Disputing debt to capquest

nottoolate

king100 wrote: »

for it to be valid it needs to have the correct APR and credit limit, this document has neither, if it does please point it out to me?

here

nottoolate

king100 wrote: »

Please also read 4.1 My credit limit, no mention of what my credit limit is at all just that I will be told at a later date.

that is a perfectly valid way to express the credit limit

king100

APR/INTEREST and how they determine the credit limit are specified in the second of these scaned documents

How are they specific, apr says we will choose from a table depending on your credit rating and your credit limit will be set later, NO WHERE does it actually tell you the APR and credit limit. It is not specific its rather unspecific.

nottoolate

the credit limit doesn't have to be specific.

they just have to express how they will determine it

king100

So whats my APR then?

king100

nottoolate wrote: »

the credit limit doesn't have to be specific.

they just have to express how they will determine it

Since when?

nottoolate

king100 wrote: »

Since when?

Since the Consumer Credit (Agreements) Regulations 1983

nottoolate

The credit limit expressed as:--

(a) a sum of money;
(b) a statement that the credit limit will be
determined by the creditor from time to time
under the agreement and that notice of it will be
given by him to the debtor;
(c) a sum of money together with a statement that
the creditor may vary the credit limit to such sum
as he may from time to time determine under the
agreement and that notice of it will be given by
him to the debtor; or
(d) in a case not falling within head (a), (b) or (c)
above, either a statement indicating the manner in
which the credit limit will be determined and that
notice of it will be given by the creditor to the
debtor or a statement indicating that there is no
credit limit.

and later on

A term stating the credit limit or the manner in
which it will be determined or that there is no
credit limit.

king100

And the APR?

king100

In the case of an agreement for running-account credit, the following assumptions shall have effect for the purpose of
calculating the APR in place of the assumptions in Part 4 of the Total Charge for Credit Regulations that might otherwise
apply--
(1) in any case where there will be a credit limit but that limit is not known at the date of making the agreement the
amount of the credit to be provided shall be taken to be £1,500 or, in a case where the credit limit will be less than
£1,500, an amount equal to that limit;
(2) it shall be assumed that the credit is provided for a period of one year beginning with the relevant date;
(3) it shall be assumed that the credit is provided in full on the relevant date;
(4) where the rate of interest will change at a time provided in the agreement within a period of three years beginning
with the date of the making of the agreement, the rate shall be taken to be the highest rate at any time obtaining under the
in paragraph 9(a) to (c) of Schedule 1 to these
Regulations.
Repayments
5. Consumer credit agreements. 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.
6. Consumer hire agreements. A term stating how the hirer is to discharge his
obligations under the agreement to pay the hire
payments, which may be expressed by reference to
a combination of any of the following--
(a) number of payments;
(b) amount of payments;
(c) frequency and timing of payments;
(d) dates of payments;
(e) the manner in which any of the above may be
determined;
or in any other way, and any power of the owner to
vary what is payable.


So i take it they assume that the credit limit is £1500 even though it sint mentioned and that the APR will be the highest of the 3.