Unenforceable Credit Agreements and April 2007

gremlin807

Hi,
I have heard a lot about UCAs applying to credit card agreements taken out prior to April 2007, but what about credit cards taken out after April 2007 (October 2007 to be precise) where the credit card company cannot give me copy of my signed agreement - or any agreement for that matter?

If the company cannot provide me with an agreement covering the Ts and Cs, can I pursue them on UCA grounds, or something similar?

cooltt

Gremlin...how appropriate.

ejc81

cooltt wrote: »

Gremlin...how appropriate.

:rotfl::rotfl:

dzug1

The answer can be given in two letters but MSE won't allow answers that short

Gromitt

gremlin807 wrote: »

If the company cannot provide me with an agreement covering the Ts and Cs, can I pursue them on UCA grounds, or something similar?

Only if your cat agreed to the T&Cs on your behalf, but then you'd have to sue the cat.

nottoolate

link http://www.bbc.co.uk/news/business-13349239

izools

nottoolate wrote: »

link http://www.bbc.co.uk/news/business-13349239

That's fine, but even if the agreement is unenforcable under S.78 of the CCA (which is highly unlikely) there are still penalties.

Note that the creditor lacking a signature from the customer is not a breach of S78 of the CCA and a reconstituted credit agreement does fulfill this part of the act and would render the agreement enforcable.

In the unlikely event that a creditor can't even reconstitute the original agreement, they are still legally entitled to:

Offset the balance against any other accounts you may have with them - e.g. empty your bank account, savings account, etc to pay for the debt if with the same bank.

Mark your credit file with adverse data showing you have failed to pay the debt

Refer your debt to debt collection agencies and continue to chase the debt through every avenue bar court

They are still also entitled to take you to court if they wish, they may not win if the debtor uses S78 as a defense and is successful, but the creditor will win by default if the debtor ignores any request to lodge a defense.

SO the reality of the situation is nothing like what these rogue companies claim it to be. You'll still end up being chased for the debt ad infinitum and stand to have your current and savings accounts emptied should you hold these accounts with the same bank / banking group.

Not to mention your credit file still being trashed.

The creditors lent the money in good faith, and in adherence to the agreement made at the point of opening the account. Here's a tip -

Pay your debts.

gremlin807

Thankyou to izools and nottolate. I'm pleased to see that they had the decency to spend time generating a constructive response. I'm sure most people are aware of the adage: There is no such thing as a dumb question, just a dumb answer.
Given all the grief that the banks have caused practically everyone over the last few years there is no harm in asking the question, as it would be great to be able to get one back over them.

OK, the upshot is maybe, but unlikely and probably not worth the future impact to my credit rating.
That's what I needed to know.
I'd love to be able to stop paying my monthly payments, but I took out the credit card and am prepared to honour my debt.

Regards
Gremlin807

chattychappy

gremlin807 wrote: »

Given all the grief that the banks have caused practically everyone over the last few years....

Oh right.. yeah..