welcome finance help

maximus999

I defaulted on an agreement and a company is seeking the debt with over £700 charges added on, I have read that there has to be certain information entered onto the agreement to make it enforcable, i.e total amount signatures and so on.

I have attached the credit agreement for someone hopefully to give me some advise, the agreement was completed on 16th March 2007 which i believe credit agreement conditions and terms were adjusted after this date.

Please can anyone shed any light on wether this is enforcable.

Many thanks for any replies.

Here is a link to the agreement

KingElvis

Yo do not have permission to view this file error pops up so it's hard to tell

king100

PLEASE NOTE DUE TO RECENT LEGAL CASES THIS BELOW IS BEING REVIEWED.. 7th January 2010

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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Which of these applies to you depends on the type of agreement you have?

For a Running Account (credit card) agreement

BC and D Apply





For a Restricted Use Debtor Creditor Supplier

• Where the dealer is the supplier and the creditor is the one providing the finance. The money can only be used for the purpose it is given. There is no interest on the purchase (the cash price is the same as the total price)
• And there is no advance payment

A is applicable

For a fixed Sum Credit Agreement
A conventional credit agreement with none of the above restrictions

A and B apply

For a Hire Agreement

B is Applicable

This paper only covers section 127(3) of the Act agreements can also be unenforceable by contravention of sections 1 and4 this will be the subject of the next paper.
Please note that these Prescribed terms where not changed in any way by the [URL="tel:2004/1482"]2004/1482[/URL] Ammendments although the form in which they appear on the agreement was. Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3) will only apply to agreemens executed before that date.

maximus999

Hi could you try the image now, i think i has a setting wrong on the site i placed it on. Many thanks

king100

I would say yes it is valid, but I would go after the charges as they are a joke £10 if we call you.

amersall

I would say it is valid too, everything that should be there is.