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Struggling with debt? You may not have to!
If you are one of the millions of people that have taken out a credit card or loan to cover your borrowing it could be that you are entitled to compensation. It could also be that you are exempt from having to make any more repayments.
Many loans and credit card agreements taken out before April 2007 are so badly drawn up that they don't comply with the Consumer Credit Act 1974, with the result that they are unenforceable. If your loan or credit card agreement is unenforceable, you don't have to make any further repayments.
We can:
- Advise you whether your loan or credit card agreement has been incorrectly drawn up;
- Advise you if you can stop making repayments;
- Go to court for you, for a legal declaration that you don’t have to make any more repayments;
- Get the loan or credit card company to pay the cost of going to court, so that you don't have to pay any legal fees
And that’s not all...
Often when you take out a loan or credit card agreement, you are at the same time sold a Payment Protection Insurance Policy, which is supposed to cover your repayments if you lose your job, become ill or have a serious accident.
On the face of it, Payment Protection Insurance is a valid product and one you should consider taking out. But unfortunately over recent years many of these policies have been dishonestly sold, or mis-sold.
Lenders and insurers are supposed to check first that the insurance is actually right for you. For example, this kind of policy is doesn't work for you if you are retired, or a student, or self employed. Many lenders simply skip these checks, which is unlawful. The result is that you end up paying a hefty premium for an insurance that doesn't actually give you any cover, your money has been wasted, you have been sold something you don't need and that doesn't work – effectively, you have been ripped off!
There is a more sinister side to all this, though. The Office of Fair Trading recently discovered that the cost of these policies is often artificially inflated so that huge commissions can be earned from selling them. Sometimes up to 80% of the money you have parted with goes on commission rather than on actually providing you with cover. This is all done in secret, behind your back. The insurance you have been sold is not the best product for you, but is instead the product that generates the biggest commission for whoever sold it to you. Instead of getting the best available policy for you, you will have been ripped off so that a fat kick-back can change hands.
If you have been ripped off in this way, you are entitled to compensation from your loan or Credit Card Company, which includes a full refund of the premium, and any interest you have paid on that premium.
We at Aegis Law can win you that compensation, and because we can act for you on a no-win-no fee basis, we can do so at no cost to you.
To find out if you are entitled to stop making repayments and/or entitled to compensation, contact us here