Clear your Credit Cards legally due to flawed credit agreements

 

 

Due to the changes in legislation of credit card and unsecured loan agreements pre 2007 you could be entitled to reduce your credit card payments and/or its capital. 

On many occasions you could also be able to disregard your credit card balance in full due to the high probability that the credit agreement you originally signed is flawed and completely unenforceable.

Under current consumer credit laws, when you enter into a contract with a bank or credit card company, the paperwork must contain certain prescribed details that you have clearly signed up to.

If you haven’t signed the agreement, or if the required legal elements aren’t specifically stated, then the lender will find itself in trouble if it tries to take you to court for non-payment. In other words, the contract you have with the lender may be unenforceable and, therefore, worthless.

8 out of 10 credit agreements are defective in some way although they say that only 2 out of 10 contracts would probably be deemed ‘unenforceable’ by a court of law.

Financially savvy customers who are getting fed up with excessive charges and poor service may be able to use defective credit agreements as levers to get better deals from banks.

The service offered by Debtmuncher amounts to a free check of the most common terms of the consumer credit laws that tend to be breached by lenders.

Debtmuncher is not advocating that you walk away from a credit agreement and stop paying back what you’ve borrowed. Instead our service could provide you with a way of negotiating meaningfully with your bank.

 

What it means for you

So if you’re having trouble paying back debt, you might persuade your lender to freeze the interest rate on your debt. Or you might be able to negotiate a‘full and final settlement’ where your bank agrees to accept a sizeable payment in return for writing off the remainder of the debt. Although the old laws will apply to current credit agreements, the consumer credit rules changed from April 6^th 2007. From then on, with any new contract, it’ll be upto the courts to decide whether your particular credit agreement is unenforceable. Even if the contract you’ve signed contains incorrect details, a judge may feel that you knew perfectly well what you were agreeing to!

 

More about the law

The law relating to consumer credit has undergone a radical reform by virtue of the Consumer Credit Act 2006. This Act changes the way in which the Consumer Credit Act 1974 operates, and is generally being brought into force. A significant proportion of the Act’s operations have been brought into force pursuant to the Consumer Credit Act 2006 (Commencement number 2 and Transitional Provisions and Savings) Order 2007, and a number of important provisions have come into force on 6th April 2006.

 

Further, the Consumer Credit (Agreements) Regulations 1983, have been substantially amended by the Consumer Credit (Agreement) (Amendment) Regulations 2004, which came into force 31st May 2005 and apply to agreements entered into after 31st May 2005 (except for regulated agreements which were given to the debtor for signature before 31st May 2005 but which were not made by that date – provided that they became executed agreements not later than three months after 31st May 2005)

It is therefore apparent that the precise date of the agreement is key to determining the appropriate regulatory regime for the Checker system.

 

Exempt agreements

The following agreements are currently exempt from the Consumer Credit Act 1974:

·         Agreements with limited companies 

·     Agreements in excess of £25,000.00 limit pursuant to Section 8(2). It will be noted that this limit is to be removed, and the exemptions relating to high networth debtors/hirers and businesses set out in Section 16A and 16B will be brought into force at a future date. 

·         Exempt agreements within Section 16.

·         Small agreements within Section 17.

 

For more information and Free Independent Advice regarding unenforceable credit agreements please contact Debtmuncher Debt Solutions.

Work: 01727758 470

Mobile: 07958450124

Email: debt@debtmuncher.co.uk

Web: http://www.debtmuncher.co.uk/

 

 

The Herts Directory – Web Directory for Hertfordshire

The Herts Directory is fast becoming the most commonly visited web directory in Hertfordshire. Businesses submit your contact details for free for a limited time only!

 

 

 

website design and optimisation, seo, professional business websites

 

 

Free Independent Mortgage Advice in Hertfordshire, Bedfordshire and Buckinghamshire

Hurleys Mortgage and Financial Solutions
At Hurleys we will not charge you a fee and can offer you completely Independent Mortgage Advice along with also advising on Secured and Unsecured Loans, Mortgage Protection, Life Insurance, Buildings Insurance and other General Insurances i.e Accident and Sickness and Redundancy Cover.

If you are a keyworker please visit our website and your options will all be available for you. Contact us for any further queries.

For those setting up their own business we offer Commercial Mortgages, International Mortgages and for those who have smaller equity in their homes we offer options for borrow up to 100% of the value of your home.

Hurleys Mortgage & Financial Solutions have over 15 years experience in the Finance Industry. Our expertise and extensive network of contacts can provide you with the most efficient, reliable and suitable solution for you whatever your financial needs.

Hurleys Mortgage & Financial Solutions covers the whole market with a full advice, recommendation and placement service.

We will return any enquiries within the hour and can have an Independent Mortgage Adviser available to visit you within two days.

Areas covered: Hertfordshire, Bedfordshire and Buckinghamshire counties. St Albans, Luton, Watford, Borehamwood, Harpenden, Hatfield, Radlett, Kings Langley, Stevenage, Welwyn Garden City.

We look forward to hearing from you.

Click here to contact us and we guarantee to be in contact with you within one hour.

Mortgage Websites

For a limited time we are offering to build you a professional mortgage website with the latest design technology and also get you listed on Google in your area!

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sandbox

This is the H1 Heading

Above this paragraph should be the H1 heading for your web page. If it is not visible, the design settings for the H1 tag is set to display:none which many WordPress Themes use to hide the blog title text and replace it with a graphic. Do not use H1 within your blog post area.

If the design in the H1 heading looks like your blog title or blog post title, then that is the style set for that HTML tag and you should not use it within your blog post area.

Inside of this test data section are most of the basic HTML and XHTML and CSS styles that you might use within your WordPress Theme.You need to know what that will look like as part of structuring your styles.

This is the H3 Heading

Is this the same heading as is in your post title or is this the section headings found within your sidebar? Or is it different? This is the post content heading for the HTML tag h3, as is the one below, H4, for section headings within your post to divide up topics. If there is an H3 or H4 tag in your sidebar, you will need to identify the parent HTML and CSS container for the sidebar and style those appropriate in your blog’s stylesheet.

For more information in searching for your styles in your WordPress blog, see CSS: Studying Your CSS Styles and Finding Your CSS Styles in WordPress.

Also notice how the links in that paragraph are styled so you can style links within your post content area. Links have three styles. There is the link color, link hover color, and visited link color. Be sure and design for each style.

This is the H4 Heading

In this section under the H4 heading, we’re going to look at what the post content, the meat and potatoes of your site looks like. In general, you will have multiple paragraphs, so we will add another paragraph so you can adjust the spacing in between them to the look you want.

Paragraphs are not just for typing your blog babble, they can also hold frame and hold other information within your content area to help make the point you want to make in your writing. For instance, you will commonly have three types of lists.

• General Lists using the <ul> tag
• Ordered Lists using the <ol> tag
• Definition Lists using the <dl> tag
  • Definition Lists use two other tags to generate the list:
    • <dt> sets up the word or phrase to be “defined”, usually set in bold, and
    • <dd> sets up the definition, which is usually in a normal or slightly smaller font and indented under the definition.
• And that’s the end of the lists

And we’ve just tested a paragraph before and after a general list along with a nested list to help you see what at least three levels of the list will look like. Make sure that each level of the list is styled to match your specific needs. You might want to use the default disc or circle, or you might want to add graphic bullets to your list, too.

This is the H5 Heading

While the H5 heading is not always used, maybe you might find a need for it if your H1 and H2 and H3 headings are used. You might need one to two levels of subheadings in your post content, so this one gives you another option.

We also need to look at the other two lists and then add some images and other styles to flesh out your WordPress Theme sandbox.

1. You need to do this first.
2. You need to do this second.
   • You could do this in between.
   • Or give this a try, too.
3. But this is the third and last thing to do.

This should give you an idea of how a nested number list would look on your site. Now, let’s look at a definition list.

WordPress Themes

A WordPress Theme is not a “skin”. Though many young people call it one. The reality is that a WordPress Theme contains many files that come together in various ways to generate a WordPress web page. A “skin” simply changes the look, and rarely the results.

WordPress Plugins

WordPress Plugins add flexibility, features, and capabilities to your WordPress site. There are hundreds to choose from. Some add power and control like monitoring and busting comment spam and enhancing your administration features. Others add fun things like random elements and polling and rating systems.

