Unenforceable Credit Agreements

p00hsticks

rosemahairy wrote: »

Yeah. I only ever owed couple hundred and started paying ok but then started struggling so went down to 10 month. I have been paying for ages only just realised i still was thus asked them what i owed and copy of agreement because should have been paid up donkeys ago surely

The problem with catalogue companies is that the interest rate charged is oftern really high - 29.9% is a common figure. So it's possible that the £10 a month is doing little more than paying off the interest and not really making much of a dent in the original amount owed.

ILW

cheekymonkey20 wrote: »

Just found a copy of the CCA that i signed when originally took out the loan; as follows

Fixed - Sum Loan Agreement regulated by the Consumer Credit Act 1974

Parties to the Agreement
The Bank - National Westminster & address
The Customer - Myself & OH Plus Address

1. Key Financial Information
A) Amount and Purpose of loan - £15200
Term - 84 months
C) Total amount Payable - £18,806.76
D) Instalment Repayments - Repayments due at monthly intervals starting one month from the date the Loan is drawn but where you elected at the time of your application to nominate a date in the month as your preferred repayment date we will normally comply with that request or offer you another choice. Details of the repayments are as follows:
84 repayments of £223.89
for the loan described in 1(A) in proportion to the amounts drawn down
E) Annual Percentage Rate 6.4%

2. Other Financial Information
A) Total Charge £3,606.76
Annual Rate of Interest The amount of interest payable is calculated at the beginning of the Agreement and is equivelant to a fixed annual rate of 6.25% over the term

3 Key information
A) Charges on Default (the bank has the right to ament the amounts of the default charges detailed below to reflect any change in the cost incurred bu the Bank in dealing with the default.)
£30 each time a payment due under the agreement is not made on time
£30 when a default notice is issued
for the Banks reasonable expenses in enforcing this agreement. These expenses will include (but not limited to (i) exense of taking steps including court action, to obtain payment (ii) tracing the Customer if the Customer changes address without notice and (iii) communicating with the Customer if the Customer breaks the terms of this agreement.
(B) Right to settle early
The customer has the right to repay the loan before the end of the term by making a single payment calculated under a formula which limits the amount of the Total Charge the Customer Pyas. The amount that the Customer would have to pay if for example the customer wanted to settle when a quarter of the Term had passed would be £12,339.03; if half of the term had passed the amount would be etc. If calculating the amounts shown the assumption is made that all instalment repayments due are paid on time and no default interest of charges are incurred. The amounts shown are accordingly only illustrative and do not take account of future changes to the agreement.

Missing payments
Missing payments could have severe consequenses and make obtaining credit more difficult

Important read this carefully to find out about your rights
The consumer credit act 1974 lays down certain requirements for your protection which should have been completed with when this agreement was made. If they were not, we cannot enforce this agreement without getting a court order.
The act also gives you a number of rights. You can settle this agreement at any time by giving notice in writing and paying of the amount you owe under the agreement which may ne reduced by a rebate. Examples indicated the amount you might have to pay appear in the agreement. It you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens Advice Bureau.

Your right to cancel
You have the right to cancel thisagreement. you can do this by sending or taking Written notice of cancellationn to us at our address shown on the first page of this agreement. you have 14 days starting with the day you have recieved this copy. You can use the form provided.
If you cancel this agreement you will shill have to repay any money lent to you. But if you repay all of it before your first installment is due- or if you are not paying by installments within one month after cancellation you will not have to pay interest or other charges any money you have paid must be returned to you

Terms and conditions

Cancellation form


Is this enforcable or not?

Not read the whole thread, but what is your reason for thinking you should not be repaying the loan?

esmerellda

cheekymonkey20 wrote: »

I have requested a copy of the original.
There was no ppi and no mention of this on the form.

By saying it looks that way, do you think i dont have a leg to stand on in getting it made unenforcable????

What happens if they do not provide me with the original withing 12+2+30 days???

thanks for confirming the ppi - on unenforceability nope I don't think you have a hope at all.

If they don't supply within the specified limits then all that occurs is they can't enforce the debt without a court order. they can produce the agreement at any time, and as you know it is enforceable as you have a copy, you know if they do produce one it will be enforceable, therefore you COULD use their non compliance in not producing it to try and get interest frozen and a repayment plan in place on the debt if you are struggling with the repayments, but thats about all. I wouldnt recommend stopping paying them at all.

Moggles_2

Doublespresso wrote: »

I haven't been able to positively identify a single case in which the debt had been successfully written off ...

Exactly. There are a growing number of companies claiming they can get credit card debts written off in next to no time, so where are all the success stories?

Interestingly, the fees demanded are dropping steadily. Initially, the market rate was around £400-£500. Now, this one is offering the same services for £195.

Despite dozens of threads on the subject, nobody ever comes forward to report any results using these companies. Without testimonials, which are independently corroborated, I would steer well clear :rolleyes:

Paul_Herring

Moggles wrote: »

Despite dozens of threads on the subject, nobody ever comes forward to report any results using these companies.

Basil and Amanda Rankine?

esmerellda

I'd read the judgment before being too enthused about the Rankines

http://www.mishcon.co.uk/assets/managed/docs/downloads/doc_2304/Judgment%20of%20HH%20Brown.pdf

Ansu

Moggles wrote: »

Exactly. There are a growing number of companies claiming they can get credit card debts written off in next to no time, so where are all the success stories?

This is because these companies make people believe that Unenforceable means written off.

These are two completly different words, they are totally unrelated in terms of law and finance.


The key point of all the section 61/77/78 issues, is that to enforce means to litigate.

They cannot litigate against you while they are in default of the CCA request, this has no impact on the requirement to repay the debt.

Paul_Herring wrote: »

Basil and Amanda Rankine?

Didn't they lose?

cheekymonkey20

Right, my 12+2 days ends today. not recieved a THING!
They have not taken the money out of my account for the £1 cheque.
What do i do now???

esmerellda

cheekymonkey20 wrote: »

Right, my 12+2 days ends today. not recieved a THING!
They have not taken the money out of my account for the £1 cheque.
What do i do now???

Write and remind them and check they received your first letter.

If you are setting up a repayment plan now is a good time to do it, and ask for interest/charges etc to be stopped and past ones cancelled off the debt as theres no agreement and you are offering £10 (whatever your IE sheet shows is applicable) a month as goodwill on that amount which you spent as you dont wish to renege on your debts etc.

You know the agreements enforceable, so use their non compliance as a means to getting the debt repayable at a sensible rate you can afford.

cheekymonkey20

Esmerellda, have 2 cca's one i know is unenforcable cuz before april 2007, the loan i think i may give up on, cuz it is enforcable.

Is there a letter template anywhere so i can send it to the cc people???