Legally
Wipe Off Your Credit Card Balance
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You may legally
wipe off (make unenforceable) your credit card balance, or the balance of any other credit
agreement or loan (including store cards, car finance, etc.) if the
original contract (the credit agreement) does not comply with the 2007
amendments to the 1974 Consumer Credit Act.
Specifically, the
amendment concerned the removal of Section 127 (3 to 5) from the Act.
The repeal of Section 127 came into force on the 6th April 2007 and
is not retrospective, meaning that if you took out a credit agreement
prior to this date it is not enforceable if it lacks certain details,
known as the "prescribed terms" of the credit agreement, and
you may wipe off (make unenforceable) the credit card balance - or indeed the balance of
any other loan that may fall within this category.

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