Info required re: Credit Agreement Act 2008

[PGH7447]

Can anybody point me to the correct information regarding the new credit agreement act that came into force on 1 Oct 2008.

 

Background is I send a SAR + CCA to CL Finanace and GE Money, re an old GE Money/Debenhams Store card that's crawled out of the woodwork and CL came back with a letter that said this satisfies the legal requirement!!

 

The letter had nothing on it of any worth, I will scan up later tonight but was just wondering what's changed?

 

This store cared was taken out over 20 years ago so I will be very suprised if there is any paperwork to support it.

 

They also had the cheek to use the £10 and £1 to pay towards the debt - pity I will be claiming that back when or if I get any statements or agreement.

[ouch123]

Didn't know about this. Watching with very keen interest

[42man]

I spotted this PGH - Changes in the rules for consumer credit and hire agreements | Business Link

 

and this...

 

Consumer Credit Act 2006

 

The Consumer Credit Act 2006 (which was fully implemented on 1 October 2008) establishes a fairer, clearer and more competitive market for consumer credit, updating consumer credit legislation that had been in place since the 1970s, and making it more relevant to today’s consumers.

 

 

The Act was implemented in 3 phases:

6 April 2007: the remit of the Financial Ombudsman Service (FOS) was extended to cover consumer credit and the Unfair Relationships Test was introduced for new agreements.

 

6 April 2008: the Office of Fair Trading’s (OFT’s) new strengthened licensing regime was introduced, the Consumer Credit Appeals Tribunal (for appeals against the OFT’s licensing decisions) was established, the financial limit (of £25,000) was removed so all new credit agreements (unless specifically exempt) are regulated, and the Unfair Relationships Test was extended to all existing credit agreements.

 

1 October 2008: a requirement for lenders to provide borrowers with much more information about their accounts on a regular basis, such as an annual statement and notices when consumers fall into arrears or incur a default sum was introduced, the OFT’s regulation was extended to credit information and debt administration services which means debt administration and credit information (repair) service providers need a consumer credit licence, and consumers can go to the courts asking for longer to pay back their loan (a time order) when they receive an arrears notice (prior to October, consumers could only seek a time order when they received a default notice)

[PGH7447]

Thanks for the link, it makes a bit more sense, will re-read their letter and post it up later, still does not exempt them from providing the agreement or old statements though:D

[tolstoy]

Yes, I posted a link about this a couple of weeks ago! I think that it was, ironically, the new requirements for creditors to issue additional paperwork that caused the 'tidy up' which unearthed my 5 year dormant account to be unearthed! Thus the rush to default it before 1st October!

[ouch123]

Do any of you know where I can find a copy of the Credit Agreement Act 1974?

 

I've tried the Statutes Library but the link to a PDF version appears bust.

 

Thanks.