Wrong address on loan agreement

SPELLKASTER

I took out a Halifax loan online in December 2011.

When I asked for a copy of the loan agreement, I was sent an agreement which appeared to have an incorrect address at the time of execution.

Does this make the agreement invalid!?

January2015

No it does not make the agreement invalid.

It is likely to be considered a bilateral mistake - which is when both parties make a mistake during a transaction on the same matter.

In this instance, the bank/lender got your address slightly wrong/incorrect, and you made the mistake of not noticing it/correcting it at the time of signing.

It would not be sufficient reason to cause the agreement to be invalid.

sourcrates

Hi,


The Devil, as they say, is in the detail.

In order for a copy agreement to comply with legislation, on a debt taken out after April 2007, it must (A) be legible, and (B) not contain any glaring errors.

I suspect if the address details been incorrect, were the only error, then it would probably be a mute point with any judge.


If on the other hand it was one of a catalogue of errors, then that may be a different story, whether it is a phone number that was not in use, or an address that wasn’t in use, or a rate of interest that wasn’t used until a year later or late payment charges which didn’t apply at the point the agreement was executed, again, the devil is in the detail.

SPELLKASTER

Another thing which concerns me is there is no wet signature.

As it was done online, anyone could have taken out the loan agreement.

All there is to show proof of signature is an x.

sourcrates

SPELLKASTER wrote: »

Another thing which concerns me is there is no wet signature.

As it was done online, anyone could have taken out the loan agreement.

All there is to show proof of signature is an x.

There is no requirement within the consumer credit act to provide a document with a signature on it.


If opened online, different rules apply anyway, there would of been a box to tick, or some other acknowledgement of agreement to the terms and conditions.

redpete

SPELLKASTER wrote: »

Another thing which concerns me is there is no wet signature.

As it was done online, anyone could have taken out the loan agreement.

All there is to show proof of signature is an x.

You might be correct in which case if you pay back the full amount of the loan with any interest incurred to date you might be able to get the loan written off.