Varied Agreements

RobertO_2 · 14 March 2010 at 9:11PM

Hi all
I don’t know if i should post this here but after looking through this thread I’ve noticed that there doesn’t seem to be any information or template letters on what to do if an agreement has been varied by the lender.

My understanding of it is that if an agreement has ever been varied then the original copy must be supplied. However, I am unsure of what it means for an agreement to be varied. Does this mean credit limit increases/decreases; increases in interest rates (aka rate jacking) or just one of those updated terms and condition leaflets that occasionally get sent through the post.

My understanding is largely based on typing into Google ‘Copy of agreement can be a reconstituted version’ and reading the BBC News and Times Online articles that show up.

I don’t think I’m allowed to post links so here is an extract from BBC News

If an agreement has been subsequently varied by the lender, then the lender is obliged to supply a copy of both the original agreement as well as the current one.

An extract from the Times Online article is below

Third, if an agreement had been varied by the creditor under a unilateral power of variation, the creditor must still provide a copy of the original agreement, as well as the varied terms.

If anyone can shed any light on this I would greatly appreciate it.

Happytogetdebtfree · 14 March 2010 at 9:13PM

Hi can't say I can help with this one but didn't want to read and run x

never-in-doubt · 14 March 2010 at 9:22PM

Have a quick read here - to start you off:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/244298-varied-terms-conditions-original.html

and here: http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/221824-unenforceable-credit-agreements-24th-5.html

thechippy · 14 March 2010 at 9:24PM

Every time an agreement is varied, the lender is obliged to send you a copy of the varied terms, but they never do, as the lending institutions think they are above all and don't have to comply with anything..:mad:

This is why we have such a hard time with them. Solicitors, barristers, judges, banks - all in the same little club......:eek:

RobertO_2 · 15 March 2010 at 9:50PM

Thanks for the links NID. Im going to go away and ponder on this for a while because it's still unclear to me.

My current understanding is that if a credit card company altered their Terms and Conditions, then they must supply a copy of the original Terms and Conditions.

Why do they then need to supply the original CCA agreement if they could just supply the original Terms and Conditions.

Pinky69 on CAG posted

'They cannot reconstruct an agreement for court - it must be the original.'

I don't understand the reasoning for this if they have the original Terms and Conditions. What am i missing?

never-in-doubt · 16 March 2010 at 9:26PM

They always need an original CCA to present to the court - my signature spells that out, s.127 and s.65 protects you. When you have a varied agreement, they must supply the original CCA, the original terms and the variable terms - if any of the trio are omitted then no formal action can be taken.

RobertO_2 · 20 March 2010 at 5:15PM

Hi Niddy

Thanks for spelling it out to me. It now crystal clear :T

Varied Agreements

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