Credit Agreements

[Davey R]

Hi Everyone,

 

This is my first post on this website which I have been reviewing for a number of months but I needed some support and advice r.e an ongoing claim.

 

On the 11th of June 08 I made a request to MBNA for a true copy of my original credit agreement. The letter which I sent said

 

" I request a true copy of the signed credit agreement under the terms and conditions of section 77(1) and 78(1) of the CCA act 1974. I enclose the statutory maximum fee of £1.00"

 

I kept the letter very straightforward would the above be a lawful request?

 

I sent the item recorded delivery. On the 17th of July due to receiving no letter back from MBNA I sent a complaint to the FINANCIAL SERVICES OMBUDSMAN. They acknowledged my complaint and the FOS have sent a letter direct to the MBNA stating that they need the oppertunity to put things right enclosing a copy of my complaint. The letter was sent from the FOS to MBNA on the 24th of September 08.

 

On the 30th of September 2008, I finally received an acknowledgement of my complaint stating that they will issue a response within 28 days signed by the vice president.

 

I just wandered if i have followed the correct procedure and also if MBNA do provide a copy of the agreement now where do I stand? also does it add weight the FOS writing direct to the company?

 

I would really appreciate any help as I dont usually complain about things. ***THIS IS FOR A LOAN WITH THEM***

 

Please can someone help me

 

Regards

 

Dave R

[maroondevo52]

Hi, Dave.

 

 

A debt becomes unenforceable under the CCA if a creditor does not supply a true copy of the signed credit agreement within 12 working days of it being requested.

 

The debt remains unenforceable for as long as the creditor fails to produce the signed credit agreement – this means if they produce the agreement some months down the line, they are quite within their rights to enforce it. They do not need to take any further action to enforce the debt. A debtor cannot take any action against the creditor for failing to produce the signed credit agreement within the prescribed time, because that is up to the agencies that the offence has been reported to. Any sanctions that may be imposed are at the discretion of these agencies, and it is not a matter that the debtor can take to the civil court.

 

Issuing a court claim for non-compliance of a CCA request in all probability achieves nothing to benefit to the debtor, as a court claim is likely to spur a detailed search which could well end up with them producing a perfectly acceptable original signed agreement in court – which would result in the debtor losing the case, and being made liable for the creditor’s costs.

 

If after requesting a true copy of a signed credit agreement the creditor fails to produce it, it does not mean that the debt does not exist, because at the end of the day the debtor spent the money and therefore they owe it and need to pay it back The debtor may now however be in a good position to make a full and final offer to clear the debt.

 

Hope this clears things up a bit.

 

Regards.

 

Scott.

[palomino]

Davey, you've done exactly the right thing so far. Especially with the FOS as that has really stirred them up!

 

The ball's in their court now so you can put it all to one side for the moment.

 

If in the unlikely event they can provide a compliant credit agreement then the game is back on again. But think : if they couldn't provide an agreement before then do you think they will find one now?

[Davey R]

hi thank you both for the advice. MBNA have just sent me a copy of the credit agreement i was going to see if i could scan it online but for some reason it wont let me scan it. It is for a loan

 

I just wandered if anyone could help me on the credit agreement it has got the amount i took out the credit for along with the total amount payable. If then has how many payments i have got along with the apr rate. It then has a section on missing payments and then key information which includes how much you would have left to pay if you took out £1000 loan. If you paid it off at various intervals half way through etc. My loan was for more than £1000. It then has the relevant signatures. Can anyone confirm if anything is missing to make it unenforceable??

[Having_A_Knightmare]

You need to scan it up so we can take a good look.

 

Cover up names etc

 

HAK