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Can someone tell me please....on the Customer Credit Agreement, should there be a Total Charge for Credit?
Are there any cases in which ths would be omitted?
There are no such details on my contract dated 2002.
Also should any fees be declared, as it shows no fees either.
Loan taken out and PPI arranged through a broker for a lender, so am presuming there would be fees somewhere in there.
I have heard people talking about unenforceable agreements, and interested to hear anyones views on this.
Hi ,thanks for that, that doesnt mention TOTAL charge for credit though, only loan amount......presumably initial amount borrowed
Someone told me they HAVE to include the total charge for credit...
Ie ...you take out a loan for £18,000 but over the whole term its going to cost you £43,000, is hiding that fact against the law?
Here's the quote you need to clarify your question:
The Secretary of State shall make regulations containing such provisions as appear to him appropriate for determining the true cost to the debtor of the credit provided or to be provided under an actual or prospective consumer credit agreement (the “total charge for credit ”), and regulations so made shall prescribe— (a) what items are to be treated as entering into the total charge for credit, and how their amount is to be ascertained;
(b) the method of calculating the rate of the total charge for credit.
(2) Regulations under subsection (1) may provide for the whole or part of the amount payable by the debtor or his relative under any linked transaction to be included in the total charge for credit, whether or not the creditor is a party to the transaction or derives benefit from it.
I'm midway through the tunnel, but getting closer to the light.
CCA......is my loan unenforceable???
arranged through a broker for a lender, so am presuming there would be fees somewhere in there.
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