And here is another paragraph to show the relationship between the various parts and pieces.

This is the H3 Heading

If the H3 heading is your in-post section heading, then you need to see how it works within the post itself. If it isn’t, simply change the H3 to whatever heading number you are using.

We need to look at how images, another major feature of most WordPress sites, are used within the site. Images tend to sit on the left, right, or middle of your post, depending upon how you are using them. For an image sitting on the left or right, you need to add appropriate padding around the image on the text side to push the text away from the image so the text won’t push up against the edges of the image.

A centered image is a little different. It is centered in the middle and the text is pushed above and below it. NOTE: Currently, the Theme used here doesn’t feature “right” or “left” or “centered” styles. It uses the CSS deprecated “align”. Please change the code here from align to class so your site will validate and you will have much more control over image placement.

How to add the CSS styles for images is discussed in the Codex article, Using Images.

Testing Font Looks – H3 Heading

You will need to test the looks of the different font styles, too. This is bold and THIS IS BOLD. This is italic and THIS IS ITALIC. This is bold and italic and THIS IS BOLD AND ITALIC. This is code and THIS IS CODE. And now let’s look at what the PRE tag, also known as the preformatted tag, looks like:

This is the pre tag.
It should be formatted as written
     so if you add spaces to the front of the line
  it will show the spaces and the <code> as written

This should be back to the normal paragraph style and we hope you have been paying attention to the margins and padding around each element, including the paragraph, so you can position things appropriately to the rest of the content.

Your CSS Here – H3 Heading

Let’s look at the blockquote, one of the most common tags used in most blogs. It is designed to “frame” a quote from another blog, website, or reference that you are “quoting” from. For the most part, there are three examples of usage:

This is a simple quote. It is either preceded or followed by a link within the text to the credited source. A blockquote must be designed to stand out from the rest of the text content, but it does not have to “really” stand out, just separate itself from the content so we know it’s not your words.

A second style to the blockquote is one that includes a citation. Under HTML guidelines, this citation should be wrapped in the <cite> tag and then that tag can be styled to be in italics, bold, or whatever look you want in your design.

Take care with the style of the <cite> tag as some WordPress Themes use it in the comments area. I recommend you style it specifically withblockquote cite {style declarations} in your stylesheet.

This is an example of a blockquote which also contains a link to Designing a WordPress Theme – Building a SandBox to help you see what links will look link within a blockquote.

Lorelle on WordPress, your guide to all things WordPress and blogging

The citation includes a link and text to help you see what a link and text will look like within the cite tag.

There are many tags that can be found within a blockquote, just as can be found within any container within your web page design, but a last example includes an unordered list. Many bloggers love to quote examples from lists, so this is a good tag series to test.

Within this web design sandbox test page, we’ve tested:

• Headings
• Text styles like bold and italic
• Ordered (numbered) and unordered (bullets) lists
• Links
• Code and PRE tags
• Blockquotes
• And much more…

Which should show you what a list looks like within a blockquote.

Each website is unique with it’s own look and feel for the various parts and pieces. This cut and paste section looks only at what you might have within your content section. So if you will have boxes for lists or little aside information, you will need to add them so you can see how they will look in the overall page layout.

Some elements in a WordPress Theme are controlled by the style sheet, while others are controlled by the Template files. Try to work on as much as you can from the style sheet first, then you can mess with the template files.

Remember, any changes you make to the style sheet and template files will be not available if you change themes. If you want them carried over, you will need to copy and paste them into the new Theme folder.

As a last element in the content area and throughout your site, check the hypertext links. These are the links to external websites and/or internal pages within your site. They come in three flavors: active, visited, and hover. Make sure you work on the styles for each of these.

Guaranteed Double Asset Bond

Guarantee your capital and earn interest using a bond!!!

With share prices at an all time low now is a great time to invest in FTSE 100 growth. Naturally however you may be concerned by the unpredictablity of the markets. We are currently offering an exclusive product through Skipton Building Society which offers you a simple solution.

It is in effect a building society account, so your capital is guaranteed – enabling you to invest risk free. However you could benefit from a return linked to the FTSE 100.

