Q: How do I know if I have an unenforceable credit agreement claim?


Legal Answer

Pursuant to the Consumer Credit Act 1974, when applying for a credit agreement, you must be made aware of:

  • Any rights and duties imposed on you by the agreement
  • Any remedies or protection such as notice of cancellation etc...available under the agreement
  • The total amount and the rate of credit
  • As well as any further matters that should be made aware to the debtor in relation to the agreement

There is also certain information which must be made available to you either before or after the agreement is concluded. This includes:

  • A document in the prescribed form containing all the prescribed terms which must be signed you and the creditor of the agreement
  • A document embodying the terms and conditions of the agreement, other than the implied terms
  • A document explaining your rights and obligations
  • Financial information such as the amount of credit, the credit limit, the agreement duration, total amount repayable, APR and repayment requirements
  • Other key information such as notification of cancellation rights, early repayment rights and all other statutory rights and remedies available to you

All of this information must be presented clearly to you. If this information is missing or simply not provided to you, it may mean that the agreement is legally unenforceable, although the creditor can seek enforcement by means of a Court order.

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