Over the past few days i have been presented with some arguments that first seemed to arise back in the day when the likes of Cartel were running claims against lenders, those suggestions had no merit back then and have little merit now either.
The Claims are, that if you have a credit agreement before 6th April 2007 then its unenforceable!!. Well what can i say, what a bold statement, sadly however it is as true as saying North Korea should have nuclear weapons!!.
Many people blindly follow this line of argument it seems, sadly, if they only stopped to think about it, they would realise just how incompetent the banks, their lawyers, their printers, in fact everyone associated with the credit industry would have to have been if the assertion that all credit agreements were defective was true.
Yes, some banks did get it wrong, that is clear from the case law such as HFO Services Limited v Wegmuller which declared the Barclays credit agreement failed to comply with the Consumer Credit Act, or the case of MKDP LLP v Power but to make a statement that ALL credit agreements are unenforceable, im afraid youve got more chance of winning the lottery than you have of proving that statement as being true.
My advice, for what its worth, is dont be blinkered, dont blindly follow the herd, look at the paperwork, assess whether it complies with the provisions of the Consumer Credit Act, do your home work, but dont be a lemming.