1974 Consumer Credit Act

GINNAK2

I have an outstanding debt with Halifax credit card. However, I understand that the credit agreement I originally signed, does not adhere to the consumer credit act of 1974. How do I go about getting the debt cancelled?

opinions4u

GINNAK2 wrote: »

I have an outstanding debt with Halifax credit card. However, I understand that the credit agreement I originally signed, does not adhere to the consumer credit act of 1974.

In what way?

How do I go about getting the debt cancelled?

No chance.

Fruit_and_Nut_Case

GINNAK2 wrote: »

How do I go about getting the debt cancelled?

Pay back what you owe and the debt will disappear. Just like that.

michaelvintner

I am going to come around to your house and "borrow" your car. When you ask for it back I will say no I am keeping it.

You borrowed it, pay it back, SIMPLES.

chattychappy

GINNAK2 wrote: »

I understand that the credit agreement I originally signed, does not adhere to the consumer credit act of 1974.

As opinions4u asks, in what way?

It is true that if the Act is not properly complied with, then a debt might become unenforceable. A few years ago there was a boom in companies telling people that debts could be written off due to simply technical irregularities. This position hasn't been upheld by the courts.

Personally I have no problem if financial institutions are stupid enough not to comply with the law and as a result debts become unenforceable. As it turns out, they were not as stupid as many people hoped.

Note also there is a distinction between "unenforceable" and "written off" (or cancelled). If the debt is unenforceable, it stays on you record and would prevent you getting credit elsewhere.

For the most part, the only ways to get rid of the debt are:
1) pay it off
2) do a deal - make an offer to settle. Generally only works if you are behind and have caused problems for the lender. Perhaps they've sold the debt on.
3) go bankrupt - only an option if you have little prospect of paying your debts and what you have will be used to pay your creditors as much as possible.