The amount of people who have a credit card, loan or any other type of financial product is more than you think. This means there’s scope for plenty of consumer credit disputes. We realise that most disputes only involve a smaller sum of money but this can still have an adverse effect on your credit rating.At 174 law we’re here to help you with your case, provide advice and offer our knowledge and guidance to give you a greater chance of coming to an agreement with a lender.
What is a consumer credit dispute?
A consumer credit dispute is a disagreement between a consumer and a financial lender. If the lender is found to be in violation of the consumer Credit Act 1974 and 2015 this could mean the consumer is entitled to compensation.
The Consumer Credit Act covers everything from loans to credit card agreements other financial products such as bank loans, hire purchase arrangements, or conditional sale agreements. The areas covered in the act include:
- Credit advertising
- The processes involved when it comes to default payments, termination and early settlement
- Annual percentage rate of interest (APR)
- Credit agreements
- Pre-credit agreement information for consumers
How do I know if I have a consumer credit dispute?
If you think you have a consumer credit dispute is to ask yourself the following:
- Did the creditor tell you told about the rights and repayment terms at the start of the agreement?
- Did the lender carry out the right termination process?
- Did the lender tell you about other options after termination?
- Did you ever feel pressured by the lender?
As a rule, you must be told several things by the lender before the credit agreement is made. This includes, but is not limited to: the total amount payable, repayment times, the duration of the agreement, the type of credit, the credit limit, interest rates and APR.
Can I cancel a credit agreement?
The creditor should give you five days from receipt of the agreement to change your mind. They must send you a cancellation notice in writing and any fees paid by you will be reimbursed.
How can 174 Law help?
Our solicitors are highly trained in Consumer Credit disputes – we have an amazing reputation throughout the UK and our team are always on hand to offer guidance on how to come to an agreement with your lender.
If you’re in a dispute with your financial lender, then we recommend getting impartial legal advice as soon as you can. The Consumer Credit Act is there for a reason and we’re here to give consumers even more protection from unfair lenders.
We currently deal with cases involving:
- Credit cards
- Bank accounts
- Hire purchase agreements
- Secured and unsecured loans
- Unlawful repossession
- Communication harassment by creditors
While this is not an exhaustive list, these issues are some of the most popular with our clients.