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signed credit agreements (what actually counts)
b.webb37
Posts: 1 Newbie
Hello
This is my first time on this forum so please bear with us. My question relates to signed true copies of credit agreements.
In 1998 me and my wife took out a loan with universal finance for £15000. We paid for two years, but then ran into financial difficulties. The universal loan had previously been taken over by Paragon. We worked out a payment and made this to paragon through payplan up until the present day. Now the loan has suddenly been taken over by arrow global receivables and is being managed by CBS Transcom, who state that we owe them over £22000, even though our payplan account shows £12000 and we have paid paragon in the region of £10000 back.
We have challenged this and requested a true copy of the original credit agreement with Universal, but have been sent back a copy of the original application made through Ocean Finance. I know when we took the loan out we received a further copy direct from Universal credit,which I took to be the official credit agreement as it was signed by us and a representative of Universal credit. CBS Transcom are trying to say that the application form made to Ocean finance is the actual signed credit agreement.
Can anyone enlighten me as to what counts as the true credit agreement, as the one we got back has only been signed by us and in my mind does not constitute an official agreement.
Many thanks
This is my first time on this forum so please bear with us. My question relates to signed true copies of credit agreements.
In 1998 me and my wife took out a loan with universal finance for £15000. We paid for two years, but then ran into financial difficulties. The universal loan had previously been taken over by Paragon. We worked out a payment and made this to paragon through payplan up until the present day. Now the loan has suddenly been taken over by arrow global receivables and is being managed by CBS Transcom, who state that we owe them over £22000, even though our payplan account shows £12000 and we have paid paragon in the region of £10000 back.
We have challenged this and requested a true copy of the original credit agreement with Universal, but have been sent back a copy of the original application made through Ocean Finance. I know when we took the loan out we received a further copy direct from Universal credit,which I took to be the official credit agreement as it was signed by us and a representative of Universal credit. CBS Transcom are trying to say that the application form made to Ocean finance is the actual signed credit agreement.
Can anyone enlighten me as to what counts as the true credit agreement, as the one we got back has only been signed by us and in my mind does not constitute an official agreement.
Many thanks
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Comments
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OOps, welcome to the boards, but Wednesday is a busy day, and you've slipped to page 2 without an answer.
I'm afraid I don't know, but I'll bump you so that someone more knowledgable can give you some advice0 -
You need to ask for a copy of the legal assignation and regulated CCA 1974 credit agreement. If they cannot produce the loan is unenforceable.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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There's quite a bit of info on this thread for CCA's. The post displayed has a link at the bottom that Weller provided regarding what is required for a valid credit agreement.
http://forums.moneysavingexpert.com/showthread.html?p=6592576#post6592576After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110
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