Do I Have Any Unenforceable Loans?

Did you know there is a little known loophole in some credit agreements that could mean many people will not have to repay their loans?
If you have borrowed money up to £25,000 before April 2007 using a personal loan, credit card, store card, hire purchase agreement, overdraft or car loan then these credit agreements and even some charges may become unenforceable in certain circumstances.
The Consumer Credit Act 1974 laid out some strict lending requirements that must be met in order for a lending institution, such as a bank or credit card company, to be compliant when lending out money. Simply put, your lender is required to produce regulated credit agreements that are properly executed and signed by both you and the bank or credit company.
For a loan to be enforceable means that all the Act's requirements must be met. It also means that if any of those requirements are not met, then the loan is unenforceable and you could find that you are no longer obliged to repay the money you borrowed.
Your loan documentation contains some of the information you need to determine whether your own loan is unenforceable or not. Read your documentation carefully and check whether your lender has factored in the costs of Payment Protection Insurance into your percentage charges.
If your loan documentation shows no evidence of this inclusion, you could be eligible to have your loan investigated for potential invalidity. Not only would this mean no longer having to repay the debt, but the original loan or credit card application entry could also be removed from your credit report.
It is also possible to go back through any old loan or credit card statements you have and double check your interest costs and charges. If you find any that seem to be calculated incorrectly, then this might also be a valid reason to have your loan investigated as being unenforceable.
Perhaps your credit card limit has been increased without your knowledge or your express permission. If you didn't request the limit increase then your credit card facility could also be considered unenforceable.
If the total amount of charges being applied to your credit are not disclosed fully and completely then your loan might also be unenforceable and you could see your debt wiped out without you having to pay another fee.
If any of these scenarios sounds familiar to your own credit then it is important you should speak with someone who can help you to identify whether your claim will be successful or not.
Once a professional has determined that your credit agreement contains flaws they will contact your bank, lender or credit card company on your behalf to begin wiping out your debt for good.
When banks realise that your debt has been proven to be unenforceable then your obligation to repay your debt simply stops and you are free!
Derek Rogers is a freelance writer who writes for a number of UK businesses. For Unenforceable loan advice, he recommends Fair Judgment, a leading expert on unenforceable loans.
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