The Consumer Credit Act of 1974 (updated in 2006) was introduced to help regulate the burgeoning consumer credit industry at that time.
It was designed to prevent lenders from misleading or mis-selling their financial products to consumers, and to lay out a series of points which lenders must include in their credit agreements.
Unfortunately for lenders, and fortunately for consumers, the vast majority of lenders have made mistakes with their credit agreements.
The most common mistake that we are aware of is a mis-calculated APR (Annual Percentage Rate), which affects the value of people's monthly repayments. How often do you think that customers are paying LESS than they should be? Almost never!
My Claims Supermarket provides business process solutions for companies which help people investigate if their credit cards, loans or hire purchase agreements fully comply with the Consumer Credit Act.
If their agreements do not comply with the standards set out in the Consumer Credit Act, then those agreements are likely to be legally unenforceable, which means that the consumer could stop making repayments, and have their outstanding debt balance wiped out.
This is a fantastic service for consumers to use, provided by dedicated claims management companies. We can help these companies run their business by providing bespoke and cost-effective solutions for agreement packaging, processing and a comprehensive legal service provided by qualified litigation solicitors.
Contact us today for more information on how we can help your business meet the demands of this exciting and fast-growing new industry!
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