Worst and best creditors in DMP?

yamsteroo

Bettingmad wrote: »

you need to CCA them, they are unlikely to have a valid CCA agreement. You are then in a strong position to get them to play ball in respect of dropping/freezing interest.
It only takes a short letter and the cost of recorded delivery.
Did you ever take PPI out?

Could always give it a go - worst they can do it put the interest up lol

PPI doesn't apply on this one.

Bettingmad

yamsteroo wrote: »

Could always give it a go - worst they can do it put the interest up lol

PPI doesn't apply on this one.

First tactic before CCA if you want to pay it all and not particularly want to challenge would be to write to them and ask them to freeze interest. Further inform them that you have had the credit card since mm/yy and have paid great sums of interest already.
This may get an early reaction to freezing/reducing interest as they will be mindful that since they realise that the card is pre 2007 they wont have a valid agreement. They may want to keep you sweet so that you don't go on to make a CCA request.
Bluff and double bluff, you may get a result without formally requesting a CCA.
If they stick to their guns at this stage fire off a CCA.

yamsteroo

Cheers, Bettingmad, I'll do that

LocalAngel

Bettingmad wrote: »

First tactic before CCA if you want to pay it all and not particularly want to challenge would be to write to them and ask them to freeze interest. Further inform them that you have had the credit card since mm/yy and have paid great sums of interest already.
This may get an early reaction to freezing/reducing interest as they will be mindful that since they realise that the card is pre 2007 they wont have a valid agreement. They may want to keep you sweet so that you don't go on to make a CCA request.
Bluff and double bluff, you may get a result without formally requesting a CCA.
If they stick to their guns at this stage fire off a CCA.

Can you tell me what a CCA request is and why 2007 is significant? My second biggest is debt is on what was an Egg card, now Barclaycard. I'm a bit worried since everyone seems to be saying they won't freeze the interest.

Bettingmad

LocalAngel wrote: »

Can you tell me what a CCA request is and why 2007 is significant? My second biggest is debt is on what was an Egg card, now Barclaycard. I'm a bit worried since everyone seems to be saying they won't freeze the interest.

Section 61 of the Consumer Credit Act 1974 stipulates that a credit agreement is not properly executed unless it contains all the prescribed terms and conforms to regulations made under section 60(1) of the Act, and is signed in the prescribed manner. Therefore the consequence of a failure or omission to state fully and correctly any of the prescribed terms is to render the agreement improperly executed and therefore unenforceable save by order of the court. However were an application to be made to the court 127(3) requires the court to dismiss the application for an enforcement order. Therefore such an agreement may be considered to be irredeemably unenforceable.
The prescribed terms for the purposes of section 61 which are set out in Schedule 6 of the Consumer Credit Act (Agreements) Regulations 1983 states that:
(1)A regulated agreement is not properly executed unless—
(a) a document in the prescribed form, itself containing all the prescribed terms and conforming to regulations under section 60(1) is signed in the prescribed manner both by the debtor or hirer and by or on behalf of the creditor or owner, and
(b) the document embodies all the terms of the agreement, other than implied terms, and
(c) The document is, when presented or sent to the debtor or hirer for signature, in such a state that all its terms are readily legible
In addition the following must be contained: -
a) A term stating the credit limit or the manner in which it will be determined or that there is no credit limit,
b) A term stating the rate of any interest on the credit to be provided under the agreement and
c) 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—
1. Number of repayments;
2. Amount of repayments;
3. Frequency and timing of repayments;
4. Dates of repayments;
5. 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.
Therefore if a borrower has not signed the agreement containing all the prescribed terms, the agreement will not be enforceable without an order of the court and section 127(3) requires the court to dismiss the application for an enforcement order.


This unenforceable clause was entirely repealed via the Consumer Credit Act 2006 (this part coming into force 6th April 2007)

Bettingmad

Dear Sir or Madam

Re:− Account/Reference Number **** **** ***** **** (Formerly Egg **** **** **** ****)

This letter is a formal request pursuant to s.77/78 of the Consumer Credit Act1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

I expect you to comply fully and properly with this request, within the statutory time limit, which is 12 working days. You are reminded that should you fail to comply with my request, the provisions of s.77 will apply.

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection From Unfair Trading Regulations 2008 (CPUTR).

I enclose a postal order in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose.

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

We look forward to hearing from you.

Yours faithfully

Sign Digitally

Bettingmad

If you send a request for CCA make sure you send it recorded and keep the proof of postage safe.