Did
you know that, if you took out a loan prior to April 6th 2007 and the
original loan agreement did not contain certain details known as the
'prescribed terms' then that loan is unenforceable, and you are under
no obligation to repay it? It's absolutely true!
Not
that we advocate taking out loans and not paying them back (it would
be impossible after the above date anyway); but it would be worth your
while if you check your loan agreement to see if this is the case.
There
has been quite a lot in the news and on programmes like BBC's Watchdog
about so-called debt collectors who hound people for loans they don't
have. If this is the case then you can also ask the company for a true
copy of the original loan agreement. They must produce it for you. If
they do not you have nothing to pay. If they do produce the loan agreement
(which is a very big if, as these people peddle their trade in debt
data without the proper care and attention due to niceties such as preserving
the original legal paperwork) and the agreement (or loan contract) does
not contain these details then you are equally not bound to pay this.
It
may well be that you are in financial difficulties and that your loan
or other debts have become delinquent and been passed onto a debt collector.
If this is the case then the same applies!
If
you want more advice from our legal team about how to check your loan
agreement then request an informal chat by using the boxes below.
We are compliant
with the CAN-SPAM Act. We will not pass your name or any other details
to third parties apart from the specialist solicitor who will need to
know these details in order to help you.
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