Help- Confused with credit agreements

betterlife2009

Hi Everyone

I am new to this so please be kind

I Currently have 5 catalogue accounts with a total owing of £8000

I have rang them today as arrears have totalled to £1000

They have now refinanced my total amount owing and arrears at an APR of 39.9% over 3 years:eek:

The thing is though I have never signed or returned 3 of the credit agreements

Where do i stand

Thanks in anticipation

fermi

When first did you take out these accounts?

RAS

My concern is that if you refinance these deals, the protection that you had under the old Consumer Credit Act is lost. Can you stop this process?

betterlife2009

Hi

Gosh that was quick replies

The accounts are between 1 and 5 years old

They are sending the new refinance details in the post for me to sign and return

tyllwyd

betterlife2009 wrote: »

....I have rang them today as arrears have totalled to £1000

They have now refinanced my total amount owing and arrears at an APR of 39.9% over 3 years:eek:

You haven't signed up to this have you? If you owe £9000 now, assuming you don't make any payments (and since you are in £1000 in arrears, I guess you aren't paying much off), you will owe £12,600 at the end of the year (then £17600 and £24600 at the end of the next two years ... assuming my maths is right!!). I think you would be much better talking to one of the debt management charities asap - it might be that a debt management plan where you could get interest frozen would be much better for you.

fermi

OMG! :eek: I missed that APR when I read through the first time.

Talk about "pound of flesh". :rolleyes:

stapeley

You should certainly not sign any new arrangement . You should recieve 5 signed CCA .

betterlife2009

I Only ever signed and returned 2 of the 5 credit agreements

The other 3 i never signed or returned and they still gave me the credit

fermi

Before you go any further, I would suggest that you carefully read the info in this link through.

Link: Factsheet | Catalogue debts

GeorgeUK

As already stated, you should request a copy of the credit agreements. If the agreement was signed brfore 6th April 2007, it must contain certian terms for it to be enforcable. If they cannot provide this within 12+2 working days or even any CCA, then the debt is unenforcable and you may not need to pay.

If you sign a new agreement, it will be enforcable and that is a terrible interest rate to agree to.