How does Debt Elimination work?
In the UK credit lending such as credit card agreements, store cards, catalogue accounts and unsecured loans are regulated by the Consumer Credit Act. Any aforementioned agreement must contain certain information and fulfil a criteria in order to comply with the Consumer Credit Act. Many agreements signed by UK consumers prior to April 2007 do not comply because of missing information or criteria and are therefore flawed. This results in the agreement and any debt or outstanding balance owed on the account being unenforceable. It is simply then a UK consumers legal right to challenge such an agreement, with the conclusion being any debt or outstanding balance being written off due to the fact that the creditor in question has failed to comply with the legislation set out before them.
