Credit Agreement Question

Germeze

Hello,

I signed a credit agreement about a week ago. I have heard from the bank about repayments which is fine. I wasn't given a copy of the credit agreement with my signature and the signature of the company's finance arranger. I did ask for a copy to be sent to me but it isn't what I signed.

Is this legal/correct?

Thanks

bookworm1363

What do you mean it isn't what you signed?

LinasPilibaitisisbatman

It may be a printed out book with the terms in it. I would imagine a lot of larger companies have this for when requested rather than look out every individual agreement.

giggity

It would depend what the first document was that you signed. It could well have been the offer by yourself to enter into a credit agreement. Paperwork later processed and accepted by the company. This is the point when the credit agreement becomes executed.

A copy of the agreement should have been given to you on signing, followed by an executed copy from the credit company within 7 days of them signing.

Paperwork obviously indicates APR, as well as the number of payments to be made, and the total charge for credit.

Unless you receive a copy of the agreement it could be deemed improperly executed if you start making repayments.

If telephone reminders haven't been effective you may need to write a recorded letter to the finance company seeking a copy stating the agreement may be improperly executed as per Consumer Credit Act.