How To Make a Credit Card Claim.
There has been some news in the press of late about how it may be possible to make a credit card claim – or rather how to lodge a claim against the credit card company that you first signed your credit card or loan agreement with.
What most consumers don’t yet fully understand is how it is possible to make a credit card claim, which is why it is important to seek out a reputable financial claims company who has a panel of solicitors experienced in the Consumer Credit Act. Any credit agreement signed by a consumer prior to the 6th April, 2007, is governed by the Consumer Credit Act of 1974 and must comply with its regulations.
They will be able to communicate directly with your lender and obtain a true copy of the original credit card agreement you signed when you first took out your credit card or loan. Once this is obtained, only then can their solicitors fully evaluate your credit agreement. If they are able to identify breaches of the prescribed terms within the credit agreement, and believe you have a valid case, only then will they make a credit card claim on your behalf.
Many people mistakenly believe that making a credit card claim involves a financial process. This is not the case. To make a legitimate credit card claim, the credit agreement must be put through a legal process. Although many credit card claims are resolved in the consumer’s favour within six months, some cases are taken to court. This happened in the north west of England recently when a judge found in favour of a couple when he declared the credit agreement they signed with their loan company was “irredeemably unenforceable”. This meant they didn’t have to pay back the outstanding balance of over £17.000.
The goal of any credit card claim is to have the outstanding balance completely written off. Although it is not impossible to achieve this by yourself, it is a lengthy and complicated process, and one that really requires the experience and expertise of a legitimate financial claims company that is authorized by the Ministry of Justice. Their goal is to ensure they follow the correct procedures in order to retrieve a true copy of your original credit agreement from your lender. There is a lawful process that needs to be adhered to when requesting a copy of your original agreement with regards to the information being released under the Data Protection Act. There is also a recognized time period that the lender must respond to the request.
Whether the outcome is the lender complies with the request and provides a true copy of the agreement in the allocated time frame, or refuses, or is unable to do so, it is imperative your chosen financial claims representative has the legal team in place to proceed with the credit card claim process. Providing a copy of your credit agreement is supplied by your lender, a thorough and accurately evaluation or ‘Audit’ needs to be carried out by an experienced solicitor.
Another vital component to maximize the success of any credit card claim is ensuring you choose a debt solutions firm who has After The Event Insurance in place. This means that you, the consumer, are protected on a ‘No Win No Fee’ agreement with regard to legal fees incurred by either party’s legal team. An underwriter will only agree to provide adequate insurance cover if they believe you have a legitimate credit card claim, so it is imperative that an established and highly experienced legal team evaluate your credit agreement thoroughly.
Consumers who make a credit card claim against their lender are not taking advantage of a legal ‘loophole’ – it is their legal right. The law is the law, and has to be adhered to - even by the banks.
Debt Clear Solutions is an established financial claims management company that can provide all of the components necessary to maximise success for their clients’ credit card claims. In partnership with a major city law firm, plus a Barrister who is an expert in Consumer Credit Law to advise on individual cases, where required, Debt Clear Solutions is able to provide the highest quality of legal expertise available.
Debt Clear Solutions also has After The Event Insurance cover in place with one of the largest insurance companies in the UK to ensure they can pursue the legal process necessary, on behalf of their clients, on a ‘No Win No Fee’ basis.
To speak directly with one of their dedicated Claims Specialists, call Debt Clear Solutions today on 0208 123 9524
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It Pays To Claim.