RBS Credit Card - Agreement Valid ?

[KFC]

Not sure if this agreement is valid ?

 

Personal details edited out, i.e. my signature, name and address etc.

 

Any help, much appreciated, Thanks.

 

 

RBS Agreement.pdf

Edited September 18, 2008 by KFC

[74656]

To me it does yes - it has signatures, dates, credit limit. Im a newbie though so best waiting until someone else replies.

[42man]

It would seem to be enforceable to me....

 

But if this helps...

 

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.

IS MY AGREEMENT ENFORCEABLE( Via section 127(3) CCA1974)

PRESCRIBED TERMS FOR THE PURPOSES OF SECTIONS 61(1)(0) AND 127(3) OF THE

CONSUMER CREDIT ACT 1974 Taken from sced.6(1983/1553) regulations

(If you just want to find out, skip the bits in between the stars it’s just some extra information)

 

**What do we mean by unenforceable?

In the Consumer Credit Act section 127 there is a provision for making an agreement unenforceable if it does not contain certain pieces of information.

Subsections 1,2,3,4 state which pieces of information these are, and everything mentioned there must be included within the body of the agreement, if one is missing the agreement is unenforceable.

 

How does unenforceable differ from enforceable with a court order only?

When an agreement is unenforceable it means that the court or the judge cannot make a ruling on it. The court cannot make it enforceable.

When an agreement is enforceable only by ruling of the court it means that the agreement can be stopped by the debtor but the court has the power to re-instate it and allow the credit to continue to enforce.**

 

The Prescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

B Repayments

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-

(a) Number of repayments;

(b) Amount of repayments;

© Frequency and timing of repayments;

(d) Dates of repayments;

(e) 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.

 

C Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement

D Credit limit

This may be a term or the manner in which it will be determined or that there is no credit limit.

--------------------------

 

Which of these applies to you depends on the type of agreement you have?

 

For a Running Account (credit card) agreement

 

BC and D Apply

 

For a Restricted Use Debtor Creditor Supplier

• Where the dealer is the supplier and the creditor is the one providing the finance.
  
• The money can only be used for the purpose it is given.
  
• There is no interest on the purchase (the cash price is the same as the total price)
  
• And there is no advance payment
  

A is applicable

 

For a fixed Sum Credit Agreement

A conventional credit agreement with none of the above restrictions

 

A and B apply

 

For a Hire Agreement

 

B is Applicable

 

This paper only covers section 127(3) of the Act agreements can also be unenforceable by contravention of sections 1 and4 this will be the subject of the next paper.

Please note that these Prescribed terms where not changed in any way by the 2004/1482 Ammendments although the form in which they appear on the agreement was. Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3) will only apply to agreements executed before that date.

[KFC]

Hi,

 

Thanks for your replies, ciaomc2002 and 42Man,

 

Yes, that's what I was afraid of, you've confirmed what I thinking.

 

But, am I right in thinking, that they might only hold this in the form of a copy, ie, in electronic form as a copy.

 

Is it also true, that they must hold the original document signed by me in pen, and that no reproduced copy can be used to allow any enforcement action against me.

 

This is for a credit card.(small-ish amount)

 

It has been passed through 3 DCA's, with a good fight and harassment along the way, no action yet, makes me wonder if there is something missing or wrong, hindering them with any enforcement action.

 

I've just sent a CPR request to the latest DCA, also, a stern Harassment letter, due to their offensive nature during telephone calls, requesting correspondence to be in writing only.

 

Should I just wait for their reply and next action, then request the original creditor to prove they have the original agreement, stating that no reproduced one or photocopy etc will do ?

 

Can I ask them, if it could be sent to a local branch, so I can view it ?

[74656]

No, I THINK!!!! that a copy is acceptable. Again, you are best waiting until someone else replies because I am still a newbie. To be honest I wouldnt mind it clarifying it myself, because I received copies this morning that appear legal.

[KFC]

I've jus read on the oft.gsi.gov.uk web site -

 

- notice of cancellation rights must be included in the copy agreement, and must also generally be sent by post or email to the borrower within seven days.

 

On my agreement, it says only,

 

"Your Right To Cancel -Once you have signed this agreement you have a short time to cancel. Exact details of how and when you can do this will be sent to you by post."

 

Is this adequate, should they have put actual exact details on this agreement ?

[KFC]

I'm sure I read somewhere, that they MUST to hold the original and not a reproduced copy in any shape or form, as it could be a fake !

 

When you tax your car at the post office they require the original documents not copies for this reason.

 

Anyone could copy and paste signatures or change other details on to an electrionic copy to suit themselves.

 

Thats why I reckon that it has to be a true original.

 

Anyone verify this definitely for us please ?

 

Thanks.

[42man]

My feeling is this KFC....if there was any doubt as to maybe a fraud had taken place then you could request it.....

 

OR if there was anything dubious in connection with this...

 

The Consumer Credit (Cancellation Notices and Copies of Documents) Regulations 1983 SI No. 1557

 

Legibility of notices and copy documents and wording of prescribed Forms

2.-(1) The lettering in every notice in a Form prescribed by these Regulations and in every copy of an executed agreement, security instrument or other document referred to in the Act and delivered or sent to a debtor, hirer or surety under any provision of the Act shall, apart from any signature, be easily legible and of a colour which is readily distinguishable from the colour of the paper