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    • In terms of "why didn't I make a claim" - well, that has to be understood in the context of the long-standing legal battle and all its permuations with the shark. In essence there was a repo and probable fire sale of the leasehold property - which would have led to me initiating the complaint/ claim v SPF in summer 19. But there was no quick sale. And battle commenced and it ain't done yet 5y later. A potential sale morphed into trying to do a debt deal and then into a full blown battle heading to trial - based on the shark deliberately racking up costs just so the ceo can keep the property for himself.  Along the way they have launched claims in 4 different counties -v- me - trying to get a backdoor B. (Haven't yet succeeded) Simultaneously I got dragged into a contentious forfeiture claim and then into a lease extension debacle - both of which lasted 3y. (I have an association with the freeholders and handled all that legal stuff too) I had some (friend paid for) legal support to begin with.  But mostly I have handled every thing alone.  The sheer weight of all the different cases has been pretty overwhelming. And tedious.  I'm battling an aggressive financial shark that has investors giving them 00s of millions. They've employed teams of expensive lawyers and barristers. And also got juniors doing the boring menial tasks. And, of course, in text book style they've delayed issues on purpose and then sent 000's of docs to read at the 11th hour. Which I not only boringly did read,  but also simultaneously filed for ease of reference later - which has come in very handy in speeding up collating legal bundles and being able to find evidence quickly.  It's also how I found out the damning stuff I could use -v- them.  Bottom line - I haven't really had a moment to breath for 5y. I've had to write a statement recently. And asked a clinic for advice. One of the volunteers asked how I got into this situation.  Which prompted me to say it all started when I got bad advice from a broker. Which kick-started me in to thinking I really should look into making some kind of formal complaint -v- the broker.  Which is where I am now.  Extenuating circumstances as to why I'm complaining so late.  But hopefully still in time ??  
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prescribed terms


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Please can anybody help with the following. I have seen mention of the 1983 regs under sec 60 of the cca 1974. I have tried looking everywhere but keep getting 1988 amendements. Did these replace the 1983 regs in respect of prescribed terms. I am dealing with a mailshot from Cabot so I want to create a proper and correct reply.

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The 1983 regulations are still applicable, although amendments relating to the wording of agreements have been made. The "prescribed terms" are detailed in Schedule 6, and, depending on the type of agreement, are the amount of credit, or credit limit, rate of interest, and how the credit or hire is to be repaid. Failure to include the prescribed terms in an agreement made before 6 April 2007 resulted in an unenforceable agreement.

 

The section of the 1974 Act giving the court no power to consider enforceability was amended by the 2006 Act with effect from 6 April.

 

Since 6 April, an agreement omitting the prescribed terms would not automatically be unenforceable, but would be subject to consideration by a court, although the court would be unlikely to find that an agreement should be enforced if the borrower does not know what his commitments are.

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S61(1)(a) CCA provides that, for a regulated agreement to be properly executed, it must contain all the prescribed terms of the agreement and conform to regulations under s60(1) – see Q1.14.

 

Reg 6(1) provides that the terms specified in Sch 6 to the Agreements Regulations are ‘prescribed terms’ for the purposes of s61(1)(a) and s127(3) – see Q8.2.

 

8.2 What if prescribed terms are missing or incorrect?

 

s127(3) provides that the court may not make an enforcement order unless a document containing all the prescribed terms of the agreement was signed by the debtor – see Q1.21.

 

If therefore any of the prescribed terms is missing, or incorrect, the agreement is not enforceable against the debtor, and the court is precluded from making an enforcement order.

 

 

8.3 What are the prescribed terms?

 

The prescribed terms specified in Sch 6 are as follows:

 

* amount of credit – see Q8.

 

* credit limit – see Q8.5

* repayments – see Q8.9.

* rate of interest – see Q8.6

 

Sch 6 was not amended by the 2004 Regulations.

 

smvt, the 2006 regs you are refering to DON'T apply to agreements pre-2006, so that's slightly misleading, they are NOT retrospective.

If an agreement was signed under CCA74 then that applies.

Be VERY careful whose advice you listen too

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Sorry, I was trying to be brief. The agreement would still be made under the CCA 1974 with form and content laid down in the 1983 regulations, but new agreements made after 6 April 2007 would be subject to section 127, which was amended by the CCA 2006 and no longer prevent the court considering enforceability.

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  • 10 years later...

Schedule 6, CCA regulations 1983

Credit limit

3. Agreements for running-account credit. A term stating the credit limit or the manner in which it will be determined or that there is no credit limit.

 

On my agreement it does not state a credit limit, it just says, we will tell you your credit limit? Which I still don’t know what the opening credit limit was. But does this comply with term above (or the manner in which it will be determined?)

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urm..thread is 10yrs old

start a new thread

 

now closed

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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