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How to Deal with credit agreement assigned to third party


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Hello

 

I am new to the forum and I find it very helpful.

 

I hope people would be able to give me advice regarding a credit agreement with TCA Futures.

 

In 2007, I was looking into a new way of earning part time at home. I came across trading currencies and the indeces. I looked around and saw an advertisement by TCA futures market.They claim that they provide you training(by professional traders), trading desktop/systems and a $5000 trading account to trade on.if i make money we split profit 50/50 after deducting all monthly fees but if i dont get profitable in 9months they will kick me out of the training program. in return i have to pay them £15000. I was enticed by the fact that they train and teach you how to be a profitable trader...after a few chat with their staff and a so called telephone interview with a certain xxxxxxxxxxxx (whom i was led to believe will be my mentor)I signed up with TCA MArkets. since they were so convincing during the interview that they will help me and train me be a professional trader.i know it was a silly mistake but its because of the promised expert and professional training I did sign up with them.

 

so, after signing up the agreement, (I have never received back my copy ever since) i received my desktop and a few reading materials sometime jul 07. i had a few 30 mins call from my mentor. i expected him to train me but no, he said ok..read the materials and play around with the trading platform. he asked me to get familiar with it and try making a few trades. so i did. i thought ok not bad..maybe this is for now. i was hoping that in the nest few days he will give me more in depth knowledge and strategies how to make money from trading the s&p. few days passsed and i havent heard from him.so i did my best to research on the internet and try o understand how the market works. i tried to call him several times but its either he is busy trading himself or talking to other trainees. when i manage to talk to my mentor i asked him if he can show me what set-ups and systems to use coz i told him that when i signed up with them i was expecting much more than just what he have done so far. well, guess what he just told me to plot 2 moving averages and a bollinger band and thats it.i told him i expected more than that for £15000.i was also promised i will have a live one on one trading with my mentor which obviously i never had. i was so disappointed with the so called training and mentoring they promised. i complained to nisha(their admin staff) and she just told me that i have to talk to my mentor and tell him about it...

 

after 2months they let me trade live with a $5000 trading account.

and at the same time they told me that they HAVE transfered my finance agreement with them to barclays bank because barclays got a cheaper interest rate and i will be expecting the documents in a few days time.

 

i traded on and off,when i made a few hundred loss my mentor will cut down my trading account and stop me from trading. in short after 9-10months they sent me a letter saying that since i wasnt profitable i have been kicked out from the training program and they want the desktop back.

 

i tried to argue with their admin staff and i told her that i wasnt trained properly as promised and i didnt even trade full time. well all she said was thats the terms of the agreement.

 

i also tried to call them several times to get a copy of my agreement with them but until now i didnt get any. they keep promising they will send it but they never did.

 

now i am left with a 15000 debt and never learned anything from them. i wanted to dispute the agreement even before but i was too scared that i dont know what to do, that i may end up paying huge legal bills if i ask for legal advice and if i stop paying them that i will get a bad credit rating.

 

apparently, last dec 08 the company has been into administration. my question is, is the agreement between me and barclays bank still enforeceable? how do i solve this probelm? i dont want to be paying something which the service provided was not whats agreed upon. where do i start?

 

thanks in advance for any replies.

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See;

Tca Futures - No Integrity + Lost Money With Them !! - UK Business Forums

 

In your situation I would sit tight and not pay anything until/if someone gets in touch with you. Then at least you'll be able to CCA them and see what agreements actually exist.

 

They have the nerve Nisha / Martin and others to keep trying to get peoples money even after they are effectively bust . Contact the liquidator for details on how to claim as an unsecured creditor.

 

Nick Rimes

CMB Partners LLP

25 Ely Place

London

EC1N 6TD

 

Phone +44 20 7831 2626

 

I encourage all others defrauded by TCA to do the same, let the liquidatior know if you feel TCA are a [problem] as they are claiming they went under because of the economic downturn

Edited by cerberusalert
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See;

Tca Futures - No Integrity + Lost Money With Them !! - UK Business Forums

 

In your situation I would sit tight and not pay anything until/if someone gets in touch with you. Then at least you'll be able to CCA them and see what agreements actually exist.

 

thanks for the quick reply.

 

sorry for being a noob but what does CCA mean?

 

i havent got a copy of my agreement with TCA as they didnt mail back my copy.

