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There are strict Consumer Credit laws that lenders, such as credit card companies, need to abide by to be able to enforce a debt.

Abbey Solicitors has been successful in challenging lenders to evidence they have adhered to all the applicable legislation required to get their money back.

Section 78 of the Consumer Credit Act demands a credit card lender supplies what is known as a “true copy” of its original loan agreement if the borrower asks for one. This must detail the original terms and conditions, including the rate of interest charged.

In situations where debts have been sold to a debt purchaser, who then seeks to obtain the money owed, the debt purchaser must follow the same rules as the original creditor when they collect the debt, and keep all the same legal rights.

A consumer credit review checks all necessary documentation is in place and procedures have been followed to determine if the debt is considered valid for collection as any fundamental breaches of the regulations may mean the debt is completely unenforceable.

It’s important to note that a Consumer Credit Review is a separate course of action, it doesn’t negate a debtors requirements to make agreed payments to creditors pending the outcome of the review and isn’t in anyway related to a debt management plan. 


Click here to speak to our experts in Consumer Credit Review and see how we can help you.