Berkeley Solicitors have recently been looking at ways to help people get out of debt.
The Financial Services Ombudsman has found that more than 80% of all fixed term loans for under £25,000 arranged before April 2007 are unenforceable under the law. If you have a loan which fits into this category the good news is we can apply to the Court to get it declared unenforceable so you don’t need to make repayments and there is nothing the loan company can do to force you to pay it!
Under the Consumer Credit Act which covers the period up to April 2007, fixed term loans under £25K must meet several criteria in order for the loan agreement to be legally binding on the loan’s recipient. These criteria include such things as:
1. The interest rate
2. Costs of the loan
3. Right of cancellation
If the loan agreement fails to meet any one of these criteria it is Unenforceable and can be declared so by a judge. (You will still have a loan, but repayment cannot be required.)
At Berkeley Solicitors we feel that anyone who has a loan fitting into this category should let us look into it to see whether we can apply to the court to get the loan declared unenforceable. This is especially the case for anyone considering an Individual Voluntary Agreement (IVA) or bankruptcy – possibly unnecessary if we can help you to substantially reduce your debt repayments.
I have a fixed term loan for under £25,000 arranged prior to April 2007 – What can I do about it?
Your first step should be to contact Berkeley Solicitors and send us a copy of your loan agreement. We can then carry out an assessment to see whether it meets all the relevant criteria to determine whether it is in fact enforceable or not.
For a limited time we are offering to carry out this initial assessment, which can be up to ten hours of legal work completely free of charge to you!
If, and only if, we find that your loan agreement is unenforceable we will charge you just £100 + VAT.
If we find that your loan does meet the criteria and is enforceable under the law there is no charge to you.
So you have nothing to lose by contacting us, we’ll only charge you if we find that we can apply to the courts to declare the loan unenforceable. If there is nothing we can do for you, you won’t be charged anything at all!
Should we find that the loan is unenforceable we will then discuss with you whether you’d like us to take on your case on a no-win-no-fee basis. Under the law the judge does not have any discretion – if the loan doesn’t meet every one of the relevant criteria, the judge has no option but to declare the loan unenforceable. Once the loan is declared unenforceable you can stop making repayments. If you decide to employ us to work on your case we’ll go through the three steps below:
1. We’ll apply to the courts on your behalf to have the loan declared unenforceable meaning you no longer have to make repayments.
2. We’ll put in a claim for compensation through the Financial Services Ombudsman – The amount of compensation depends upon many factors and can be as much as or greater than your original loan amount.
3. We’ll claim through the courts for compensation for miss-selling of the loan – The amount of compensation depends upon many factors and can be unlimited.
So contact us today either on the phone or using the form on our financial mis-selling page and we’ll look into your loan agreement for you. Remember our limited time offer means you have nothing to lose and you could save a large amount of money by reducing your debts substantially.