credit card clearance

zappafan_2

Cheers Brock, that did make more sense coming from the Central Scrutinizer! I'm glad you didnt include any references to Catholic girls....

Hmmmm, yeah I was dubious about these various agencies but I was just wondering more about what this new law seems to be about - apparantly there has been an amendment to a law that affects debts amassed before April 2007 & a lot of these Debt agencies are now using it to lure people in - I was just wondering out of interest really, if anyone knew what all this was about - and if there is any merit to it & I can lose some of my debt, then great!

Does anyone know anything about this?

System

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements-guide.html

zappafan_2

Aaaaah nice one Underground, I'll take a look!

PROLIANT

CAG! The hills have eyes!

silent_night

zappafan wrote: »

Hi all, I stumbled across a website explaining how a card or loan opened up before April '07 could be written off if found to have any discrepancies in its contract etc. I have 3 that spring to mind - a loan for £2000 (which has recently disappeared from my credit file & the company has stopped contacting me!), a Credit Card with £2200 on it & another which only has £690 left on it.

What I wanted to ask was, has anyone done this yet? I know that you can pay agents to do this for you - i.e. get hold of the contract & payment history of the account & look for anything 'fishy' but is this a scam? I hope not!!

many thanks guys

James

As already posted,
you can do this your self for NOWT,
Why pay some one for something you can do!

moneysavingnewbie1

Hi all, I heard about this from a friend too, that potentially credit cards and loans could be wiped off pre-April '07. As someone who has CC and PL debts i want to look into this. i clicked the link underground gave but its gobbledegook to me! how do you know if your agreement is one that is enforceable or not? is this something CAB can help with?

never-in-doubt

Edited as duplicate post :beer:

never-in-doubt

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.

---

Prescribed_terms wrote:

The Pescribed 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 is applicable

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 is applicable

For a Hire Agreement

B is Applicable

never-in-doubt

Edited as duplicate post :beer:

never-in-doubt

Edited as duplicate post :beer: