Sssh! Why Legal Debt Removal Are The Three Words No Uk Lender Wants To Hear

Feb. 24, 2010 - PRLog -- Since the credit crunched, millions of British people have found themselves owing more money to creditors on credit cards, car finance and mortgages due to APR rates charged which are often much higher than the official base rate. To date, the average APR on a credit card in the UK is easily above 18% and rising to the extent that if a person is only making a minimum payment they could well be paying until old age which is why debt is spiralling out of control in the UK.

Often the first thing someone will do with debt is consider a debt consolidation solution, an individual voluntary arrangement (IVA) or even bankcruptcy which can often leave people’s credit files marked for years to come and with the inability to gain more credit or even fair mortgage rate in the future.

“It doesn’t have to be this way when there is the consumer right to legally challenge a potentially unfair credit agreement,” says Clare Lewis of LegallyLoseYourDebts.Com, a UK Claims Management Company that is regulated by the Ministry of Justice.

She continues, “When the British government introduced The Consumer Credit Act 1974 into law it was there to provide people with specific consumer rights and to protect them from Lenders. The Consumer Credit Act sets down very strict guidelines for the exact content and format all Credit Card, Loan and other Financial Agreements that all lenders must use and The Consumer Credit Act 1974 states that if a lender provides credit using a written agreement that does not fully comply with certain parts of the Consumer Credit Act, it becomes unenforceable."

Due to misreporting in the media and changing legislation alongside new types of loan products, lenders have regularly changed the format of the Credit Agreements they use and many solicitors have now discovered that lenders have amended their existing Credit Agreements and made errors by failing to use the exact format required by Consumer Credit Act 1974.

Information freely available in the UK Press has documented many instances such as this one where a ‘loan agreement was unenforceable under the Consumer Credit Act after the original loan company had wrapped insurance payments into the debt and then added interest and penalty payments to the total.’ Guardian Newspaper.

This Is Money Website states about credit agreements, "There are undoubtedly thousands, if not millions, of other unfair loans out there still to be checked."

Even barristers such as David Berkley QC state that, “Laws are there to protect consumers and so there is in my view a core legitimacy to the market of supporting borrowers, particularly in the present economic climate.”

“At Legally Lose Your Debts we provide a service which issues the debtor with a proper audit of their credit agreement and if it is found to have potentially unfair issues it will be taken on by our team of lawyers with full ATE funding to pursue the case through the British courts.” Says Clare, “Often a lender will settle out of court to prevent the floodgates of claims opening up to them and we have seen it happen time and time again."

In an economic climate where consumer frustration regarding our banking system and the UK debt mountain is rife -  Legally Lose Your Debts is a helpful service available to you to fight for your consumer rights against unscrupulous lending practice via the proper legal channels and with full legal funding in place.



For more information go to www.legallyloseyourdebts.com and learn the truth that no lender wants you to know.

For a free report on the UK debt mountain click on http://www.legallyloseyourdebts.com/llyd_free_report.pdf