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Furthermore the Act allows people to make use of a “Financial Ombudsman Service” to raise complaints and report unfair practices, giving more authority to the Fair Trading Office to regulate the market and protect consumers against loans exceeding 25,000 pounds.

The new juridical situation also means many debtors are eligible to get money back or write off debts, given the contract was based on an unfair credit agreement. The same is right when the lending financial institution lend money without a license issued by the Office of Fair Trade.

All these legal improvements are obviously beneficial for the customer, but another question is how to find out if your financial institution has been misleading you, based on the Consumer Act. Do you know where and how to find the small letters in your contract? Not only the lack of knowledge but also the patience to find out legal mistakes can drive you crazy in your search for compensation.

Increasingly this vacuum between the law and practice has been filled up by specialized legal consulting and auditing firms both off- and online. These firms asses your loan, credit agreement claim or mortgage claim and give you advice. When they find out irregularities in your agreement they have the know-how and the means to get your money back.

All you have to do is provide the consultant with your credit agreement or other loan agreement and they take care of your credit agreement claim. In case of loss of important documents these companies can also contact your credit supplier immediately to arrange for the needed paper work. It is important though to check if the companies are recognized by the Minister of Justice department as you wouldn’t want to be ripped off a second time.