Please Note there is High Demand For this Product and Availability is Limited.

For all investment applications of £10,000 or more processed through Hurleys Ltd we will pay a Cashback of 1% of the investment amount while this offer is available e.g. If you invest £10,000 we will send you a cheque for £100 one month after the date of your investment.

• Capital Protected Investment - Your original investment is Guaranteed and is returned to you at the end of the investment term.
• Minimum Investment – £3,000: Maximum Investment – £250,000.
• As the Bond  name suggests it is split into two parts. One third of your investment is invested in a 1 Year Fixed Rate Bond with a Guaranteed rate of 5.25% Gross pa/AER for 12 Months which is added to the bond at maturity. Two thirds of your investment is invested into an Index Linked Bond which offers a return of 100% of any positive growth dependent on the performance of the FTSE 100 index over a 5 and a half year period.
• Maximum growth you can recieve is 40%.
• You may withdraw up to 50% of your initial investment from the 1 Year Fixed Rate bond during the 1 year term.
• No Capital Gains Tax Liability
• 100% of your investment is held by Skipton Building Society

Full details of this product will be provided in the documentation/brochure sent to you and it is up to you to ensure that you fully understand the nature of investment before proceeding. If you are at all unsure of the suitability of the type of investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

For further details contact us here

Unenforceable credit card and loan agreements explained

You may have seen it on posters on bus shelters and listened to the adverts on your local radio station. Companies are springing up everywhere offering to write off your debts for you. Do you believe it? Have you dismissed it as nonsense…it can’t be correct…it’s too good to be true…where’s the catch?

Here are the facts.

The Consumer Credit Act 1974 is the Act which regulates consumer lending, e.g. credit cards and unsecured loans, up to the value of £25000. You will have seen references to this Act on any credit agreements that you may have. This Act was updated in 2006 with a view to making this type of lending fairer to the consumer, i.e. you and me. The ‘unfair relationships test’ was introduced, allowing the testing of any agreement between you and a lender and the terms of it relating to interest rates, early redemption penalties, the lender’s communication with you and the like to be scrutinised.

As a result of these changes, it has come to light that many credit agreements which were signed before April 2007 may not comply with the law and therefore may be unenforceable.

An important point to note is that this indeed, is a change in the law itself and not merely a loophole.

So, that should answer the question. It is absolutely correct and factual and perfectly feasible that, if you have unsecured loans, credit cards, or PPI insurance that was added to a loan you took out, you could be free of them within a matter of months as they could be written off completely and for good after a legal process is completed.

Let me talk about the companies that are offering to carry out this process for you. An initial fee for each credit agreement would be charged, anything up to £1000, with promises to carry out varying levels of service to determine whether your agreement is unenforceable. A process is then undertaken to determine whether your credit agreement is unenforceable. Sometimes this can simply take the form of submitting your agreement details into an online form and a response coming back within minutes to tell you if your agreement is unenforceable. Other companies will take a different approach, carrying out an investigation resulting in the production of a lengthy, in depth report which states the areas of your agreement that comply with the Act and the areas where it may not. I know which I would rather have. If your agreement is actually enforceable and you are stuck with it, not every company will refund your initial fee so, do your research!

If your agreement is unenforceable, it then completes a legal process over a period of months before the debt can be written off completely. On completion of this legal process, some companies will charge you a back end fee after the debt is written off. So, it’s almost as if the company is saying that they will get you out of debt, but will then get you back into debt after they have relieved you of your burden! These back end fees can be as much as 30% of your initial debt amount. To me, this highlights the sheer greed of some of the companies that are now in the marketplace to carry out this process for you.

There is one more thing to be aware of. It is possible that your lender may contact you offering to reduce or even write off your debt if you accept the proposal from them there and then. This may sound like an excellent proposition however, if you accept this offer, you would become liable for the lenders’ legal costs! The lender may well not tell you this up front! Beware of wolves in sheep’s clothing!

That said, there are indeed companies out there who will carry out these processes for you in a fair and ethical way, providing good value for money and a transparent service. If you want to find out more, please visit www.debtmuncher.co.uk or contact me for more information.

