Frequently asked questions.
What if my loan is enforceable?
We will return your audit fee less £100 administration charge.
Is my credit agreement enforceable?
In order to determine whether your credit agreement has infringed one or more of the requirements of the Consumer Credit Act 2006. Diligent Investments will, with your authority, apply to your lender for full disclosure in relation to past and present agreements. Upon receipt our solicitor will audit the agreement. Our solicitor will then advise on the enforceability of the agreement.
What agreements are covered by the audit?
Diligent Investments can proceed with a claim against any credit agreement, governed by the Consumer Credit Act 2006, so long as the amount concerned is between £3000 and £25,000. The agreement must also have been initiated before 1 April 2007. The following policies are covered within our audit:
- Unsecured Loans
- Mortgage top ups
- Credit cards
- Hire purchase agreements
- Store cards
What if I do not have my original paperwork?
Having the original paperwork may give us an early indication of the outcome of your audit. However, in order for our solicitor to advise you properly s/he needs to have copies of all of the documents that the lender has. The lender has a specified time in which to forward these documents or they will be in breach of Consumer credit legislation. If the lender cannot produce the documents at all the agreement will certainly be unenforceable.
Can I stop making monthly payments?
Only on the advice of our solicitor after the audit has been completed and they have agreed to act on your behalf.
Can I continue to use my card?
Once the solicitor has completed the audit and is acting on your behalf we would suggest that you no longer use the credit facility. This would make your claim more complicated.
Will this process negatively affect my credit rating?
Your credit rating will not be adversely affected by auditing your credit or successfully having the debt declared unenforceable. You should continue to make payments until advised by your solicitor that this is no longer necessary. Should the matter go to court the lender would be prevented from registering adverse information about you as the matter would be in dispute.It is unlikely that the lender whose claim has been deemed unenforceable will lend to you again.
What about the repayments I have already made?
Assuming that your agreement is deemed unenforceable there are some circumstances in which repayments can be reclaimed. This can only be determined following the audit by the solicitor. It is more usual for successful claims simply to be written off.
What about solicitors costs?
If your claim is deemed unenforceable you will be offered representation by our solicitor on a no win no fee basis. You will retain 100% of the debt that has been written off.