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CCA is an abbreviation for the Consumer Credit Act, we use the term when requesting a copy of a credit agreement. Under the Act you are entitled to request a copy of it on payment of a fee of £1. If they fail to comply with your request within 12 working days you can legally withold future payments until they do produce an 'enforceable' agreement. The request letter can be found letter #4 The Consumer Forums - Debt collectors Even if they produce a CCA, if it's unenforceable you can dispute the account and withold payments and they cannot take any enforcement action.

 

You never mentioned in your original post, but are you being chased for the money? If so, who by?

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thanks for the quick reply.

 

sorry for being a noob but what does CCA mean?

 

i havent got a copy of my agreement with TCA as they didnt mail back my copy.

 

 

Hi,

CCA means consumer credit agreement,

 

Its the agreement that you have been trying to get,

When someone gets in touch with you over this you can then send them a letter asking for your CCA.`

 

Just to add, have a look here, very helpful RE. CCA

http://www.consumeractiongroup.co.uk/forum/general/103383-agreement-enforceability.html

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You never mentioned in your original post, but are you being chased for the money? If so, who by?

 

i am still paying barclays and to be honest i knew i should have disputed the agreement ages ago but i just dont know how to start with it plus work got me tied up.

 

so does anyone have an idea what will be the proceedings or what will happen...

I have signed a credit agrement with TCA markets, they then sold the agreement to Barclays. If I stop paying Barclays, will Barclays come after me or they will have to deal with TCA?

 

If i start disputing the agreement basing on the fact that TCA MArkets didnt provide the service and training they promised and they are now undergoing Insolvency, wouldnt it be too late( as I signed it in Jul 07)?

 

Replies and suggestions are very much appreciated.

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First send Barclays a CCA request to see if they are entitled to collect this debt & if it's enforcable. If they fail to provide it within 12 working days from receipt or the CCA is unenforcable you can legally withold any payment until they do. Send it recorded delivery enclosing a £1 postal order. When you get a reply, scan it & remove any identifying details and post it back here where we can have a look at it. We'll advise you from there;

 

Dear Sir/Madam

 

Re:- Account No: XXXXXXXX/Your Reference Number: XXXXXXX

 

This letter is a formal request pursuant to s.77/78 of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

 

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77 will apply.

 

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

 

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR).

 

I enclose a postal order in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose.

 

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

 

You should also note that I will only discuss this matter in writing and should it be your intention to arrange a “doorstep call”, please be advised that under OFT rules, you can only visit me at my home if you make an appointment and I have no wish to make an appointment with you or any of your associates.

 

There is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore take note that I revoke license under Common Law for you, or your representatives to visit me at my property and if you do so, then you will be liable to damages for a tort of trespass and action will be taken, including but not limited to, police attendance. (Optional addition)

 

I look forward to hearing from you.

 

Yours faithfully **Edit to suit**

 

(Print do not sign signature)

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thanks much...

 

i will make and send the letter tomorrow and take it from there.

 

how can TCA arrange an agreement with Barclays when I dont remember signing any document from Barclays?

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As far as I know they can't, unless they transferred their 'assets' to them to cover debts of some sort.

 

if assets or receivables has been assigned to Barclays, and if I default payment will Barclays go back to TCA for collection?

 

If i go on with this procedure and stop paying Barclays, will Barclays have the right to freeze my personal current account with them? im sure they cant but I dont want to take the risk if ever.

 

Thanks again

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It is your legal right to request a copy of your agreement at any time, if Barclays have been assigned these agreements or acquired them in leu of TCA's debts they are still responsible under the Act.

 

Just wait and see what transpires, if their are no agreements or they are unenforceable Barclays will not be able to take any action against your account.

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if assets or receivables has been assigned to Barclays, and if I default payment will Barclays go back to TCA for collection?

 

If i go on with this procedure and stop paying Barclays, will Barclays have the right to freeze my personal current account with them? im sure they cant but I dont want to take the risk if ever.

 

Thanks again

 

It sounds like you have an account with Barclays and you are going to go into battle against them soon.

 

I would suggest setting up a 'parachute account' somewhere else so that they cannot raid your personal account - do it before they scribble all over your credit file with their speshul crayons ;)

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It sounds like you have an account with Barclays and you are going to go into battle against them soon.

