Unenforceable Credit Agreement?

[seanbr0wn]

What if the agreement is not not regulated as part of the Consumer Credit Act ? E.g a loan in May 2007 for greater than £30,000.

 

Can you still ask for all your information and signed agreements to be sent to you ?

 

Sean

[FlyboyAgain]

What if the agreement is not not regulated as part of the Consumer Credit Act ? E.g a loan in May 2007 for greater than £30,000.

 

Can you still ask for all your information and signed agreements to be sent to you ?

 

Sean

 

What was it governed by, then? Does it not say on your agreement? What kind of loan was it?

[seanbr0wn]

We either can't find the original agreement or wasnt given one we aren't completely sure. The finance company refuse to send us the original copy so we are only told the brand name of the agreement "select agreement" and until we get the terms and conditions, which they wont send us or reply to emails, we can't be completely sure.

 

They have responded by saying that it is outside of the Consumer Credit Act and that we are unable to contact the Financial Ombudsman.

 

Im completely lost and really frustrated. I've exercised every avenue that i can think of and this forum is basically my last hope.

 

Thanks for the reply.

 

Sean

[Nightmare4banks]

Hi All!

 

 

seanbr0wn:

 

In reply to your last post and in my view:

 

1.At first glance,the loan that you stated that you have IS NOT governed by The Consumer Credit Act as the maximum loan amount allowed under that particular act is the 25K pounds threshold.

 

In order to help you further,please post more details of the breakdown of your loan as it possibly it could be a combination of smaller Consumer Credit Act loans with a total of 30K pounds.At the moment as I do not have more information regarding your loan,I do not think it would be wise to comment and possibly give you incorrect information.

 

2.If you want to get specific information regarding your loan account from your loan provider simply send a DSAR - Data Subject Access Request under The Data Protection Act 1998 to your loan provider with the 10 pounds current statutory fee plus your proof of ID(i.e.passport/driving licence).The loan company has 40 days to comply.I am afraid to say that phoning and emailing does not compel them to do anything.

 

3.I would send the 10 quid by Recorded Delivery post and retain the proof of such from the Post Office.

 

4.If the 40 day period lapses and the loan provider has not responded,you can get the Information Commissioner involved but personally I would worry about that further down the line - if and when it happens rather than now.

 

A template letter that you can send to your loan provider is available in the library on this site

 

I hope this helps.If you have any further questions,please feel free to ask.

 

All the best! Keep us posted!

Edited January 11, 2010 by Nightmare4banks

[seanbr0wn]

Thanks Nightmare4Banks,

 

That has answered a few questions and i will get onto it straight away. I wasn't sure if the DSAR was applicable if it wasn't regulated under the Consumer Credit Act but i guess from your post it is.

 

The official link if anyone is intersted to my situation is here on the other forum http://www.consumeractiongroup.co.uk/forum/general-consumer-issues/241669-car-finance-company-wont.html. There may be a bit more of a background there to what has happened.

 

As always all help much appreciated.

 

Sean

[Nightmare4banks]

Hi Sean,

 

In reply to your last post and after reading your other post:

 

1.The DSAR applies to any company that holds data about you including notes on telephone calls etc.So upon payment of the statutory fee and the proof of id there is an obligation to "come up with goods" regarding statements,the loan agreement etc on behalf of the lending company.

 

 

 

Forget the agreement and its contents for the moment as you do not have it at hand - a few questions come to my mind now:

 

1.What were/are your monthly repayments?

 

and

 

2.Over how many years?

 

3.Where is the car now? with you or have you completely "washed your hands" from it and returned it?

 

 

The answers to the above questions should hopefully enable me to assist you further.

 

Accordingly,I look forward to possibly assisting you further.

 

Cheers,

 

Nightmare4banks

Edited January 12, 2010 by Nightmare4banks

[seanbr0wn]

Ok to all reading this i did consider replying in a PM but for those others who may read this in months and years to come i will reply here in public in the hope that it helps.

