Unenforceability & Template Letters II

never-in-doubt

never-in-doubt wrote: »

Edit - just seen page 1 (never noticed that before) and this contains the prescribed terms in section 1. (Key Financial Info) .

Ive edited the documents taking out some details that 'may' give away your identity. Lets see what others think (Fermi - where are you mate!)....

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never-in-doubt

HotLegs wrote: »

In section 1 of the original CCA the credit limit is not stated or the manner of it's determination or that there is no credit limit.

Can you confirm, on page 3 above where the credit limit shows £6,000 - these are the revised terms yea?

But either way, the limit element is there - it says we will advise you of your limit and may change them at any time. On the revised version (page 3) this shows a figure of £6k, but either will suffice.

HotLegs

Thanks so much NiD I owe you one

never-in-doubt

HotLegs wrote: »

Thanks so much NiD I owe you one

Sorry I know the uploads are big, but it allows people to actually see (up close_ what they really say! :beer:

HotLegs

never-in-doubt wrote: »

Can you confirm, on page 3 above where the credit limit shows £6,000 - these are the revised terms yea?

But either way, the limit element is there - it says we will advise you of your limit and may change them at any time. On the revised version (page 3) this shows a figure of £6k, but either will suffice.

Yes these are the revised terms.

It is a prescribed term that quote ' [FONT=&quot]the credit is stated or the manner of its determination or that there is no credit limit.' in other words saying we will inform you is not good enough, the customer has to be informed.

The prescribed terms must be intact in the same document that the customer signs, otherwise for a multi page CCA the creditor has to sign and date the agreement which they have not done.

[/FONT] [FONT=&quot]127(3) The court shall not make an enforcement order under section 65(1) if section 61(1)(a)(signing of agreements) was not complied with unless a document (whether or not in the prescribed form and complying with regulations under section 60(1)) itself containing all the prescribed terms of the agreement was signed by the debtor or hirer (whether or not in the prescribed manner).[/FONT]
What that law says is if the creditor and debtor did not sign and date the agreement then it is unenforcable unless there is a document containing all the prescribed terms intact and the the debtor signs it.

The prescribed terms are in page one of this thread but to remind ourselves Credit Limit: This may be a term or the manner in which it will be determined or that there is no credit limit.

In their haste to pile up debtors and beat other banks, securing fat bonuses for some managers no doubt, credit institutions created the 'instant credit' document shown above, it did not need dating or signing by the company and necessarily did not have a ny info on the credit limit, the debtors income was irrelevant too check the gross annual income entry (not filled in), irresponsible or what?


Signed
Hot Legs OH actually hotter than you imagine ..

Kal

never-in-doubt wrote: »

Are you still paying, even now?

The default (if any) will be gone from your credit file, so why pay them? They cannot add another default for the same debt!

Yes, we still pay around £70 per month and nearly every month they hassle us to pay more. This is to two seperate dcas regarding a loan and a credit card that we took out in 1998 and maybe got into finanical trouble and stopped paying a year later. If we are late we get all the usual letters balliffs, bankrupty, phone call etc. Have I been doing the wrong thing??

BANNEDfromTV

Hi people this my first post on this thread and I hope it gets seen amongst the noise of 62 page

Well I applied to MBNA for my CCA and they have today returned to me a document which states contains the following:

(A) A copy of your executed agreement
(B) Your up to date terms and conditions
(C) A copy of your most recent statement (which shows the state of your account) which has been signed.

Now as this is a credit card I can see that I'm looking for the following:

B Repayments
C Rate of interest
D Credit limit

Is this correct?

Secondly does the executed agreement which I have been sent have to physically state a rate of interest, a credit limit and the method of repayments?
Basically it's half an A4 page and has been sent like a small photocopy (shrunk) of the original signed document. I can hardly make out the wording but with a magnifying glass and some patience I should be able to get to something.

I am just curious from a layman's terms, what and where I should look. Is there something that will stick out for me do you think?

BANNEDfromTV

OK here is what I have found so far.

The initial portion of the executable agreement states a heading of Key Financial Information. Under this information it has the following information (typed here in full).

1 Key Financial Information
1a We will choose your credit limit and tell you what it is. We may vary it at any time and write to let you know.
1b By the payment due date shown on your statement due date each month, you must pay whichever is the least of:
*2.25% of the balance shown on your statement (but you must pay at least £5.00), or
* the charges for payment protection cover, plus interest charged on the statement handling fees and default charges, plus £5.00; or
* the balance on the statement if this is less than £5.00
1c Your annual percentage rate is 15.9% APR (variable).

Initial thoughts?

sick_of_the_letters

Hi NID
I know you are a busy person, but would you look at my post 1179 please?
Thank you!!
x

AL2009_2

never-in-doubt wrote: »

I wouldn't! Keep the home separate - last thing you want is a charging order, defeats the purpose really! Up to you but personally, would I CCA a loan linked to my mortgage (secured or otherwise) - would I hell lol

What would happen if the property is remortgaged to another lender without redeeming the unsecured element of the loan? My understanding is that Northern Rock just hike up the interest....
Would it be worth doing a CCA in this instance?