Bankruptcy? No!
April 15, 2009 by
Filed under Bankruptcy, Debt, Debt Elimination, Debt Managment Plans, IVA
Bankruptcy
Because of the manner in which the banks and lenders solicitors drew up the finance agreements we signed, I.e ignoring the law as laid down by the Consumer Credit Act 1974, it is possible to take your lenders to court and apply to wipe out the entire balance. The fact is that the banks and lenders did not adhere to the very strict and complex terms which were required to be written into the contract by the 1974 Act.
This law was designed to protect us, the consumer from the whims of the lenders with regard to interest rates rises etc. It has been found that 80% of credit finance agreements are not valid contracts because they don’t comply with the very strict terms and conditions of the act and this actually makes them unenforceable contracts which is why you can apply for a wipe out of the debt.