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A UCA Can Clear All Your Debts Forever
April 30, 2009
Over the last financial quarter in the UK the financial meltdown has deepend and a totally different type of debt related company has started to concern loan/credit card companies .
It all started back in 1974 when a Consumer Credit Act was put together, and within which was outlined a number of practices} that Credit Card and Loan companies had to undertake when dealing with the applicant. These practices covered aspects such as Interest rates, cooling off periods, monthly payments etc. Basically these terms and conditions were compulsory in order to make the agreement valid, even if it was to be in small print. Plus the applicant had to sign the application which had these T&C’s.
However, lot of major credit and loan organisations did not follow the strict governing guidelines and as a result they are now having to deal with literally thousands of applications who are keen to establish if their credit agreement is one of the ‘Unenforceable Credit Agreements‘ or UCA.
What this means to person who took out a loan or got a credit card is that if they took out a loan or credit agreement before a specific date then they could argue that the validity of that initial agreement, and in a large amount of cases can either have the debt(s) totally cleared or agree with the credit company to reduce it by a large amount.
Because of this major oversight there are now loads of companies who will help applicants get their Credit Agreement contracts nulled and in the process make themselves a lot of money. Nothing wrong with people wanting to know if they have Unenforceable Credit Agreement that as the applicant could potentially be saving themselves thousands which they could then spend elsewhere.
Most of these companies will charge an initial ‘investigation’ fee just to look at the applicant agreement to see if it’s if it meets the UCA validation criteria and others will only work on a no-win no-fee basis. It’s not clear how long this will be allowed to go on but for now the so called ‘greedy’ credit card companies are being inundated with 1,000’s of demands for copies of original credit or loan documents as more and more desperate people are trying to have their debts cleared forever.