Capital One CCA Request

never-in-doubt

bingy_burge wrote: »

There is some serious short term memeory loss here. Has everyone forgotten how we got in the worst recession seen in decades?

Yes mate, we know why we got into recession; it was due to inflationary pressures (such as rising oil prices) and sub-prime mortgage lending.

What has made this recession worse than most previous recessions was a lack of liquidity in the banking sector. The banks basically over extended sub-prime mortgages and then went about bundling these loans together and selling them at a profit (subsequently, sold many times over) .

bingy_burge wrote: »

The reason we are in a recession is people couldn't or wouldn't pay back what they owed bringing the worldwide financial system to its knees.

Not true, see above..... specifically sub prime mortgages and inter bank lending was the primary reasons - not sub prime banking/credit card debts.

bingy_burge wrote: »

NID knows the law on credit but his ethics are a bit fuzzy.

My ethics are fine and actually spot on as well. Its the unknown that causes conflict, I am 100% right in my knowledge and so my ethics bear no brunt - I know why the recession was caused and I know what didn't affect it and unfortunately, I have to report the fact that sub prime unsecured credit had little if any impact as a whole.

finshe

If cap1/dca or I was to take this to court, my argument would be that if it was the agreement then, it is unenforceable due to having no prescribed terms.

But i am now not sure about it not having prescribed terms as it makes reference to the credit limit and interest rate under the heading Credit Scoring on the application form as follows:

""Capital One uses a technique known as 'credit scoring' in deciding whether to open an Account in your name and if so, what credit limit you will be given. Capital One will also use this technique throughout the life of the Agreement to assess your credit limit and the interest rate and other charges to be applied to your Account, all of which may be varied.""

What do you think, could some judge latch onto the above and use it to favour cap1.

never-in-doubt

finshe wrote: »

If cap1/dca or I was to take this to court, my argument would be that if it was the agreement then, it is unenforceable due to having no prescribed terms.

But i am now not sure about it not having prescribed terms as it makes reference to the credit limit and interest rate under the heading Credit Scoring on the application form as follows:

""Capital One uses a technique known as 'credit scoring' in deciding whether to open an Account in your name and if so, what credit limit you will be given. Capital One will also use this technique throughout the life of the Agreement to assess your credit limit and the interest rate and other charges to be applied to your Account, all of which may be varied.""

What do you think, could some judge latch onto the above and use it to favour cap1.

What you're saying is not the prescribed terms!

I don't know how many times we can tell you the same answer, in a different way! I confirmed here it was not enforceable - #48 - that is still the same opinion! No change from my end!

finshe

never-in-doubt wrote: »

I don't know how many times we can tell you the same answer, in a different way! I confirmed here it was not enforceable - #48 - that is still the same opinion! No change from my end!

Thanks never-in-doubt, i guess i am just a born worrier(forgive my spelling) but now i am 110% confident and will be going all the way with this once the test cases are settled.

:beer::beer::beer:

finshe

I have read a few posts regarding the test case ruling and was wondering if it has any impact on claims of unenforceability due to the lack of prescribed terms on the signature page.

finshe

Happy New Year:beer:

Well i just recieved a letter from cap1 saying my card is now blocked and that i have incurred 2 late payment charges.

They also say if i dont pay they will notify the credit bureau and default the account then pass it on for debt recovery.

Should i now send the CCA Query letter or continue to wait.

almost_there

I'm quite new on here,but hasn't that CCA loophole just been closed by the courts?

never-in-doubt

finshe wrote: »

I have read a few posts regarding the test case ruling and was wondering if it has any impact on claims of unenforceability due to the lack of prescribed terms on the signature page.

almost_there wrote: »

I'm quite new on here,but hasn't that CCA loophole just been closed by the courts?

Hi to both of you! I've spoke to you both on the thread, Unenforceability & Template Letters II in the past (remember lol)....

Have a read here, ignore the negative comments as they are incorrect, what Fermi, Blind-as-a-Bat & myself are saying is nearer to the truth.

Banks win partial High Court victory on credit cards

MSE News: High Court 'closes debt write-off loophole'

Suffice to say, nothing has changed - the process and law is the same as before the test case, so don't worry too much about what you're reading - the press don't quite understand unenforceability - evidently :rotfl:

never-in-doubt

finshe wrote: »

Happy New Year:beer:

Well i just recieved a letter from cap1 saying my card is now blocked and that i have incurred 2 late payment charges.

They also say if i dont pay they will notify the credit bureau and default the account then pass it on for debt recovery.

Should i now send the CCA Query letter or continue to wait.

Is this your only (soon to be) default or do you have a few? You realise that ceasing payments should only be done if you're happy to get a default, if not then don't stop paying - you will have a default for 6 years no matter whether the debt is unenforceable or not..... Unenforceability is usually only helpful to those in severe debt or that have nothing to lsoe, by already being defaulted.

If you are up to date with payments, and your credit file is otherwise clear then cessation of payments would be the last thing i'd suggest doing!

I state this cos by your post, it appears you're missing that fact?

finshe

Is this your only (soon to be) default or do you have a few? You realise that ceasing payments should only be done if you're happy to get a default, if not then don't stop paying - you will have a default for 6 years no matter whether the debt is unenforceable or not..... Unenforceability is usually only helpful to those in severe debt or that have nothing to lsoe, by already being defaulted.

This will be my first of a possible 2 defaults(i thought they couldnt do this if the account was in dispute).

Do you believe i will have a defence should the DCA take court proceedings as we know cap1 tend to sell the debt on(i thought they couldnt do this also if the account was in dispute).