Jump to content


Received IKEA Card Application & Agreement - Missing terms on both? can they use both?


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 3918 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi Folks,

 

This is one im just not sure about.

 

I recieved a response to my CCA/CPR request from IKEA (IKANO) for my store card and they have included both my application & my agreement, which is an unusual one I think.

 

Having read them both I am starting to understand why....

 

The application form has no prescribed terms and only mentions my credit limit as 'requested limit', allowing me (the applicant) to choose the appropriate credit value on the account.

 

The Agreement has APR, frequency of repayments, but states that the credit limit will be determined at a later date. They also make reference to other T&C's on this agreement and also more T&C's on the rear of the document, yet what they sent me was one sided.

 

Further to this, my name, address and date of birth are almost illegible on the agreement, yet very clear on the application.

 

Can they combine these documents in a court of law, to state that both show all prescribed terms? If they take my 'requested credit limit' to be the actual credit limit, would both documents fulfill the context of having all the prescribed terms needed to make the agreement enforceable?

 

I will scan up the actual documents later tonight, but advice and thoughts would be appreciated initially.

 

Thanks,

 

meerkat x

Link to post
Share on other sites

can't really comment until you scan up what you have received

 

ida x

Please contact a member of the site team if you are offered help off the forum for a a paid or no win no fee service.

 

Please consider making a small donation to help keep this site running

Click here to donate through PayPal (opens in a new window)

Link to post
Share on other sites

Hi Ida,

 

Sorry I cant get them up just yet, my little one is pretty hyper tonight!

 

Basically the Appication form:

 

Has no APR or any other mention of interest rate,

 

No mention of amount to repaid or frequency of repayments,

 

Credit limit is on the application as 'requested credit limit - credit limit request - your limit should cover all your anticpated needs' (this to me would suggest the limit is what I would prefer, but not neccessarily what the credit limit actually is - so can this be called a prescribed term?)

 

Nothing else worth mentioning on the application.

 

The agreement:

 

has my name, address and date of birth - almost impossible to read.

 

APR 12.9%

 

'We will set a credit limit for you under this agreement from time to time and will write to you to advise you of the amount of your current credit limit'.

 

Monthly repayments of 5% or £5 whichever is the larger.

 

Annual rate of interest 12.2% variable

 

Total charge for credit (interest) £100.92 - Havent a clue what this means!!!

 

Also states under key information the Default charges are £20 'or other such amounts as we may notify you of for late payments, etc'

 

Refers to 'Term 7' which isnt listed.

 

Under my signature it says:

 

'IMPORTANT : Please see the terms and conditions overleaf which apply to and form part of this agreement'

 

All I have is a 1 page application, 1 sided & a 1 page agreement, 1 sided.

 

Does that help at all to be able to gleen some information?

 

Thanks again,

 

meerkat x

Link to post
Share on other sites

Hi Again,

 

Sitting here reading this again now that the baby has gone to bed and I'm so confused.

 

I can't scan the docs tonight as the scanner whirring may well waken the baby! Wouldn't mind but she's been a wee torment today!:roll:

 

Anyway, under the 'Other Financial Information' section it clearly states, Total charges for credit (Interest) 100.92'

 

My understanding on this - given that there is no reference to a credit limit - would be that regardless of whatever credit I may have had with them, all they would be entitled to charge is 100.92 in interest and after that the credit was interest free.

 

Can someone else please give me some information on this - a little perspective from someone else would really be appreciated.

 

Thanks,

 

A tired meerkatsmimm

Link to post
Share on other sites

There is only one agreement and an application form is not an agreement. Reference to a credit limit need not be specific - what matters is that you are informed that one will be set, in this case at a later date. Where they have fallen down is that they have not sent you Terms and Conditions and statements. That is as much as it is possible to say without seeing the agreement.

Link to post
Share on other sites

Hey pinky,

 

Thanks for your points, so the agreement would be enforcable?

 

What does the £100.92 in interest do to the agreement? Do I not take that at its word as all I owe in interest, according to their wordings? Obviously I would expect it to have said, typical example, X amount over X years, £x repayable and £100.92 in interest charged. But it doesnt.

 

Would a judge not expect to see lay mans terms here explaining this, otherwise it would be suggested that the only interest payable according to this agreement on my account is £100.92?

 

Thanks,

 

meerkat x

Link to post
Share on other sites

Sorry, my mistake.

 

There is an interest rate on the agreement, but they also state as plainly as I am typing it:

 

'Total charge for credit (interest) £100.92'.

 

Would that not mean that all I am entitled to pay under this agreement in interest is £100.92?

Link to post
Share on other sites

But does it not need to state what it is in relation to?

 

Ill explain this further because it is a little confusing.

 

Both documents have the same header, with my name address. My otherhalf suggested the reasoning for the 'agreements' name and address details being so faded was due to the fact that the forms were carbon copies (so to speak) one on top of the other.

 

So application first, then customer copy of application, copy of agreement, then customer copy of agreement. I sign my name and address on the top copy of the original application and all copies get this.

