Missold Loans

Every year, many thousands of people all over the UK take out loans to improve their homes, buy a car, enjoy a dream holiday, consolidate existing debts or to make an expensive purchase, but some of these loans are actually unlawful and consumers may actually be owed money.

Call now on 0800 177 7293 or Claim Online!

If you took out a credit card or loan before 6th April 2007, you may have been missold your loan and may be eligible to claim compensation. This is because many credit agreements before this date have been found to be flawed and unenforceable. The Consumer Credit Act of 1974 (CCA) requires lenders to include certain information in a loan, mortgage, hire purchase or credit card agreement and if a lender has not included all of the information, or it is incorrect, then the agreement is deemed unenforceable and the consumer does not have repay the balance.

Revisions to the CCA mean that many people who have taken out loans before April 2007 are affected by invalid or unenforceable credit agreements and don't even know about it. They could be sitting on thousands of pounds of compensation or may not need to make any further repayments.

Furthermore, many people who have taken out loans or credit cards have also been missold PPI. PPI, otherwise known as Payment Protection Insurance is an insurance product which covers your loan or credit card payments if you lose your job, become ill or suffer an accident. It is useful for many people because it gives them the security that their payments will carry on even if they lose their income, but PPI has been missold to many people in the UK.

PPI can be deemed as missold if:-

-- A lender has added it to the loan agreement without advising the consumer
-- The PPI has not been fully explained to the consumer
-- The PPI does not actually cover the consumer and is irrelevant to their circumstances

It may be that you have a missold loan AND missold PPI!

If you took out a loan, home improvement loan, hire purchase agreement or credit card before April 2007 you should contact us using the form at the top of this page to seek advice. It just maybe that you have a missold loan and could claim compensation or stop your payment, but only a specialist solicitor will know this. Our solicitors are experienced in this area, have the knowledge and expertise needed to understand agreements and policies and highlight any flaws. They will:-

-- Check your credit agreement to see if it is in breach of the Consumer Credit Act and therefore invalid or unenforceable
-- See if you can reclaim any charges plus interest
-- See if you paid any excessive charges on your credit agreement
-- Check whether any hidden commission fees were paid to brokers or "middle men"
-- Check if you were missold PPI
-- Work on a no win no fee basis
-- Advise you on your personal situation

So, check the date on your credit card and loan agreements and contact us today for advice if they're dated before 6th April 2007.

Claims and Compensation News

 

Tanker driver seeks personal injury compensation after Buncefield explosion

September 1st, 2010

 

Barry George to get compensation review

August 28th, 2010

 

Minneapolis to pay $165,000 to zombies

August 27th, 2010

 

Mother of suicide victim seeks compensation

August 25th, 2010

 

Compensation claim against debt collectors is delayed again

August 23rd, 2010

View All News Headlines

 

*Disclaimer: Although this site is updated as often as possible the information provided may not accurately reflect the current laws, procedures and/or facilities available to you. To ensure that you get the most up to date information make sure you consult an actual injury solicitor before pursuing any action. The articles on this site are for informational purposes only and are not intended to advise any particular action or inaction. Please read our terms of use for more information.

Claims4Free is regulated by the Ministry of Justice - Registration Number CRM19143.