prescribe terms for credit cards

[colere]

I am having a problem understanding if the prescribe terms for credit cards (credit limit, rate of interest and repayments) must be in the body of the agreement itself or should it be stated in a seperate document under terms and conditions. The document that I have from Citi states at the Top "application and agreement" it has no mention of the prescribe terms but only a reference to its terms and condition which is a completely seperate document to the agreement it was not at the back of the agreement but sent seperately as these card companys normally do

Could anyone tell me if that complies with the consumer credit act 1974 as a properly executed agreement.

[rory32]

I am having a problem understanding if the prescribe terms for credit cards (credit limit, rate of interest and repayments) must be in the body of the agreement itself or should it be stated in a seperate document under terms and conditions

It must be in the body of the document.

 

Could anyone tell me if that complies with the consumer credit act 1974 as a properly executed agreement.

Doesn't sound like it does, but we can only really say for sure if you scan it in (removing all personal details first).

[Curlyben]

Depends on when it was signed.

Pre May 2005, they MUST appear within the agreement, before the signatures.

After May 2005 a separate T&C sheet with the terms is acceptable.

[pt2537]

1. The prescribed terms referred to are contained in schedule 6 column 2 of the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) and are inter alia: - A term stating the credit limit or the manner in which it will be determined or that there is no credit limit, A term stating the rate of any interest on the credit to be provided under the agreement and A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following--

1. Number of repayments;

2. Amount of repayments;

3. Frequency and timing of repayments;

4. Dates of repayments;

5. The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable

 

 

thats the prescribed terms refered to,

 

now as Rory says its best if you can post the document removing all the personal details first so we can offer our opinions as to its enforcability

 

regards

paul