Trying to cancel a Credit Agreements

RFI

Hi all, newbie here looking for some advice from experts out there....

Just wanted to know if it is possible and how you would go about cancelling a credit agreement that you have signed. Agreement has been signed for monthly payments to be setup to pay an organisation (more about them later if required!) for the next 5 years...... Didnt really know what you are signing up to at the time and especially not the small print in the contract we asked to sign...

Agreement is titled fixed sum load agreement regulated by the consumer credit act 1974.

There is a clause in the agreement stating "Cancellation Rights: you have no right to cancel the agreement under the consumer credit act 1974".

There is no entry made on my credit file for when I signed this agreement but want to know if I stopped paying it can this organisation make a red mark on my credit file - and how, what would they need to do?

Also, they have not even provided us with a copy of the agreement that we signed (but I have managed to get a hold of a copy of the agreement).

Appreciate any expert advise out there please (I know it is not just me interested in this as there are many more in the same position with the same agreement and organisation so any help to me would help more for sure....

Anyone need any more information to provide advise please let me know....

Thanking you in advance.....

PC_Gabriel_Kent

If you didnt know what you were signing for and didnt read any of the so called small print, why did you sign! You also say they have not given you a signed copy, you state you signed the paperwork though. Are you disputing you signed it? Are you trying to wriggle out of paying for something you now feel you cant be bothered to pay?

Zelie

RFI wrote: »

Hi all, newbie here looking for some advice from experts out there....

Just wanted to know if it is possible and how you would go about cancelling a credit agreement that you have signed. Agreement has been signed for monthly payments to be setup to pay an organisation (more about them later if required!) for the next 5 years...... Didnt really know what you are signing up to at the time and especially not the small print in the contract we asked to sign...

And whose fault is that? Theirs? I don't think so!

A contract is an agreement between you and them. It's not their fault you didn't bother to read the agreement. For the future, read EVERYTHING before you sign it.

Agreement is titled fixed sum load agreement regulated by the consumer credit act 1974.

There is a clause in the agreement stating "Cancellation Rights: you have no right to cancel the agreement under the consumer credit act 1974".

There is no entry made on my credit file for when I signed this agreement but want to know if I stopped paying it can this organisation make a red mark on my credit file - and how, what would they need to do?

It may be that you are looking at a credit file held by one company and they use another. So if you use (say) Experian but they use Equifax then this agreement will be noted on the file Equifax holds on you. And yes, should you stop paying the money you owe then they will mark your credit file appropriately and if you cease payments altogether they will note a default. This is not a good thing for you to do. Any future access to credit may be reduced as different lenders look at different files. Not to mention you'll have letters, phone calls and likely bailiffs round at the very least!

Also, they have not even provided us with a copy of the agreement that we signed (but I have managed to get a hold of a copy of the agreement).

They should provide a copy or you can take one. If you write to them requesting a new copy they should be able to send you it. How did you manage to get hold of a copy of the agreement if you didn't have it? Be careful there - if you signed up for a particular loan and have got their terms and conditions from details about other loans the two may not match up. You need to be sure that you possess the precise terms and conditions for YOUR loan. They can differ hugely between loans

Appreciate any expert advise out there please (I know it is not just me interested in this as there are many more in the same position with the same agreement and organisation so any help to me would help more for sure....

Anyone need any more information to provide advise please let me know....

Thanking you in advance.....

It can be quite helpful if you provide a company name and details of the loan (the name etc). Some here might have experience of the company/loan type and can provide information as to whether the company is reputable, cuts corners, is amenable to lower payments etc.

wayne99

the good old 1 post trolls are back lol