We help you challenge unfair Credit Agreement

We check your agreement free of charge.
The Barrister who checks all the agreements, has formed the opinion that the vast majority of credit agreements coming into our business are unenforceable because they fail to comply with the prescribed terms, as set out in the Consumer Credit Act 1974.

Credit agreements may be unenforceable if:
1.the agreement does not state, or incorrectly state the amount of credit.
2.Credit/Store cards do not state the credit limit or level of monthly repayment.
3. there is no rate of interest.
4.the agreement does not state how the borrower is to repay any credit by specifying the number of instalments, the amount of repayments, when they are due, their frequency and timing, and any powers available to the creditors to vary what is payable.
5.a consumer hire agreement does not contain information as to how a hirer is to discharge his/her obligations.
6. the agreement is not signed.
7.in the case of cancellable agreements, failure by the creditor or hirer to include, in an agreement or copy, notice of the right to cancel (in the prescribed form), or failure to supply a separate notice of a right to cancel where it is required.

There are other situations where an agreement can be challenged, which is why a detailed analysis is made on each individual agreement by a Barrister and an agreed debt management or reduction programme is discussed with you before contact is made with creditors

We legally assist you having the balance or part of the balance written off
Some people believe it is wrong to use the technicalities of the law as a means of assisting debtors in avoiding payments. The main provision of the Consumer Credit Act is that there is openness and honesty in lending. If these principals are to be respected it is necessary that any irregularities can be identified and, if necessary, challenged.

If a lender allows time to pass without receiving any payment an action for recovery may become barred.

Under the Limitations Act 1980 the time limits are

• in simple contracts, 6 years
• in contracts under seal, 12 years.

• Despite the claims of some companies removing a CCJ Is not straight forward. The only way to have a CCJ removed from the Register of County Court Judgments is to prove it was listed in error or there very good reason why the judgement should be set aside.
• At Pegasus we can examine the paperwork you received to check whether the rules were followed.
  
•  Settling a CCJ:
  Usually a CCJ cannot be removed and the best way forward is to settle it off. By clearing your CCJs your credit rating will improve immediately and it demonstrates that you are dealing with your debts in a responsible manner. For example your creditor may settle for a reduced balance.
• As part of a Debt Management Plan we would look to include your CCJs and could even agree a reduced settlement on your behalf. As soon as the debt has been satisfied the creditor will then agree that the CCJ can be listed as settled on the official register.
•  It is normally then advisable to obtain a certificate of satisfaction from the court (£10) which can be sent to the credit reference agencies to ensure they are aware of the change.

A CCJ is not a life sentence to never obtaining credit again, just talk to us.

Recover miss-sold payment protection insurance

• Miss-sold payment protection

Since January 2005, the sale of payment protection insurance (PPI) policies has been regulated by the Financial Services Authority (FSA).
The FSA has levied millions of pounds on firms for miss-selling PPI. These firms have also been ordered to repay all PPIs that have been miss-sold. The FSA rules are very clear about what firms and advisers selling PPI should do at the time the insurance is sold to you.
What you should have been told:

• If PPI was optional on the product you bought, this must have been made clear.
• You should have been made aware of any significant policy exclusions

and advised whether any of these exclusions applied to you.

• It should have been made clear to you how much the policy would cost and whether the PPI would be paid for by a single up front premium, or by regular premiums.
• If it was a single premium policy, then the adviser selling the PPI to you should have made it clear that the cost of the insurance would be added to the loan or finance agreement, and that you would pay interest on the insurance premium.
• If the insurance expired before your loan or finance agreement, the adviser should have made it clear that this was the case and (in the case of single premium policies) that you would continue to pay interest on the insurance premium after the insurance had expired.

If you were not told some or all of this information either before or at the time you agreed to take out the PPI, then you have grounds to complain.
If an adviser tried to persuade you to take out PPI, the sale has moved from a ‘non-advised’ to an ‘advised’ sale.
If this happened to you and you did not receive a ‘demand and needs statement’, then you have grounds to complain.
There are certain additional requirements on firms and advisers that carry out ‘advised’ sales:

• With an advised sale the adviser must assess whether you need PPI, considering your circumstances and any existing insurance you might have. The adviser must also assess whether the policy, including its costs, is right for you.
• If the policy does not meet all your needs, perhaps because of one of the exclusions, the adviser must clearly tell you which of your needs the policy will not meet and must take this into account when considering whether to recommend the policy to you.
•  the adviser must issue a demands and needs statement to show why a particular policy has been recommended and why it is suitable for you whenever an ‘advised sale’ is undertaken
• Firms or advisers giving advised sales must keep records showing that a suitable recommendation was made, and recording any demands and needs that might not have been met.

Pegasus is there to make use of the law to help you. Do not give in, you have rights and we can help you challenge any irregularities.
Your lender may try to wriggle out of upholding your complaint by saying that all this information was provided to you in writing after the sale. Pegasus is here to help you, if your lender broke the rules you are entitled to complain and to redress.
The rules are very clear that you must be given a certain amount of information at the time you are buying the insurance so you can make an informed decision about whether the insurance is right for you or not.