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Credit Agreement or Fixed Sum Loan Agreement


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Requested from NW true copy of executed agreement for loan of 12K taken out in Dec 04 over 8 years.

 

Received letter from NW along with what it describes as a "true copy" of your credit agreement as requested and a Schedule of Arrears.

 

Agreement contains all prescribed terms, but one point I am not clear on is the following:

 

under Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553)/SCHEDULE 1 Information to be Contained in Documents Embodying Regulated Consumer Credit Agreements other than Modifying Agreements it states

 

(1) Subject to paragraph (2) below, a heading in one of the following forms of words--

(a) "Hire Purchase Agreement regulated by the Consumer Credit Act 1974";

(b) "Conditional Sale Agreement regulated by the Consumer Credit Act 1974";

© "Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974"; or

(d) "Credit Card Agreement regulated by the Consumer Credit Act 1974",as the case may require.

(2) If none of the headings in 1(a) to (d) above are applicable a heading in the following form of words--"Credit Agreement regulated by the Consumer Credit Act 1974".

 

As the agreement is for a Loan I would have expected it to be headed "Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974"

 

However it is head "Credit Agreement regulated by the Consumer

Credit Act 1974"

 

Does this make any difference? Would the document therefore not comply with the required regulations if head just as a Credit Agreement?

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I got an answer to the above so no problem on that however have come across this:

 

Terms and Conditions of Credit Agreement regulated by CCA 1974 say:

 

Clause 17 "The total amount Repayable will…become immediately due and repayable by the Customer, in so far as then remaining unpaid, if any of the following events occur:-

 

Clause 17(a) non-payment of any of the Instalment Repayments within one month from the date on which it is due".

 

1st missed payment was due on 01/07

 

Claimant say DN was issued on 05/07

 

Formal demand for full repayment dated 24/07 - received on 28/07

 

Big question is have NW breached their own T&C's by (they claim) issuing DN 4 days after missed payment and demanding full repayment by on 24/07. Whereas the T&C's state "within one month"

 

Or am I reading too much into this.

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Been checking the calendar for that year (2007) 01/07 was a Sunday, first working day to collect Direct Debit after that is Monday 02/07.

 

Would they issue a default notice 3 days after a missed payment?

 

Seems a bit fast, surely your given bit more time than that?

 

Anyone had this experience with NW before?

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