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Under the Consumer Credit Act of 1974, there are specific rules that banks must follow when making a new loan to a consumer. If these rules are not followed, the credit agreement can be deemed unenforceable. Unenforceable agreements can lead to debts being either reduced or completely written off. So how do you know if you have a bad or unfair loan that could be deemed unenforceable?

Unless you know consumer law extremely well, it is hard to go about this process on your own. However, there are two different paths that you can take which will be discussed here. It is up to you to decide which way that you want to go.

The first method that you can take to get your loan deemed unenforceable is by doing your own leg work. The first step that you need to take when you are doing this alone is to write to each lending company that you have a loan with and request a copy of all the original documents. Also, you need to enclose an additional check for ยค1. However, many professionals suggest that you do not include a check with your signature or anyone else who is on the installment loans for bad credit, just in case the lender is unscrupulous enough to forge the documents. Not all companies will do this, but it is better to not take your chances.

The reason that you need to request these documents from a company is that many companies simply do not have these documents. This could be for many reasons. The documents could be stored in a large warehouse or the company's record keeping is bad. Or, the company could have merged many times over since you signed the loan documents and with all the moving around, these documents may never be found. Also, the documents could be old and impossible to find amid thousands or millions of other installment loans with guaranteed approval as well. This all works in your favor. To put it simply, if you take it to court and the loan company can't produce the original documents, the agreement will be deemed unenforceable.

Alternatively, if you do not want to go through the trouble of obtaining records on your own and filing court documents, you can find many services online that you can hire. Many services are inexpensive, so much of the time they are worth it if you really feel as though you have a chance. It can be very reasonable and certainly less trouble to hire a professional to make sure that your installment loans bad credit documents are valid. Most importantly, by relying on the expertise of professionals, you give yourself the best chance of a favorable outcome.

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Created18 Jul 2019
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