Loans Before April 2007

 

Regulated by the Ministry of Justice. Authorisation No. CRM2192

 

Wipe Off Credit Card Debt

Loans Before April 2007

Your Loans and other Debts Deemed Unenforceable

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Loans taken out before April 6th 2007 can be challenged if the original contract agreement is lacking in certain aspects, as laid down by the amended Consumer Credit Act of 1974. Although the majority of credit agreements are about credit cards (which is, after all, what this site is about) this covers any form of credit agreement, including loans.

A lot has been written in the media in recent months about loans before April 2007. Let's clarify a bit about what type of loan is liable to be written off. Firstly, both secured and unsecured loans are included, as long as they are under £25,000 when taken out (not the remaining value of the "lump sum") as loans above this amount are not covered by the provisions of the amended Act. The purpose of the loan is immaterial: as long as it was agreed before 6th April 2007 and it fails to meet the prescribed conditions then it is elligible to be looked at to see if it is unenforceable.

It is fair to say that secured loans are drafted with more care than unsecured loans, so there is less chance of a secured loan being unenforceable. Having said that, there is every chance that an unsecured loan will be unenforceable, as long as the original agreement fails to meet the amended requirements of the Act and you took out the loan before April 2007.

If you took out a loan before April 2007 there's a few things you could do to see if you could write it off. You could ask the lenders for a copy of the agreement and check it yourself, or you could get a solicitor to do it for you. Of course, getting a solicitor is much easier, but it can be expensive, although our service is much less expensive than most.

To check out the qualifying details have a look at our home page. It mentions mainly credit cards, but exactly the same conditions apply to any other form of credit agreement, including loans, car finance, store cards, etc.

If you want to check out your loan before April 2007 and want to have an informal no-obligation chat with one of our legal team, then apply in confidence by using the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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Loans Before April 2007

Note: If a debt is found to be unenforceable this means that the debt can not be collected. It does not mean that the debt is wiped, cleared or written off, other than in exceptional circumstances. All references here to writing off or wiping off or clearing debt and to 'write off credit card debt' are understood in the colloquial sense. In most cases the debt will remain outstanding and on file.