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Verify that you must spend a financial obligation

Verify that you must spend a financial obligation

If you have got a credit financial obligation

In the event that you finalized a credit contract you will often result in trying to repay the credit card debt. You’re maybe maybe perhaps perhaps not in charge of a financial obligation you didn’t sign the agreement if you’re not mentioned on the credit agreement or. For instance, you are an authorised extra cardholder on a credit card but since you aren’t the primary cardholder and didn’t signal the credit contract, you’re not in charge of your debt.

Unsecured debt, or ‘borrowed money’, includes:

This way, the law that protects your rights is called the Consumer Credit Act if you borrow money or goods.

If your creditor hasn’t contacted you about an unsecured debt in the 6 12 months time period limit they can’t force you to definitely repay. In addition they can’t force you to definitely spend if there have been issues with the initial contract, as an example when they didn’t are the right information regarding how a cash could be repaid.

If you’re a guarantor for another person

They don’t make the payments, the creditor can ask you to make the payments if you agreed to be a guarantor for someone else and.

You should have a signed guarantee agreement that explains when you might be liable if you’re a guarantor.

In the event that you borrowed items on hire purchase

Until you’ve paid for it in full if you’ve bought something on a hire purchase agreement, for example a car or a washing machine, you don’t own it. In the event that you fall behind along with your re re re payments the lending company could possibly simply just just just take back once again the products.

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