How long are loans valid

mabski

~Brock~ wrote: »

CAG is funny.

Its like a bunch of nutters having a punch up in the corner of a pub - you know its going on but also know that the best thing is not to get involved.

Just to let you know i've cut and pasted this from those nutters your referring to
they must be nutters because they actually try to help people in debt not just lecture them how strange of an idea is that

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
(If you just want to find out, skip the bits in between the stars it’s just some extra information)

**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 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.

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immoral_angeluk

You have yet to provide any proof and court cases to back up what you're saying, mabski.

Am also interested from where you plucked 2004 from, as from everything I've ever seen/read/heard/been trained on it's 2007. Either Feb or April (Can't remember which off the top of my head. Have a feeling it's february though.)

triticale

Pescribed

Looks a bit fishy to me...

chief0069

Some interesting comments...
F.y.i i have used most of my redundancy to pay off a secured loan.
I have not found another job yet but still have a mortgage and other monthly bills to pay
Yes,i have stopped gambling for 6 years now and attend g.a meetings each week.
Their are some r,soles on here who hide behind their screens and take the pee.I came on here to ask for help and some of you can only ridicule me.
Thanks to all who are genuine and tried to help.
Anihilator and mabski -you must be so proud of yerselves...I wont be dragged down to you're level as you sound so sad.

hullight

mabski wrote: »

they actually try to help people in debt not just lecture them how strange of an idea is that

You say 'people in debt' which suggests that they have used the service/money/whatever and now need to pay it back. They need help paying back their debts. Simple?

Wutang_2

Anihilator wrote: »

Please provide one legal case were a court deemed a credit agreement uneforcable and the loan was simply written off with no prejudice or financial loss to the applicant.

Like kaiser sosa, he just vanished into the wind

Wutang_2

Anihilator wrote: »

Please provide one legal case were a court deemed a credit agreement uneforcable and the loan was simply written off with no prejudice or financial loss to the applicant.

Sorry Mabski but you get 18 more days and then your statement is not only unenforcable but also classified as 'pish'.

dasilva_2

Anihilator wrote: »

Please provide one legal case were a court deemed a credit agreement uneforcable and the loan was simply written off with no prejudice or financial loss to the applicant.

You won't find one as you well know. The reason being that credit card companies will simply refuse to fight over the enforcability of one of their agreements if they doubt it's legality.
However on the other hand they certainly will not attempt to enforce it in court.
And incidentally the recent case which has been referred to is not about enforcing an agreement in court. It is about a credit card holder demanding to see the original agreement. You will of course be aware that although the judge said legally the credit card company could reconstruct the agreement to show the credit card holder, to actually go to court to enforce the agreement they would have to produce an ORIGINAL valid agreement.