unsigned credit agreement advice

[rach8736]

hi i had an agreement with rci for a car the agreement has not been signed by rci,can anyone answer a few questions i have on this

[rach8736]

my partner got a car on finance,after 2 years she got paid off fell behind with payments then phoned to organise repaying them which they refused,she done a voluntry reposesion and gave them the car back.she still has to pay the remaining balance,she made an offer to their solicitors they refused it they got a charging order against her house and are still refusing her offer of reduced payments.now i noticed the agreement hasnt been signed by the creditor i know this is an unexecuted agreement and can be executed by a court order,my thinking is should we be trying to get all previous defaults charges and the car repossesion overturned as at the time the agreement was unenforcable due to it being unexecuted,in no way are we trying to get out of paying but they wont help us

[rach8736]

need some urgent help here,anyone help

[GamekeeperToPoacher]

Hi Rach,

 

May I suggest that you post a copy of the agreement up for the experts to consider after removing identifying info

 

Regards

 

GK

BTW this will bump you anyway

[Pinky69]

Under Section 127 (3) of the CCA 1974, the creditor's signature is not required to render an agreement enforceable. What is required is the debtor's signature and the prescribed terms ie loan amount, interest rate and repayment schedule.

[rach8736]

oh well it has all these the only thing missing is the creditors signature.i read on another thread that the creditor had to sign it to make it an executed agreement,if so is an unexecuted agreement enforcable

[rach8736]

65 Consequences of improper execution

 

(1) An improperly-executed regulated agreement is enforceable against the debtor or hirer on an order of the court only. I think should pursue on this angle. I'm not sure if the debt has gone to a DCA or if it's still with the creditor Either way, the argument will be that neither the creditor or the legal assignee has had the right to enforce this debt at any time during it's life so far because of the improperly executed agreement. In my opinion this includes the charging of interest and registering of defaults and I would personally challenge these aspects also.

 

Obviously if challenges them in this way then it will probably end in court. She needs to check the agreement very carefully for other discrepancies, cast her mind back to the circumstances of signing and whether or not cancellation notices were required/given and anything else that could show detriment to herself.

 

It is likely that if this is taken to court it will be okayed for enforcement so best bet is to try and get the court to order that the principle sum is reduced or interest refunded and default removed if this has not happened already.

 

She will need to show good cause for this though, so first stop will be to see how the creditor reacts.

[rach8736]

hi pinky above is the thread i was looking at.im not trying to make it unenforcable,what i want to know is.without the court order to make it executed can they enforce it

[rach8736]

has the credit consumer act changed regaurding the signing off agreements where both parties have to sign,if the creditor has not signed it is only enforcable with a court order which i know will be granted,