Are your Credit Card Debts Unenforceable? - By: Nicholas Hunt

The basic idea is to take advantage of a part of the consumer credit laws that means that unless a credit agreement abides by a list of strict rules, then it is not valid and so can't be enforced in the courts. The practical effect is that any debts built up under such agreements cannot be collected, and so doesn't have to be repaid. There are plenty of outfits claiming to be able to quickly and easily arrange for your debts to be written off like this, but is this really true?

The first thing to consider is that only credit card agreements drawn up prior to April 2007 have any chance of being declared unenforceable under this tactic. If this condition is met, there are several reasons why the agreement may be invalid, including not being signed by both you and the issuer, the Annual Percentage Rate not being clearly declared, or copies of the original documents not being available on requesting them.

Specialist lawyers will check over your credit agreement copies for you to decide whether or not they are all binding. But here comes the problem: you usually have to pay a fee before someone will even consider your case, whether or not you have any chance at all of having your debts written off. If you have a lot of agreements to check, this can work out to be a pricey and perhaps pointless exercise.

There's also the fact that some less dependable providers of this service exaggerate the prospect of success, which many impartial observers say are not as good as they are being portraid.

So what's the upshot? Certainly ask your credit card providers for original copies of your documents and look at them yourself, but before doing anything else get some advice off a debt advisor. If you believe you might have a case, then find an advisor ready to work on a no win no fee basis, rather than spending money at the outset in the possibly useless hope of leaving your debt problems behind.

About the Author

Nicholas writes for Debt Advice UK where you can find out more on how to legally clear credit cards.

Article Directory Source: http://www.articlerich.com/profile/Nicholas-Hunt/4450

Additional Articles From - Home | Finance | Personal finance