dormant credit agreement

willdebeast

Dear forum,
My first post here so hello to the good folks of this forum. I'd appreciate any advice.
As a student in the period 2012 - 2015, I applied for a student loan. I have a copy of the credit agreement signed and dated May 2012. From my recollection (can't find letter, and it was some time ago), the application was subsequently rejected. However, I then unexpectedly received around £2,000 from them in November 2013.
My question is, how long may a credit agreement reasonably lie dormant ? If I agreed to enter a contract, is it reasonable to assume that I would still agree 18 months later ? My feeling is that it is not reasonable, and a new agreement should have been sought by SLC / SFE. But I cannot point to any standards or regulations which would bolster my view.

Any ideas anyone ? Thanks.

gycraig_2

I'm Assuming you returned the money if you didn't need it ?

willdebeast

No, I kept it. Of course I will repay, but I wish to argue that due to their fookup I owe the amount of the loan only (no interest).

[Deleted User]

If imoney has been sent to you in error, then you only repay the capital.

You should of course let them know at the earliest opportunity.

glennstar

willdebeast wrote: »

From my recollection (can't find letter, and it was some time ago), the application was subsequently rejected.

I suggest you don't have an enforceable contract (ask them for a [e]signed copy there of) and that zx81's advice is sound and should be followed. Plainly there has been an administrative error which you have [just] become aware of and will repay the amount, ideally immediately, not unreasonably on a mutually agreeable plan.

Whatever you do, do repay the capital, their error is not a gift.

Pixie5740

From what you describe it doesn't sound like a dormant credit agreement to me. You applied and you were rejected therefore a credit agreement doesn't exist.

SLC have inexplicable paid £2,000 into your account so that's all you need to repay.

Potbellypig

willdebeast wrote: »

Dear forum,
My first post here so hello to the good folks of this forum. I'd appreciate any advice.
As a student in the period 2012 - 2015, I applied for a student loan. I have a copy of the credit agreement signed and dated May 2012. From my recollection (can't find letter, and it was some time ago), the application was subsequently rejected. However, I then unexpectedly received around £2,000 from them in November 2013.
My question is, how long may a credit agreement reasonably lie dormant ? If I agreed to enter a contract, is it reasonable to assume that I would still agree 18 months later ? My feeling is that it is not reasonable, and a new agreement should have been sought by SLC / SFE. But I cannot point to any standards or regulations which would bolster my view.

Any ideas anyone ? Thanks.

I'm not a lawyer by any stretch of the imagination, but this is where you may find your stumbling block.

willdebeast

Thanks all.