 

I would suggest setting up a 'parachute account' somewhere else so that they cannot raid your personal account - do it before they scribble all over your credit file with their speshul crayons ;)

 

thanks for the advance warning. will it be good if i also change all my address to say a PO box or some virtual business adress? i just dont want to go thru the trauma of harassment and i dont want anyone at home to know about it as well.i hope it wont be as traumatic as it seems :Cry:

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ok..i was just able to find documents i got from TCA.

 

originally, i have a credit agreement with TCA. then they sold it to clydesdale bank at 18% interest per annum. then TCA said they will transfer the agreement to Barclays since they have lower rate but as i was going thru it, Barclays rate is 19%...so im paying more. i guess this is also a strong reason for me to dispute the agreement...

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  • 2 weeks later...

Hello

 

I havent received any reply for the CCA letter I sent to Barclays last 01 April so Im still waiting for it.

 

I stopped paying them this month and now they sent me letter chasing after the payment.

 

Please advise me what to do next?

 

Thanks.

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Send them this recorded delivery;

 

Dear Sir/Madam

 

 

 

Thank you for your letter of xx/xx/xx, the contents of which have been noted.

 

You have failed to respond to my legal request to supply me a true copy of the original Consumer Credit Agreement for the above account.

On **DATE** I made a formal request for a true signed agreement for the alleged account under consumer credit Act 1974 s77/8. A copy of which is enclosed for your perusal and ease of reference.

 

You have failed to comply with my request, and as such the account entered default on **DATE**.(12+2 days after you sent the CCA request)

The document that you are obliged to send me is a true copy of the executed agreement that contained all of the prescribed terms, all other required terms and statutory notices and was signed by both your company and myself as defined in section 61(1) of CCA 74 and subsequent Statutory Instruments. If the executed agreement contained any reference to any other document, you are also obliged to send me a copy of that document.In addition a full statement of this account should have been sent to me detailing all debits and credits to the account.

 

Furthermore;

 

You are aware that the Consumer Credit Act allows 12 working days for a request for a true copy of a credit agreement to be carried out before your client enters into a default situation. This limit has expired

 

As you are no doubt aware section 77(6) states:

 

If the creditor fails to comply with Subsection (1)(a) He is not entitled , while the default continues, to enforce the agreement.Therefore this account has become unenforceable at law.

 

As you have Failed to comply with a lawful request for a true, signed copy of the said agreement and other relevant documents mentioned in it, Failed to send a full statement of the account and Failed to provide any of the documentation requested. Consequentially any legal action you pursue will be averred as both UNLAWFUL and VEXATIOUS. Furthermore I shall counterclaim that any such action constitutes unlawful harassment.

 

Please note you may also consider this letter as a statutory notice under section 10 of the Data Protection Act to cease processing any data in relation to this account with immediate effect. This means you must remove all information regarding this account from your own internal records and from my records with any credit reference agencies.

 

Should you refuse to comply, you must within 21 days provide me with a detailed breakdown of your reasoning behind continuing to process my data. It is not sufficient to simply state that you have a ‘legal right’; You must outline your reasoning in this matter and state upon which legislation this reasoning depends. Should you not respond within 14 days I expect that this means you agree to remove all such data.

 

Furthermore you should be aware that a creditor is not permitted to take ANY action against an account whilst it remains in dispute.

The lack of a credit agreement is a very clear dispute and as such the following applies.

 

* You may not demand any payment on the account, nor am I obliged to offer any payment to you.

* You may not add further interest or any charges to the account.

* You may not pass the account to a third party.

* You may not register any information in respect of the account with any credit reference agency.

* You may not issue a default notice related to the account.

 

I reserve the right to report your actions to any such regulatory authorities as I see fit. You have 14 days from receiving this letter to contact me with your intentions to resolve this matter which is now a formal complaint. I therefore request a copy of your official complaints procedure which you are obliged to supply.

 

Yours faithfully,

Print name do not sign

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thanks a lot ..cerberusalert

 

hello cerber, i was going thru the letter you have just posted and i am not sure if it suits my situation. the 12 days period for them to send me the CCA hasnt expired yet. it should be on the 12th april but i deafulted on the 2nd april...

 

sorry for being a noob with this.

 

thanks again.

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just an update:

i havent received any reply from Barclays Partner Finance about the CCA i sent them on the 2nd of april. therefore I sent them yesterday my 2nd letter and i have canceled my direct debit to them. i have set up a parachute account(i have barclays as my main bank acct) for my bank transactions as i would definitely be on default next month.

 

am i right to say that all i have to do is wait for any reply?

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