 

First monthly payment £798.20

Credit Arrangement fee £149

Our monthly repayments are £649.20 per month

from 7th June 2007 until 7th July 2011

With a final settlement fee of £15516.68

Purchase fee of £10

2nd Installment of Credit Arrangement fee £89

 

To this date we could settle the(£37,500) loan for £25,846 which would include all early settlement charges.

 

On 7th July 2011 we have the option of paying the settlement fee, handing the car back to the dealership or using it as a deposit for another car.

 

To answer the final question we still have the car at home. We don't drive it to keep the mileage down just in case we have to sell it as a last resort and it is always developing new faults anyway. We have told Alphera Finance that we are paying under protest etc etc and they have wrote back stating they are not willing to take my case onboard.

 

It's completely unfair !

 

Sean

[Nightmare4banks]

Hi Sean,

 

In reply to your last post and in my view:

 

 

In brief,I would suggest as follows:

 

 

1.Return the car to the finance company.

 

2.Stop paying the instalments immediately.

 

3.Sue for any of your losses that you can quantify i.e. monthly instalments and loss of earnings due to visits to the garage plus possibly of course damages for the right to enjoy the use of a fault free car which we clearly cannot quantify here as this would be up to a judge to decide upon a level of damages in this particular instance after taking into account the facts of your case.

 

Two final questions:

 

a.What was the purchase price of the car?

 

b.In order to purchase the car,how much deposit if any did you put down from your own resources?

 

The answers to the two above questions should hopefully enable me to assist you further.

 

Cheers,

 

Nightmare4banks

[Nightmare4banks]

Hi Sean again!

 

I have just thought of another option you could consider too:

 

1.Stop payment of the instalments immediately.

 

2.Notify the loan company why you have stopped the repayments.

 

3.With the funds that you have as a result of non payment of the instalments use this money to try and repair the car.

 

4.The loan company will then start to chase you in order to take the car off of you through the courts.

 

5.At this stage would be your time to counter claim for your losses.

 

6.Hopefully in the end you will keep the car and get the rest of the debt written off too.

 

7.I feel that this option is better for you and much less financially risky too.

 

Just my 2p's worth!

 

Also,I hope that it helps.

[MaLarkin2]

Hi Folks, pleased to make your acquaintance

 

Between my other half and I, we are in deep debt to the tune of approx. £100,000 (one hundred thousand),

rightly or wrongly we took out a number of individual unsecured loans from a variety of different companies for purposes which at the time were viable,

 

All of our credit agreements were signed before 2007,

 

We have 24 creditors, we are on the CCCS, but we attend to our own affairs,

we pay each creditor £1 per month,

some harass us, others accept us.

 

We have asked that our creditors consider writing off our debts, however, they have opted for the £! per month,

however, one (capquest) is now asking for access to our medical records, we have declined their request and are awaiting their response.

 

Being in debt has proved detrimental to our general health, we have no income other than our benefits and are just existing below the proverbial breadline,

a truly hellish place to be,

[Nightmare4banks]

Hi All!

 

Malarkin2,in reply to your post:

 

Could you please answer the following question:

 

How did you manage to borrow so much money? Please provode more details.

 

The answer to the above question should hopefully enable me to assist you further.

[MaLarkin2]

Hi All!

 

Malarkin2,in reply to your post:

 

Could you please answer the following question:

 

How did you manage to borrow so much money? Please provode more details.

 

The answer to the above question should hopefully enable me to assist you further.

 

thank you for your comment,

 

Borrowing the money was relatively easy, we took out unsecured personal loans based on "home improvements" which was what they were for and were used in that way, we also had a number of credit cards,

we were rural tenants, with the right to buy should the landlord want to sell.

Unfortunately, our landlord did not want to sell, but made demands on us to upgrade our rented property continually, which we did.

Eventually we fell into the trap of borrowing to pay back loans, borrowing to live, then just to exist.

