signed a credit agreement.

sally29

hi all

hope someone can help, i have debts from a long while ago (business failure)
and have been paying back the money to various companies for over 9 years firstly through debtcare (what a con ) and now on my own.

owe around 9000 down from about 35000.

i was just thinking about sending letters to the debt collection companies asking for a copy of a signed credit agreement.

does anyone know what happens if they can't supply the original item.

thanks for any help

Conor_3

It's too late. You've been paying them for 9 years so you've more than acknowledged the debt. Asking them for the CCA is something you should have done at the beginning but sadly, sites like this telling you that didn't exist.

CLAPTON

The CCA says that 'ordinary' debts without a signed credit agreement are not enforceable. It doesn't say anything about the relevance of acknowledging the debt.

sally29

so from what i understand, if they don't have the signed credit agreement and even if the debt is acknowledged and is being paid, it is not enforceable and they cant come after me for the money ?? or have i read it all wrong, please let me know.

CLAPTON

If its an agreement regulated by the CCA it requires a signed credit agreement to be enforceable.
A business loan wouldn't be a CCA regulated loan but if it was a normal personal loan then you can write to them demanding a copy of the signed agreement.
They may of course have a copy.

I'm not advocating this approach and I have no real knowledge of what would happen in practice if it went to court:


the following may be of interest:

This is a direct quote from Halsbury's Laws of England, and gives the time scales (and the remedies if not complied with.)

"....The creditor under a regulated agreement for fixed-sum credit, within the period of 12 working days after receiving a request in writing to that effect from the debtor and payment of a fee of £1, must give the debtor a copy of the executed agreement (if any) and of any other document referred to in it, together with a statement signed by or on behalf of the creditor showing, according to the information to which it is practicable for him to refer,
(1) the total sum paid under the agreement by the debtor; (2) the total sum which has become payable under the agreement by the debtor but remains unpaid, and the various amounts comprised in that total sum, with the date when each became due; and
(3) the total sum which is to become payable under the agreement by the debtor, and the various amounts comprised in that total sum, with the date, or mode of determining the date, when each becomes due....................
........ If the creditor under an agreement fails to comply with the provision he is not entitled, while the default continues, to enforce the agreement, and if the default continues for one month he commits an offence"