Credit cards before 2007?

Source :www.economylab.org

i heard on the radio that if you took out a credit card before 2007 everything you own on the card will be wiped clean?
i didn't hear the full story, but for them that know..
does that count for every credit card?
if not, which ones? and why?
does anyone have any links for this thing? i've tryed looking arond but can't find anything…
can anyone tell me more on how this works and how to do it
thanks
Answer
I think what have heard about is the changes that were made to the Consumer Credit Act (1974) in 2006. Under the terms of this act, credit cards and other types of credit agreement have to be drawn up in a particular way, include specific details, be accompanied by certain bits of information. What happens if some of these things are missing? Well, it used to be that if an agreement wasn't drawn up correctly the debt could not be pursued through the courts. It would not be wiped clean as such, but the creditor would not be able to enforce it in court. The government decided this was a bad thing and changed the law to give the court the right to decide, in each case where the original agreement was not drawn up correctly, whether it should be possible to take action to recover the debt. This change took effect in 2007 - on 1 April, I think.
So, you weren't dreaming. Some people who took out credit in 2007 or earlier will have agreements they can't be taken to court for. It isn't all that common though, particularly with credit cards, since credit card companies generally know what they need to do to stay on the right side of the law. None of this is relevant if your agreement was drawn up correctly, which will have been the case in the majority of cases.