This article is for information purposes only. Further advice with regard to individual

 circumstances should be sought from a professional. 

I firmly believe in building multiple income streams and doing some good to others in the process.

Debtmuncher – Free Debt Advice

Free Debt Advice

Debtmuncher Debt Advice are here to help with any debt problem.

We offer free no obligation advice on all options available, from debt counselling to advice about default notices, debt management and personal insolvency.

We offer a National Debt Helpline that you can call, or, if you prefer, complete an enquiry form and we will get back to you.

Whatever you’re going through, whether your debt problems are big or small, don’t struggle on your own, contact us for free no obligation advice. Why Choose Us? We offer non-judgemental, confidential, honest, friendly, understanding, and impartial advice about debt matters. We understand how important it is to have someone to talk to when the going gets tough. We are here to listen and make sense of what can often be a complex and frustrating situation, and to advise even in the most difficult and confusing circumstances. Debtmuncher Debt Advice offer a network of fully trained Independent Debt Counsellors licensed under the Consumer Credit Act 1974.

Government announcement to support lending in the economy

For the full story click here

With the Global Economic Downturn intensifying in the past two months, the Government is today announcing a comprehensive package designed to reinforce the stability of the financial system, to increase confidence and capacity to lend, and in turn to support the recovery of the economy.

Today’s announcements aim to address the current barriers to lending by:

* extending the drawdown window for new debt under the Government’s Credit Guarantee Scheme (CGS) which is designed to reduce the risks on lending between banks;

* establishing a new facility for asset backed securities;

* extending the maturity date for the Bank of England’s Discount Window Facility which provides liquidity to the banking sector by allowing them to swap less liquid assets;

* establishing a new Bank of England facility for purchasing high quality assets;

* offering capital and asset protection scheme for banks, with proposals for this to be co-ordinated internationally; and

* clarifying the regulatory approach to capital requirements, through an announcement by the Financial Services Authority (FSA). The Government intends to negotiate with the banks participating in certain facilities lending responsibility agreements that will have specific and quantified lending commitments and that will be binding and externally audited. The likely impact of today’s announcements on the public finances will be mostly temporary, as investments will be held for no longer than is necessary to ensure stability and protect taxpayer interests; liabilities will be backed by assets; and fees will be charged for relevant schemes. Today’s announcements build on previous Government measures to support the economy through the economic downturn:

* in October 2008, the Government announced a comprehensive package of support for the financial system both to support stability of the banking system and to protect savers and depositors. Similar measures were adopted by other governments;

* in November 2008, in its Pre Budget Report, the Government announced a comprehensive fiscal stimulus package to support the wider economy, businesses, homeowners and consumers. Again, similar packages have been introduced by other governments;

* last week, measures to support lending to small and medium sized businesses. The Government’s measures in October 2008 to recapitalise the banking system significantly increased the capital ratios of the major banks, and provided them with a buffer to withstand the current challenging economic conditions. Over the past two months in particular, the global financial and economic situation has continued to deteriorate. In particular, internationally, banks’ confidence to increase lending has been constrained by uncertainty about the value of past investments. Lending by foreign banks, non-bank institutions and smaller lenders for UK borrowers has reduced. The Government is clear that meeting lending demand to otherwise creditworthy businesses, homeowners and consumers is essential for supporting economic recovery. Today’s comprehensive measures therefore, target the principal sources of continuing uncertainty in the financial system, and aim to improve confidence, allowing UK lenders to increase its lending and so play a more effective role in supporting the wider economy. Credit guarantee scheme As part of the Government’s additional measures to encourage lending by financial institutions, the Government is extending the drawdown window of the CGS from 9 April 2009 to 31 December 2009, subject to state aid approval. This will support orderly issuance of debt guaranteed under the CGS. All other aspects of the scheme will remain the same, including the final maturity date of 9 April 2014. During the drawdown window, banks can issue new debt – and once it has been issued, they can keep rolling it over after the window closes (all of it until 13 April 2012 and up to one-third of the total until 9 April 2014). Further details of the scheme’s operation are available on the website of the Debt Management Office (DMO).

