own, but ideally reduced debt means you'll be able to pay it down more quickly.
Should You Stop Paying Your Debts?
You might get off-hand advice to stop paying your debts immediately and save the minimum payment to each since they are going away anyhow. The only trouble is that you might not have every debt or any debt discharged completely leaving with you delinquent accounts. Talk candidly with your solicitor about the possibility of sending in reduced payments to keep your accounts in good standing should you wind up not being able to drop those agreements completely.
How Much Do You Know Already?
While you'll need a solicitor to work through your agreements with a fine-tooth comb looking for trivial details, you should be aware of how many agreements you have and what they say. Don't allow someone to do everything for you. While this might be tempting as a hands-off approach, only you can be sure that everything is truly in your best interest. Request agreements and read through them flagging items that might of concern. Learn what solicitors and creditors are talking about in discussions. After all, this is your financial future at risk. Stay on top of it.
This article is for information purposes only. For professional advice on unfair credit agreements see a legal representative or an experienced company.
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