Now we are in debt up to our necks and just existing. and rather ill with it too.

cccs have left us to it, because we have no income and they cannot realistically work out any payment plan for us.

For urgent advice we have gone to trading standards, who have given us snippets of how to deal with this or that, but in general we are on our own and that is why I joined this group.

There are reasons we cannot go bankrupt and one of them is that we would lose our home and that would be the straw that breaks the camels back so to speak.

Suicide is dangerous, as they say.(we are not as of yet, suicidal).

Hope this helps.

[Nightmare4banks]

Hi All!

 

Hi Malarkin2,in reply to your last post:

 

Don't worry you are not alone here and we will do all we can to help you!

 

Sorry but I still need to ask you a few more questions:

 

1.At the time of applying for the loans what was your and your OH employment statuses?

 

2.What type of tenancy did you have? Please provide exact information.

 

3.How much money did you spend on the house?

 

4.Do you have anything/Were you given anything in writing to confirm that the landlord was willing to sell to you?

 

5.You say you are ill do you have medical evidence to support this?

 

The answers to the above questions should enable me to hopefully assist you further

 

 

Regarding,being hassled by calls from creditors you can send them each a letter and legally stop them from doing this - there is a template of this letter in the library section on this site.To breach your request of stopping calls is a criminal offence.Make sure to send this letter to the address of the creditor by Recorded Delivery Post.

 

Should you still receive calls - refuse to talk to them and insist on them putting everything in writing to you and then disconnect the call.

 

Anyway,I hope this helps.

 

If you have any questions,just ask.

[FlyboyAgain]

Yes, put everything in writing. These firms thrive on the power they weild over the uninformed. Once you stand up to them, the tend to back off a bit, though not altogether. Question everything they send to you if it is not crystal clear. Report the to the OFT and to their local trading standards. The latter are getting more and more complaints about these firms and they (DCAs) could end up getting their licenses revoked if not careful.

 

Why are they asking for medical records? That's confidential!

[MaLarkin2]

Hi All!

 

Hi Malarkin2,in reply to your last post:

 

Don't worry you are not alone here and we will do all we can to help you!

 

Sorry but I still need to ask you a few more questions:

 

1.At the time of applying for the loans what was your and your OH employment statuses?

 

2.What type of tenancy did you have? Please provide exact information.

 

3.How much money did you spend on the house?

 

4.Do you have anything/Were you given anything in writing to confirm that the landlord was willing to sell to you?

 

5.You say you are ill do you have medical evidence to support this?

 

The answers to the above questions should enable me to hopefully assist you further

 

 

Regarding,being hassled by calls from creditors you can send them each a letter and legally stop them from doing this - there is a template of this letter in the library section on this site.To breach your request of stopping calls is a criminal offence.Make sure to send this letter to the address of the creditor by Recorded Delivery Post.

 

Should you still receive calls - refuse to talk to them and insist on them putting everything in writing to you and then disconnect the call.

 

Anyway,I hope this helps.

 

If you have any questions,just ask.

 

Can I private message you?

[MaLarkin2]

Yes, put everything in writing. These firms thrive on the power they weild over the uninformed. Once you stand up to them, the tend to back off a bit, though not altogether. Question everything they send to you if it is not crystal clear. Report the to the OFT and to their local trading standards. The latter are getting more and more complaints about these firms and they (DCAs) could end up getting their licenses revoked if not careful.

 

Why are they asking for medical records? That's confidential!

 

Thank you for your comments and your advice, which is appreciated and will be followed.

[Nightmare4banks]

Hi All!

 

MaLarkin2,in reply to your last post in response in mine:

 

Yes,you can send me a PM.

[6770XTX]

I have credit card with Capital One, I asked for copy of agreement and received a copy of my original short application form, after a 2nd request, I received the same copy of my original short application form ( no terms and conditions). After a third request, I then received the same short application form along with a separate terms & conditions which contained no reference to the application or agreement.

