Cahoot Flexible Loan Agreement received - help!

lloydjones

Hi. I have received my loan agreement but am unsure how to check if its unenforceable or not? How can I post it on here for someone to check? Thanks.

RAS

A true executed CCA has to have the following information in it:

IS MY AGREEMENT ENFORCEABLE( Via section 127(3) CCA1974)
PRESCRIBED TERMS FOR THE PURPOSES OF SECTIONS 61(1)(0) AND 127(3) OF THE
CONSUMER CREDIT ACT 1974 Taken from sced.6(1983/1553) regulations

**What do we mean by unenforceable?
In the Consumer Credit Act section 127 there is a provision for making an agreement unenforceable if it does not contain certain pieces of information.
Subsections 1,2,3,4 state which pieces of information these are, and everything mentioned there must be included within the body of the agreement, if one is missing the agreement is unenforceable.

How does unenforceable differ from enforceable with a court order only?
When an agreement is unenforceable it means that the court or the judge cannot make a ruling on it. The court cannot make it enforceable.
When an agreement is enforceable only by ruling of the court it means that the agreement can be stopped by the debtor but the court has the power to re-instate it and allow the credit to continue to enforce.**

The Prescribed Terms are these

A Amount of credit
A term stating the amount of credit

B Repayments
A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following-
(a) Number of repayments;
(b) Amount of repayments;
(c) Frequency and timing of repayments;
(d) Dates of repayments;
(e) The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

C Rate of interest
A term stating the rate of interest to be applied to the credit issued under the agreement
D Credit limit
This may be a term or the manner in which it will be determined or that there is no credit limit.

---

Which of these applies to you depends on the type of agreement you have?

For a Running Account (credit card) agreement

BC and D Apply

For a Restricted Use Debtor Creditor Supplier

• Where the dealer is the supplier and the creditor is the one providing the finance.
• The money can only be used for the purpose it is given.
• There is no interest on the purchase (the cash price is the same as the total price)
• And there is no advance payment

A is applicable

For a fixed Sum Credit Agreement
A conventional credit agreement with none of the above restrictions

A and B apply

For a Hire Agreement

B is Applicable

This paper only covers section 127(3) of the Act agreements can also be unenforceable by contravention of sections 1 and4 this will be the subject of the next paper.
Please note that these Prescribed terms where not changed in any way by the 2004/1482 Ammendments although the form in which they appear on the agreement was. Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3

lloydjones

Thank you for the detailed reply RAS, however, I'd like to post my agreement on here for someone to check for me. If I scan it can I post it up for it to be checked?

RAS

We will certainly check any scanned CCA. There are at least a dozen of us who can tell you.

lloydjones

RAS wrote: »

We will certainly check any scanned CCA. There are at least a dozen of us who can tell you.

Cheers RAS. I just needed to know how I go about putting my scanned agreement on here for you to check it. Thanks.

lloydjones

Anybody? Agreement is scanned, need to know how to upload it onto forum please. Thanks.

becky_rtw

You have to load it up on photobucket or something similar and then post the link in here...not exactly sure how that works tbh... sorry!

RAS

Can you post it on www,flickr.com and then post the link?

lloydjones

Can someone please check the above agreement to see if its enforceable or not? Thanks.

RAS

First

Can you take that down and remove the section with the bar code and probably the staff name and signature - as it may be that you could be identified through these. if possible post back up again.

Did you get the terms and conditions with this?

10past6

You also need to remove the account number, at the top left hand side under "Flexible loan"