The debate regarding unenforceable credit agreements and whether there will ever be any significant victories for consumers seems to have led many people to believe that this industry is dead in the water.
Not so. UK Money Solutions still firmly believes that there are thousands of debtors out there that may be paying a completely unenforceable credit card debt or loan to their creditors. This is backed up by the fact that even charities are claiming that they can now help people who believe they may have unenforceable credit card debts: "we can give you advice about your credit agreements and whether they are likely to be unenforceable. We can tell you if there may be genuine grounds for a challenge" (nationaldebtline.co.uk).
The Insolvency Helpline even give their visitors template letters in order for them to complain to the lenders themselves: "If you are unable to produce signed documentation, the agreement would be unexecuted and therefore unenforceable in court" (insolvencyhelpline.co.uk). If the respected charities feel that certain debts may have been mis-sold and are therefore unenforceable, then this surely still gives the industry plenty of credibility.
Of course, the legal process involved is complicated and time-consuming but ultimately, if you feel that your lender has mis-sold your loan or credit card, then you should make a claim regardless of how long it's going to take to win. Imagine if you'd signed an unfair credit agreement but never challenged it and you ended up paying back the lot The creditor is going to put up one hell of a challenge not to refund you anything. Therefore the only way to wipe out credit card debt and claim compensation for your mis-treatement is to make the challenge now, whilst you still owe the creditor!
Also, it is still possible to reclaim credit card charges levied against debtors for missing payment deadlines or exceeding credit limits and again this is advice that most charities are backing us up on: "the sum must reflect actual costs incurred as opposed to the extortionate charges that are usually made" (insolvencyhelpline.co.uk). UK Money Solutions can help consumers challenge their creditor if they think they have an unenforceable credit card debt and we can also reclaim credit card charges and there are no upfront costs such as 'audit fees' whatsoever.