Halifax unsecured loan cca, can someone please check for me,

[mak71]

Well all my cca"s are all coming through slowly but surely,albeit it some of them well over the 12+2 date,

Anyway cant complain as so far only one is definately enforcable , and 1 debatable, and 4 non compliant,

the one which is enforcable is a halifax unsecured loan from 2007 , and over the weekend i received the second cca from halifax for a previous unsecured loan 2004 ,so just wondering if the more experienced gaggers can let me know if this one too is enforcable

Its a lot less detailed than the 2007 cca they sent me, which had lots of terms and conditions on the back page.where as this one doesnt

The one scanned here was done in branch , theres 3 pages in total,

the only thing confusing me is the first page says personal loan application form, the second page says personal loan agreement,unsecured

and the last page says repaying your personal loan

on the first page in the right hand corner where ive circled, but blanked out that says the branch name ie Birmingham ,and its the same on the 3rd page too, but on the second page (personal loan agreement )its not there, but above my name and address says

branch,

po box 548 leeds

ls1 1 wu

 

also on that same page underneath my details , it says i agree to pay the loan on the basis of the conditions set out below and in the personal loans conditions 2003 booklet?

 

there are no conditions below?can the terms and conditions be in a seperate booklet?

 

also on that same page but opposite is the loan amount etc and interest etc.is that what they refer to as terms and conditions? or are they they just the prescribed terms and acceptable

 

its took them over 4 weeks to send this agreement , wheres as the first one only took about 5 days,

 

All help gratefully received, ive left all the loan amounts in etc in case they dont add up. as im sure i read somewhere that the % values have to within a certain tolerance, but thats way over my head,

 

Mak

 

 

 

Edited November 17, 2008 by mak71

[Guest flubdub]

It looks ok to me But I dont know a great deal. It looks like it has all the prescribed terms.

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 Pescribed 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 agreemens executed before that date.

[mak71]

Flubdub, yes agree looks like prescribed terms are there on the second page, just looks a little bare apart from that, but maybe thats all required

 

re the % interest,

not sure exactly how its worked out or what the parameters are

but they say monthly interest rate is 0.716%

and yearly 8.9%

but if you times 0.716% by 12 it equals 8.592% not 8.9%

i may just be clutching at staws here, but worth getting checked out just in case,

anyone know anything about these % parameters,or if that second page does in fact contain all the prescribed terms and conditions needed.

Mak

[mak71]

Bumping, any help much appreciated

 

can loan conditions be in a seperate booklet as page 2 clearly says loan conditions in seperate booklet?

on the right hand side of scan 2 with the figures in,is that all the prescribed terms covered there, ie how much loan for, how much interest etc and how often paid, etc,

 

Also nowhere does it mention charges, ie defaults, late payments etc,

 

any help much appreciated

Mak

[kman449]

Hi Mak71

 

I have a loan agreement almost identical to yours and it looks to me like it meets all the criteria. I am not too knowledgeable on the subject as I've only just started looking into it.

 

Can anyone else shed any light on if there are any problems.

 

Mak71, did you find anything else out?