In recent years the banks have been forced to give back millions in miss-sold endowments, excessive bank charges and now the House of Lords have made a decision impacting on loan debt and credit card debt which could help you.

All credit cards agreed before the 4th of April 2007 have to comply with 14 points of legislation under the Consumer Credit Act 1974 (CCA 1974). The provider only needs to have breached 1 point of legislation to make the agreement illegal and unenforceable. The House of Lords decided not only were agreements unenforceable but that money owed would not be required to be repaid by the borrower.

It is thought that, on average, 80% of all credit cards have breeched legislation, in fact, each agreement breeches an average of 6 points. Therefore, this means the credit provider has loaned the finance illegally and cannot ask for the monies back.

What is a regulated credit agreement?

If you have purchased goods on credit to the value of £25,000 or less, then your lender should have provided you with a Regulated Credit Agreement. The content of the agreement has to conform to regulations in accordance with the Consumer Credit Act 1974 and should be signed and dated by both the lender and yourself to be properly executed.

What credit card agreements can I have “Audited”?

Any credit agreement less than £25,000 that is governed by the Consumer Credit Act of 1974.

Eligible agreements include:

- Credit Cards
- Store Cards

I am not sure if I have the original agreements anymore, can you still help me?

Whether you have the original Credit Agreements or not, we can request it for you. Even if you do have it, we will need to make sure that we have an exact copy of the agreement held by the lender and would request it no matter what your situation.

To speak with a Credit Card Debt Help advisor, call now on 0845 475 0005, or submit a debt help enquiry and one of our credit card debt advisors will get back to you.