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Unfair Credit Agreements

What is the Consumer Credit Act 1974

The consumer Credit Agreement ensures gives consumers protection when taking out credit. Credit which falls into the credit of the Consumer Credit Act 1974 must prescribe to certain terms in accordance to the Act. If these terms are not adhered then the credit agreement could be deemed as unenforceable.

What type of credit does the Act cover?

The majority falls under credit obtained for less than £25,000 at the time of the agreement. This could be the most credit cards, store cards, car loans, personal loans etc.

How will I know my credit agreement is unfair?

The majority of claims relate to credit under £25,000 and taken out prior to April 2007. But this does not rule out any credit agreements outside of the criteria.

How will Mayfair Debt help?

Mayfair Debt will obtain the necessary credit agreement documentation from your creditor (i.e. your credit card company etc) and will instruct one of our panel solicitors to inspect the documentation on your behalf. The panel solicitor will check if the credit agreement abides by the terms set out in the Consumer Credit Act 1974.

What happens if there is a claim?

On review of your credit documentation our panel solicitor will conclude if there is a feasible chance of a claim. If you claim is successful you could be entitled to any payments made to be refunded along with interest, or you could have the credit agreement deemed as unenforceable.