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The Consumer Credit Act 2006 was introduced to establish a system of regulations covering the actions of financial organisations providing credit agreements. This legal framework specifically defines the appropriate responsibilities of the creditor as an intrinsic factor of the agreement. It is the failure to adhere to the dictated terms of this legislation that duly renders many credit agreements legally unenforceable. This contractual breach forms the basis of any claims action enacted by Redress Claims on the behalf of the customer.
Although the legality inherent to this sector is relatively complex, there are specific and easily definable areas of potential misconduct that can be investigated. These examples of legislative infringement typically result in a ruling of ?unenforceability? and are largely regarding the following areas of the Consumer Credit Act 2006:
Non-provision of prescribed terms - The lender has not provided all the information required of them in relation to the CCA 2006.
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Inappropriate execution of agreement - The agreement was not executed correctly or in accordance with the CCA 2006.
Miscalculation of APR or the Total Amount Repayable - Calculations of interest payable are carried out incorrectly or not documented.
Non-provision of relevant documentation post agreement - The lender is unable or unwilling to provide the necessary consumer documentation in accordance with the CCA 2006.
Non-disclosure of commissions or fees - If your loan was received via a third party and the amount of commission was undisclosed this is in violation of the CCA 2006.
The above examples provide an indication as to the potential errors that may affect your credit agreement. However, there are numerous further items which may also be relevant to your particular case. At Redress Claims our dedicated legal team will provide the necessary skill and experience to examine your individual credit agreements and determine any deviation from the Consumer Credit Act 2006.
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