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I have heard that many loan agreements are wrongly drafted making them invalid. Is this true ?
I took a loan for £7500 two years ago. The monthly repayments of £312 are becoming harder to repay. A friend told me that it may be possible to get the loan cancelled if it was not set up right or get some of the interest back if it has been wrongly calculated. Is this right ?
Some people estimate that up to 60% of all loan agreements in the UK are wrongly completed. We are currently running a free loan agreement checking service and have been surprised to find 85% are wrong.
Anyone wanting their agreement checked can send it to us and receive a free report setting out any errors. We also offer a fixed fee legal service which guarantees to cancel the agreement or your money back. You could be loan free within 6 months.
In simple terms the Consumer Credit Act requires that all loan agreements meet minimum basic requirements to be valid. If your agreement was entered into before the 6th April 2007 and does not meet these requirements it is unenforceable.
In most cases you would then be entitled to return of all interest and other charges such as payment protection insurance and arrangement fees.
Better still you are entitled to withhold monthly payments whilst the case is sorted out by your lawyer so the cost is no more than your monthly payments would have been.
Even loans that have been repaid can entitle you to a claim for overpaid interest and other charges.
For further information call 0800 037 1066 or post another question with your agreement attached for a free no obligation check.
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