What is a CCA?

donnaessex

Hi experts.

I have been carefully plodding my way through our debt repayments and getting through nicely.

However, my husband has recently (a month ago) lost all overtime (which amounts to around £100 per week) and I have had to take a lower paid job following redundancy in Oct 2009 - this has also been in addition to my two children having to go into paid nursery 2 days a week at the cost of £320 per month (my sister cares for them the other three days for a token amount). Since then we have been struggling to meet payments, but have kept our heads above water while my redundancy money has been in the account and the optimistic feeling that my husbands overtime would return soon. He has been told today that his firm is asking for volunteers to be made redundant. Its not looking good for the return of overtime really... We havent missed any payments with anything but we are struggling to say the least - its only a matter of time before everything falls through the cracks.

I've read Mouse Ann's thread with interest and am shocked at the level of support shown to her on here. There are some lovely people around still obviously!

With regards the thread title, I am wondering if my two loans would be classed as unenforceable but everything I google spits back gobbledegook and I'm finding my head swimming a bit. I have two loans - Halifax (IF) £19k taken out Oct 2004 and Northern Rock £15k taken out in June 2005. Is there anywhere I could look to see if these loans would be classed as unenforceable? I have 3 credit cards too which I juggle and they are all on 0% rates so that doesnt worry me too much at the moment.

Thanks to anyone for your replies in advance.

pixiechick_2

I'm not an expert but I think a CCA is the credit card agreement.
No doubt someone with more knowledge will reply.

pixiechick_2

Just re-read your post a bit more carefully. I think loans are usually enforceable, it's credit cards that tend to be unenforceable.

When did you take out your credit cards? If it was before April 2007, then they may be unenforceable.

BTW - isn't it amazing how the support on here has helped mouseann. I'm still shaking the sand out of my hair now that I've finally un-buried my head.

donnaessex

Thanks Pixiechick - I worded the title wrong sorry. I know what a CCA is but is there a way to tell if certain companies gave unenforceable agreements?

donnaessex

pixiechick wrote: »

Just re-read your post a bit more carefully. I think loans are usually enforceable, it's credit cards that tend to be unenforceable.

When did you take out your credit cards? If it was before April 2007, then they may be unenforceable.

BTW - isn't it amazing how the support on here has helped mouseann. I'm still shaking the sand out of my hair now that I've finally un-buried my head.

Ah thanks. Oh well there goes my glimmering light of optimism! My cards are all shut down when the 0% ends and I get another one so all of my cards are recent ones so no luck there I guess.

Tixy

Sometimes loans are unenforceable. If you post on Niddys thread here https://forums.moneysavingexpert.com/discussion/2305463 - and say which companies were involved he might give you an idea.

However make sure you understand the implications - if you have not defaulted on the account then if you find them to be unenforceable and stop paying you will be defaulted and this will seriously impact on your credit report (no more 0% deals etc, hard to get any new credit for 6years).

donnaessex

Tixy wrote: »

Sometimes loans are unenforceable. If you post on Niddys thread here https://forums.moneysavingexpert.com/discussion/2305463 - and say which companies were involved he might give you an idea.

However make sure you understand the implications - if you have not defaulted on the account then if you find them to be unenforceable and stop paying you will be defaulted and this will seriously impact on your credit report (no more 0% deals etc, hard to get any new credit for 6years).

Thanks Tixy.

I'll have a read of that thread you posted.

Re the implications - this is a huge worry I have. I am quite proud of the fact that I've never defaulted and check my credit report religiously to make sure there are lots of green marks! My fixed rate on the mortgage runs out in June 2011 so I want to have as good a credit rating as possible for that, as well as the 0% cards of course.

I'd rather struggle on for another 2 years and clear everything than risk having sky high mortgage rates for another 6 years I think.

Tixy

That sounds like the right option donna.

The unenforceability route is great for people who have already defaulted and who cannot meet their repayments and are being threatend with court (so in effect already have bad credit ratings)
However it is a fact that it will wreck your credit rating so much that for anyone who can manage without using this legislation then I would suggest they do.

DarkConvict

Tixy is spot on, CCA is good for those who have defaulted/can't meet the payments as the damage is mostly done. As the implications of a default for 6 years can be very costly in the long run.

donnaessex

Thanks everyone for your advice.

I'm going to look at doing a bit of ironing from home in the evenings I think as well as ask for a payrise at work to help us out.