 

This makes sense because the same spelling mistakes are on both details and crossed out identically. If they arent carbon copies the other thought is that they have reproduced this agreement and lifted the same details from the application, which is possible but not logical.

 

Coming back then to the 'total charge for credit (interest) £100.92'

 

If these documents are as we are thinking and are pre-printed blank application/agreements in jotter type formats, how could they know what my purchase would be when I took out the agreement?

 

The only way they would know is if they had a fixed credit value on offer to all applicants, which they dont and mine was determined until the application was completed, at which point these terms were already printed (or so I would assume).

 

Otherwise IKANO have been very creative with photoshop and left blinding errors for any judge to see.

 

thanks again,

 

meerkat x

Link to post
Share on other sites

If it doesn't say anything in relation to the charge then you will have to ask IKEA what it relates to. It's impossible to make amy further comment on the forms without actually seing them.

Link to post
Share on other sites

Hi again guys,

 

Right, finally have this scanned up for you now. Application form 1st, 1 sided, no T&C's other than what is on the page. The T&C's in the box makes no reference to prescribed terms, sorry I cant get it any larger. Only term on the document is my 'requested credit limit'

 

IKEANOAPP515.jpg

 

Now the Agreement, again 1 page, 1 sided.....(notice the same mistakes on the address bar as per the application, this suggests to me these were copy pads, with the application onto of the agreement - which means that all information on this paperwork was pre-printed - hence why the £100.92 total charge for interest looks so odd)

 

IKEANOAGG515.jpg

 

Below now is my own Ikea application form. They sent this 1 page document with no prescribed terms, which also looks like it has been on microfiche, together with what looks like historical T&C's on a page that looks like it has been run off a printer - everything perfect and in line, no grading of the text, no dark areas on the page (as per the application).

 

IKEADAAPP516.jpg

 

IKEADAAPPTC516.jpg

Edited by meerkatsmimm
Link to post
Share on other sites

it has the apr and interest rate etc,

 

IMO it would be enforceable

 

 

ida x

Please contact a member of the site team if you are offered help off the forum for a a paid or no win no fee service.

 

Please consider making a small donation to help keep this site running

Click here to donate through PayPal (opens in a new window)

Link to post
Share on other sites

no application is enforceable unless it has the prescribered terms on the signature page on on the reverse.

 

the £100.92 just means that would be the toal charge for credit if the opening credit limit was used

 

ida x

Please contact a member of the site team if you are offered help off the forum for a a paid or no win no fee service.

 

Please consider making a small donation to help keep this site running

Click here to donate through PayPal (opens in a new window)

Link to post
Share on other sites

Hi Ida,

 

But could you explain what you mean by the opening credit limit being used?

 

How could a pre-printed form know what I am going to get as a credit limit?

 

It could have been anything from £100-£1000.

 

If you could explain that would help alot please.

 

Thanks again,

 

meerkat x

Link to post
Share on other sites

The reason I ask is like I stated (probably quite poorly to Pinky) previously....

 

If its a pre-printed form, how can they know at the time of application what my credit limit will be (and therefore my total charge for credit is likely to change).

 

If this is instead a document which was printed off a computer for me to sign, then they have hashed up! Because it is extremely clear that this is then a photoshop job, hence the poor quality of the printing. The reason I know that is because the same mistakes I made in filling out the application form, can also be clearly enough seen on the agreement.

 

So one is right and one is wrong, but which?

Link to post
Share on other sites

cards tend to start with the same limit and are only increased on good use

 

ida x

Please contact a member of the site team if you are offered help off the forum for a a paid or no win no fee service.

 

Please consider making a small donation to help keep this site running

Click here to donate through PayPal (opens in a new window)

Link to post
Share on other sites

Hi Ida,

 

I understand what you mean, but this was a request for credit, which could have been any figure of my choosing, which they might or might not have agreed to.

 

So that would mean the total charge for interest on this account would be £100.92, even if I only spent £100?

 

Also, is that not a bit confusing, regardless of the APR - surely by not explaining what this figure is (other than stating its the total charge for credit (interest) under the agreement), then that is all the interest charges I am likely to pay for the duration of the agreement?

 

If that is not the case, should they not be bound to have explained what this figure meant?

 

I mean, in other cases it would state:

 

'on a typical amount borrowed/spent, being £500, £100.92 would be the total charge for interest assuming the figure is repaid over 12 months' etc.

 

Is that not correct?

 

Thanks for sticking with this, meerkat x

Link to post
Share on other sites

it wasn't a request the agreement is because you have been accepted.

 

i think i can see these on it

 

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

 

but i canlt make out the paragraph in full under the £100.92 bit but i have seen a few card agreements that state total interest £xxx.xx and it id for what the opening cl was for

 

ida x

Please contact a member of the site team if you are offered help off the forum for a a paid or no win no fee service.

 

Please consider making a small donation to help keep this site running

Click here to donate through PayPal (opens in a new window)

Link to post
Share on other sites

  • 1 year later...

just updating this folks - as i have recently had a look at my credit report.

 

this account is showing as both 'satisfactory' and 'settled' and as having been settled aince may 2010 - where does this leave me though?

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...