Credit/loan agreement compliancy checks

firequeen_2

I can't find anything on this forum about people's experiences if any with the new trend of getting loan agreements checked, and if found faulty, written off. I've been offered this service by a company and am a bit fascinated by the concept, if nothing else.

I think the whole thing is related to a change in the consumer credit act, in April 2007. Most loan agreements entered into before this date are apparently not enforceable, due to a number of technical flaws.

Any experiences of this people?

GeorgeUK

Lots of info on the board for this.

Do a search for CCA
I would advise doing this through a company - to request a copy of the agreement it only costs £1, but these companies charge about £300 just for sending these letters. You will need to pay them whether or not the agreement is unenforcable.

RAS

Hi

This is nothing to do with a change in the law in April 2007. it is because all those companies offering compensation claims and dodgy IVAs haver had to find another way of extract money from mugs.

In fact the change in the law in April 2007 prevents people from rendering debt unenforceable in the way that they can for debt acquired prior to April 2007 when the creditor failed to keep proper documentation.

You need to send a CCA request with a £1 postal order by registered post. Really hard to do?????????? and not worth paying hundreds of pounds to a company for the pleasure.