I have recently found out that many credit agreements in UK do not comply with all the prescribed terms laid down under the Consumer Credit Act 1974.

One great way of eliminating debts taken out on or before the 1st April 2007 is to exercise your right to challenge the original loan or credit agreement.

Put simply, if the original credit agreement did not comply in some way with the Consumer Credit Act 1974 then it may be deemed unenforceable.

Definition of Unenforceable: An unenforceable contract or transaction is one that is valid, but which the court will not enforce.

So what does it mean for you? Basically, if you have a UK loan or credit card agreement and it was taken out before 1st April 2007 it may be unenforceable in the Law Courts. This gives you the right to cancel your agreement and stop making repayments.

If you owe more than £1,500 on your loan or credit card, you could cancel your credit agreement and save thousands of pounds. You can do your own research, like Basil and Amanda Rankines did (the original unenforceable loans precedent), or you could recruit the help of unenforceable credit specialists, such as unloan.co.uk, for example- a website that I found useful for me. All you have to do in this case, is to fill out a quick and easy form, then your case is assessed whether it is unenforceable or not by the specialists and you can agree on next steps from there.

Check out what the press is saying:

"The bill gives us the once-in-a-generation opportunity to prevent more people becoming trapped in grossly unfair credit deals."
BBC

"There are undoubtedly thousands, if not millions, of other unfair loans out there still to be checked."
thisismoney.co.uk

"You may think that once you've signed a contract, it's legally binding, no matter what. But if the terms in the contract are judged to be unfair, you may not be bound by them."
ConsumerDirect

I hope you will find this information useful. PLease leave me a comment and let me know what you think.