The future of unfair loan agreements, which can contribute to the despair of those in debt, will be one of the key topics of debate at a conference being held at the Blackpool Hilton Hotel this Thursday and Friday.
The Institute of Money Advisers (IMA), a national charity which is the only professional body acting solely for money advisers in England, Wales and Northern Ireland, will hold its annual conference on July 19th and 20th to update many of it’s 1,400 members about the latest legislation for the money advice sector.
Andrew Leakey, a consumer law specialist with North West regional law firm, Stephensons Solicitors LLP, will be among those speaking at the event. Andrew is a leader in the field of unenforceable loans, having successfully challenged hundreds of loan agreements on behalf of his clients.
If a loan agreement has discrepancies in it, it could be deemed unenforceable. For example, if a consumer enters into a credit agreement to purchase a new car, but the deposit they pay is not stated on that agreement, the debt could be unenforceable – meaning the debt could ultimately be written off.
He said: “Debt continues to be an increasingly worrying issue for millions of households. Lenders are taking a much harder line in reclaiming these debts, leaving many homeowners facing the very real threat of repossession if they do not keep up their repayments on loans. Current figures suggest repossessions could go up by as much as 45,000 new cases this year, matching levels last seen in the recession in the early nineties.
“Because of this, money advisers must cope with record numbers of the public coming through their doors for advice, and as the credit crunch takes a firm hold, we must make sure those members of society who need advice the most, are getting the information they need to deal with their debts.
“Consumer credit agreements, often used to purchase household items such as a new car or three piece suite, are so common now that people tend to sign on the dotted line without looking closely at the details of the agreement. But we have successfully handled many claims for consumers who were in possession of unenforceable finance agreements, so it’s important people check what they are signing to avoid paying out more than they should be.”
Stephensons offers a free initial consultation, up to 30 minutes, to check through credit agreements and assess the potential of successfully challenging them.