Guarantee scheme for asset backed securities

In addition to the extension of the credit guarantee scheme, the Government is announcing a new guarantee scheme for asset backed securities, drawing on the recommendations of Sir James Crosby, to improve banks’ access to wholesale funding markets, help support lending, and promote robust and sustainable markets over the longer-term. The Government will, in consultation with issuers and investors, provide full or partial guarantees to be attached to eligible triple-A rated asset-backed securities, including mortgages and corporate and consumer debt. UK banks and building societies eligible to participate in the CGS will be able to access the new scheme subject to fulfilling the scheme’s conditions. Banks and building societies accessing the scheme will follow international standards and best practice on underwriting, disclosure, reporting and valuation. The Government will set conforming criteria to ensure that only transparent structures and high quality assets are eligible. The scheme will commence in April 2009, subject to state aid approval. The Government will work closely with the industry and keep the scope of the scheme under review.

Mortgage-backed securities supported a third of mortgage lending and the revival of this market is an important element of increasing the capacity of lenders to provide mortgages as demand increases in future. Further details will be announced by the DMO in due course.

Mortgages and Northern Rock The Government will also consider further ways of addressing the loss of mortgage lending capacity in markets. As a first step, the Government can confirm that Northern Rock is no longer actively pursuing a policy of rapidly reducing its existing mortgage book. Northern Rock is releasing a separate statement on this. Bank of England liquidity facilities Since October 2008, the Bank has provided a permanent Discount Window Facility to banks, with a normal length of borrowing of 30 days.

The Special Liquidity Scheme, introduced as a temporary facility in April 2008, will close on 30 Januray 2009 as planned, remaining operational for three years thereafter. Upon its closure in order to ensure the availability of long-term liquidity provided by the SLS is continued, the Bank will extend its Discount Window Facility, with its maturity increasing from 30 days to 1-year for an incremental fee of 25bps. This will enable banks to continue to have access to long-term liquidity on demand.

Bank of England asset purchase facility As a further step to increase the availability of corporate credit, by reducing the illiquidity of the underlying instruments, the Bank of England will set up an asset purchase programme implemented through a specially created fund. The Bank will be authorised by the Treasury to purchase high quality private sector assets, including paper issued under the CGS, corporate bonds, commercial paper, syndicated loans and a limited range of asset backed securities created in viable securitisation structures. The Treasury will authorise initial purchases of up to £50 billion, financed by the issue of Treasury bills. Given the scale of the programme, the Bank will be indemnified by the Treasury. This programme will come into effect from 2 February. The programme also provides a framework for the Monetary Policy Committee of the Bank of England to use asset purchases for monetary policy purposes should the MPC conclude that this would be a useful additional tool for meeting the inflation target. In such circumstances, the scale of the scheme could be expanded, a further announcement would be made. Asset protection scheme To provide certainty and confidence to banks in their lending, the Government is today announcing its intention to offer capital and asset protection on those assets most affected by the current economic conditions. This will reduce banks’ uncertainty about the value of past investments, so providing them with greater confidence to lend in the future to creditworthy businesses, homeowners and consumers.

The Government is publishing a separate notice setting out the outline terms of the scheme. The Government will make a further statement on the details of the scheme by the end of February. Capital regulation

In addition, to address any potential uncertainty and to mitigate unintended pro-cyclical effects, the FSA is today publishing a statement clarifying its expectations around bank capital ratios. The FSA’s statement makes clear that there are no new statutory requirements for capital and that it sees the capital buffers built in as part of the recapitalisation exercise as playing a role in both withstanding losses and facilitating continued lending. The FSA’s statement is consistent with the statement by the Basel Committee on Banking Supervision issued on 16 January. In the longer term, the Government and the FSA believe that it would be preferable for the capital regime to incorporate counter cyclical measures which lead to banks building up buffers in good years which they can draw down during economic downturns, and the FSA and the Bank will be strongly supporting the work by the Financial Stability Forum and Basel Committee in this area.

The Government will also continue to collaborate internationally with to stabilise and strengthen the global financial system, ahead of the London Summit on 2 April. The Government will continue to take all necessary measures to ensure the stability of the financial system, ensure lending to the economy, businesses and homeowners, and limit the depth and duration of the current recession and support the subsequent recovery.

For free Independent Mortgage Advice contact us here.

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