Trickier to Claim?

Look out if you’re thinking of claiming against your lender – it could become harder to do so thanks to the OFT…

Under new guidelines, it won’t be as easy to find loopholes for people wishing to make a write off on their debts to a lender.  Until now, there was a small window which some were able to use successfully: if the loan company was unable to produce an orginial agreement of the loan within a 12 day period, the loan would become unenforceable.

Now, thanks to a key case in Manchester, lenders will be able to produce a “true copy” in place of an original document as sufficient evidence.

If you’re thinking of taking a credit card or loan, always make sure you will be able to keep up with repayments – or consider the alternatives (anyone find prepaid card appealing?  It’s like credit but without the credit facility and the debt danger to go with it!).  That way you can save yourself the tricky process of claiming against lenders if the debt starts to pile up.

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