Is this a legal credit agreement?

Corneloues

Would you be happy to fill this in?

http: // sdrv.ms/1aNv4dE (SkyDrive Version)
https: // dl.dropboxusercontent.com/u/18190305/MYA%20Fact%20find%20form.docx (Dropbox Version)

This is a supposed credit agreement for MYA Cosmetic Surgery. My concerns are:

No T&Cs - not even on their web site
No information about their underwriters
Lots of very personal information asked for
No Data Protection disclaimers

So how did we get here?

The initial consultation was less than two weeks ago. They were able give a date very quickly for the proposed surgery, so we decided to go ahead.

They gave various options: Pay all, pay over 12, 24 or 36 months and the one that interested me Pay 50% upfront and then 10 monthly installments - interest free!

I have the money saved for this, but it is in a Share ISA. The last payment option suits me as it means I only need to drawdown on my shares as needed so can play the market a bit and potentially it won't cost me as many shares in the long run.

There has been a flurry of paperwork since agreeing the surgery date, the first stating the payment is due 56 days before the procedure - a bit tough when we're only 2 weeks in to our professional relationship!

I paid the 50% by credit card yesterday (looking forward to the club card points on that ) and then received the above linked form asking for all this information.

But the potential lack of protection for both parties as well as the lack of data protection is making me ponder.

OK, yes I can pay the whole lot, but I want to be that bit savvy with my savings.

Is there anything I can do? Is there a way I can word a response to cover myself or should I just pay the remaining balance and treat this as a lesson learned?

Cheers,

Roy

John1993_2

Corneloues wrote: »

The last payment option suits me as it means I only need to drawdown on my shares as needed so can play the market a bit and potentially it won't cost me as many shares in the long run.

The above bit means that in effect you are borrowing money to gamble with. That's very rarely a good idea.

You are clouding the issue by bringing in the plastic surgery; it's not really part of the essence of the decisionn that you have to make, as you've already decided that you are having that, and have agreed the payment.

If you want to borrow to gamble, then that's pf course your decision, but you should be clear that that is what you are choosing to do.

Corneloues

Leave how I intend to pay this to one side...

Did you have a look at the document?

Cheers,

Roy

somethingcorporate

Doesn't look like a credit agreement to me and agreed, they ask lots of unnecessary information - like salary information from previous jobs!

Weird.

Corneloues

So have now heard back from them. Apparently this is not a credit agreement but a credit worthiness "fact finding" form. They will use this to determine whether we are worthy to have a credit agreement with them?

Surely there are more trustworthy ways of getting this information that doesn't require us to handover such personal information.

Considering the business they are in, why are they not using Experian? or something similar?

Clive_Woody

Corneloues wrote: »

So have now heard back from them. Apparently this is not a credit agreement but a credit worthiness "fact finding" form. They will use this to determine whether we are worthy to have a credit agreement with them?

Surely there are more trustworthy ways of getting this information that doesn't require us to handover such personal information.

Considering the business they are in, why are they not using Experian? or something similar?

Agree, I would have thought they would do a standard credit check using one of the agencies. Why not ask them if they plan to do this and therefore why the need for the form filling.

somethingcorporate

Starting to make a bit more sense now.

I wonder if in their line of business they get a lot of "dreamers" - 18 year old aspiring models who want very expensive surgery (leg lengthening and the like :P) with no means of being able to afford it. A simple paper form will prevent them having to pay the likes of Experian when the answer would be an obvious no chance.

They will probably use a paid for service when they know that you're possibly not a huge risk after all.

Still, some of the history questions are a bit odd.

Corneloues

Oh... and the one thing I didn't mention... They wanted a photo of the back of my credit card to verify my signature!

Corneloues

My reply to them last night:

xxxxx,

Please find attached the credit card payment form asrequested.

As discussed on the phone, with no way of printing and scanningthe document I have downloaded the word document and attached the completedversion.

In hindsight, and in discussion with yyyyy, there are acouple of things I am uncomfortable with:

1. The photograph of the rear of my credit cardwould give you a very clear image of my signature which could be reused, andwithout a guarantee that the image would not be kept in any form, this is notsomething I am prepared to send.

2. We are not comfortable with the informationbeing asked for on the credit application form. Having completed many creditapplications in the past for items far more expensive than this surgery, wehave never been asked for this level of detail.

There is none of the financial information I would expect onthe form explaining your own credit worthiness and what credentials you have tobe able to offer this service and no terms and conditions. For example, are youregistered with the financial ombudsman? What financial security do I have ifthings go wrong? The same applies to yourselves.

This is not a formal credit application therefore I cannotcomplete it.

Please feel free to contact myself tomorrow to discuss.

I am solely responsible for the payment of this surgery soplease direct all correspondence on this matter to myself.

Cheers,

Roy

Corneloues

Their reply this morning:

Hi Roy,

Thank you for your email.

We ask for a picture of the back of your bank card to avoid fraudulent use of cards. Unfortunately without the picture of the back of your bank card we will have to refund the money you paid yesterday evening which then gives us one option; a bank transfer direct in to our account

Please bear in mind that if we refund you this balance this could take a few days and with the op being on 3/9 this may cause the procedure to be postponed.

The Fact Find Form is used to provide MYA with your information so that an assessment can be made as to whether or not you will be accepted for the loan. By signing this form you are agreeing to MYA using this information to make this assessment. Once you have been accepted you will be given your contracts.

If you are not willing to provide MYA with this information unfortunately we cannot process an application and an alternative funding method will be needed.

Kind regards
xxxxx

Corneloues

And my reply:

xxxxx,

While that makes sense, you have to understand our position too.

Neither of the forms you provided gave any data protection disclaimer including details of what the information would be used for, where it would be stored and for how long.

I completed that credit card form yesterday “at risk” simply because I wanted to keep things moving. When I looked at the photograph I took of my card, it was a very clear image and my signature could easily be lifted from this, and with no hint of data protection from yourselves there is no way I would provide you with this.

The same applies to the fact finding form, which is actually titled “CREDIT APPLICATION” which it clearly is not. Plus, as I have said before, I have purchased far more expensive items than this surgery and have never been asked for this level of information. In fact the only time I have, has been to secure a mortgage!

Once again without knowing your data protection policies I will not be handing over this information.

Surely your credit underwriters would be using services such as Experian to determine our credit rating.

Cheers,

Roy