 

I have since sent a subject access request for which the time was up on 31st January and I received a letter from them yesterday saying they could not comply withmy request because I had not signed the letter. I believed that I should not sign the letter in case of any misuse of this signature by them. Can anyone help - should I send the letter with my signature? Are they in breach if they do not send me the information and if so,what is the next step?

[babydoll0141917]

Im having a hard job getting my CCA from cap1 ..they keep asking for sig ..No way give it to them ..Its for them to prove the debt is yours not you..They hav passed mine to fredricksons ..who hav now passed it back to CAP1 after a bog off letter ..This has been going on since 2008

[kaldeepk]

I hope this post is in the correct forum.

 

I have had no luck even trying to get MBNA to act under the current OFT, FOS or the consumer credit act rules. My account fell into areas when i first lost my job around 2006. With CAB we came to an agreement to pay a minimum amount. I kept up the payments until February 2009 when they offered me a full and final settlement. I paid them £1900 and thought that was the end of it. Then in October 2009 they send me a default notice out of the blue. I went to see CAB who contacted them but they refused CABs offers of payment. On 05 November 2009 I asked for an original copy of my credit agreement. The bank did not respond to me then on 01 December they sold my debt to Reston solicitors. I wrote to MBNA around 10 January 2010 copying in Reston's solicitors advising them of their DEFAULT UNDER THE CONSUMER CREDIT ACT 1974 FAILURE TO PRODUCE AGREEMENT yet on 27 January 2010 Reston’s applied to the courts for payment of my full debt. Their was no discussion no options and no discussing minimum payments. No mention of the £1900 they had already falsely taken from me as full and final settlement. They are not bothered about any debt help groups such as CAB not even bothered that there is no contract between us. I can not see the difference between how they have behaved and how loan sharks operate other then these banks seems to get a lot of sympathy from UK courts.

 

The worst part, In February 2009 my debt with the bank was just £4000. I paid them £1900 apparently for full and final settlement and now my debt has gone up to £7300. in just 10 Months. That’s an amazing £510 per month !!! Surly this can not be legal!!

 

[6770XTX]

Thanks, wasn't sure if they can use the fact that I didnt sign the letter as a way of getting out of the Subject Access Request. I guess I just keep asking for it and see what happens???

[babydoll0141917]

Thats all i have done since 2008 is keep asking for it and i keep telling them its in serious dispute..they keep saying they need my sig i say they dont and it keeps on and on and on lol

[pedross]

Thanks, wasn't sure if they can use the fact that I didnt sign the letter as a way of getting out of the Subject Access Request. I guess I just keep asking for it and see what happens???

Dear 6770XTX

 

Try typing your signature and use script or similar, it works for me.

 

Yours Sincerely

 

Pedross

Pedross

[1903Lee]

Help!

I am hoping to tap into the wealth of knowledge on this forum and ask for some advice.

In April of last year i came across a company who promised to look and see whether my credit agreements were enforceable. After handing over my fee and waiting 6months i finally got a response. The company had undertaken an audit (via an expert solicitor) and found that:

"That the lender in this instance has not complied with its legal duty in ensuring your rights as a borrower are protected under the Consumer Credit Act 1974 and its associated regulatory amendments. This is effect means that your credit agreement is deemed to be incorrect and *****(company name) can now refer your case to a panel of solicitors."

 

Fantastic...but unfortunately the company decided to cut ties with the solicitors and i am back to waiting on another audit from another solicitor!

 

However, my problem is that the hire purchase agreement (for a car) ends this month and i am no further forward. When the agreement ends i either give the car back (and potentially go without a car due to my credit rating and lack of funds) or pay £4k to buy the car.

 

I am now unwilling to wait on the solicitors to move and wonder whether i can take this forward myself. I have a 15 page audit report that details several "prescribed breaches" and wondered where i stood in relation to stopping payments and keeping the car. Ideally, is there a template letter out there i could use.

 

If you need further info please mail me.

Cheer

1903Lee

[Hopster]

Is the company Ratio Money by any chance ?