alliance and leicester?unenforcable debt?

kezzygirl

hi there!we took out a loan with the aforementioned company,but they have now been taken over by santander.
my question is..this loan was taken out late 2006/early 2007.whats the likelihood of it being unenforceable?I mean, i read on a thread that pre-2007 loan agreements are/can be shady so i am just wondering if its worth asking for credit agreement?
Also,where do i stand as we have been paying off £30 a month since we got into financial difficulty.

any advice is great!thanks

DarkConvict

Agreements after April 2007 are covered by a different law, CCA 2006 instead of CCA 1974. CCA 2006 agreements have a clause stating the agreement does not have to be shown in court to enforce the debt, thereby sidelining the loophole used for CCA 1974 agreements given maybe creditors fell foul of it.

The older the agreement the more chance of it been unenforceable, because as time went on creditors learned the lesson that they must keep the paperwork if they intend on going to court. Each case is unique so we can't give a likelyhood they have the agreement, or if they don't have it. All you can do is try.

Unless your considering not paying the debt (will destroy your credit rating for upto 9 years with default + late payment markers), going to do a full and final settlement (greater bargaining power) or fear the debt going to court, it won't give you any advantage. But it is your right to request the agreement so if you want it, it only costs a £1 + p&p to do it.