A UCA Can Clear All Your Debts Forever
April 29, 2009
It all started back in 1974 when a Consumer Credit Act was established, and within which was an agreement between the lender and the applicant} that loan and credit card organisations had to undertake when dealing with the people takin on the credit card or loan. These practices covered aspects such as Interest rates, cooling off periods, monthly payments etc. Basically these terms and conditions were compulsory in order to make the agreement valid, even if it was to be in small print. Plus the applicant had to sign the application which had these T&C’s.
However, in the case of a lot of credit and loan companies they did not follow the credit agreement guidelines and as a result they have left themselves open to having what’s known as ‘Unenforceable Credit Agreements‘ or UCA.
What this means to person who took out a loan or got a credit card is that if they did so before a specific date then they could argue that the validity of that initial agreement, and in lots of cases can either have the debt(s) totally cleared or agree with the credit company to reduce it by a large amount.
Because of this major oversight there are now a deluge of credit related organisations who will help applicants get their Credit Agreement contracts nulled and in the process make themselves a lot of money. Nothing wrong with people wanting to know if they have Unenforceable Credit Agreement that as the applicant could potentially be saving themselves thousands which they could then spend elsewhere.
Some companies charge a small admin fee just to look at the credit/loan contract to see if it’s Unenforceable and others will only work on a no-win no-fee basis. It’s not clear how long this will be allowed to go on but for now the so called ‘greedy’ loan and credit organisations are being bombarded with 1,000′s of requests for copies of applicant credit agreements as more and more people deep in debt are trying to have their debts cleared forever.
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