What is a Regulated Credit Agreement?

If your clients have a loan, or if they have purchased goods on credit, to the value of £25,000 or less, then their lender should have provided them with a Regulated Credit Agreement. The content of the agreement has to conform to Regulations in accordance with the Consumer Credit Act 1974 and should be signed and dated by both your client and the lender to be properly executed.

What credit agreements can your client have 'Audited'?

Any Credit Agreement between £1,000 and £25,000 that is governed by the Consumer Credit Act of 1974. The original agreement must have been signed before 6th April 2007. Eligible agreements include:

• Credit Cards and Store Cards
• Unsecured Personal Loans
• Consolidation Loans
• Car Loans / Finance Agreements
• Secured Loans
• Hire Purchase

What if your client cannot find the original Credit Agreement?

Whether you client has the original Credit Agreements or not we can request it for you. Even if they do have it, we will need to make sure that we have an exact copy of the agreement held by the lender and would request it no matter what there situation.

What happens if I your client pays for an audit fee and the claim is unsuccessful?

If your clients Credit Agreement is deemed to be enforceable after an audit i.e. no breaches found, and the case does not go on to litigation they will be entitled to a FULL REFUND of any audit fees paid.

Will the process of Auditing my clients Credit Agreement have an adverse effect on their credit score?

No, there is no impact on your clients credit profile by the claims company and their Legal Panel assessing your Credit Agreement to see if it is unenforceable. This is a common concern but to request your Credit Agreement is your legal right under the Consumer Credit Act and declaring an agreement as unenforceable (where found to be) is your right as a borrower.

How long will it be before my client knows whether they have a claim or not?

As soon as your completed documents are received by the company handling your claim it should take no more than 60 days to audit your Credit Agreement.

Is there an upfront fee?

If your clients Credit Agreement is audited and contains no breaches i.e. no grounds for litigation they will receive a FULL REFUND of the appropriate audit fee.

What does the fee get my client?

They will receive a 28 page audit report for each agreement setting out the grounds for litigation for each claim. This is their document to keep and will form the basis of the legal challenge to get their debts cleared. If the audit report states no breaches in their agreement and there are no grounds for litigation they will receive a FULL REFUND of the appropriate audit fee.

What does 'unenforceable' actually mean?

When an agreement is unenforceable it literally means that the terms of the agreement may not be enforced i.e. one of the terms of your clients agreement is to repay the sum borrowed so if the agreement is unenforceable they would not have to repay the outstanding amount.

What if my clients have already repaid their Credit Agreement? Or they have nearly finished repaying their Credit agreements, so what about the repayments already made?

In order to meet the minimum criteria to have their agreement audited they must have a £1,000 outstanding balance. In the event of a successful claim the solicitors will seek to recover money previously paid, however there is no guarantee that this will be the ruling.

What other services can other Credit Smart UK provide?

We can arrange to apply for other financial claims such as:
• Reclaim Unfair Bank Charges
• Reclaim Unfair Credit Card Charges
• Reclaim Mis-sold Payment Protection Insurance (PPI)
• Reclaim Mis-sold Whole of Life Insurance

Do you charge the fee for other services?

There is no upfront fee as these claims do not attract the same costs as Unfair Credit Agreements as no need for them to be audited. There is only a fee if any monies are recovered for you; if your claim is not successful or if you are not awarded any money then there is no fee. For a successful claim we will keep 20% of any monies awarded.

For Further Information please contact us by Registering Your Interest.