Jump to content


Statements on fixed sum agreements


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4390 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

A few questions for the legal eagles (and other parties) on here.

 

I have two fixed sum agreements. One is enforceable and the 2nd is doubtful.

 

Having read parts of the CCA1974, I was particularly interested in sec 77A. Consumer Credit Act 1974 (c. 39) - Statute Law Database

 

It states that a creditor must give the debtor a statement within one year of the agreement starting and every year thereafter.

 

I have never had a statement showing the outstanding debt or the payments made on either agreement. Both agreements were entering into beginning 2005.

 

My questions:

1 Would sec 77A(6) now apply to these agreements?

 

If they did not meet their obligations under this section, then they cannot enforce the agreement whilst they remain in breach?

They cannot charge interest during the time that they breached?

The debtor does not have to pay the default amounts during the period of the breach, even if the breach is remedied?

What happens if the creditor issues a default notice during the period of breach and terminated the agreement?

 

I am sure there are many of us out there with fixed sum agreements who have never received a statement of indebtedness from the creditor over the term of the agreement. As long as you keep paying, the creditor leaves you alone. Is this a new can of worms or has it been discussed before?

 

Advice appreciated.

Please note that I am not a solicitor or legally trained. The advice I give is from my own personal experience based on my own personal circumstance. If you choose to follow any advice I may give, please make sure you understand the implications of following that advice. :-)

Link to post
Share on other sites
A few questions for the legal eagles (and other parties) on here.

 

I have two fixed sum agreements. One is enforceable and the 2nd is doubtful.

 

Having read parts of the CCA1974, I was particularly interested in sec 77A. Consumer Credit Act 1974 (c. 39) - Statute Law Database

 

It states that a creditor must give the debtor a statement within one year of the agreement starting and every year thereafter.

 

I have never had a statement showing the outstanding debt or the payments made on either agreement. Both agreements were entering into beginning 2005.

 

My questions:

1 Would sec 77A(6) now apply to these agreements?

 

If they did not meet their obligations under this section, then they cannot enforce the agreement whilst they remain in breach?

They cannot charge interest during the time that they breached?

The debtor does not have to pay the default amounts during the period of the breach, even if the breach is remedied?

What happens if the creditor issues a default notice during the period of breach and terminated the agreement?

 

I am sure there are many of us out there with fixed sum agreements who have never received a statement of indebtedness from the creditor over the term of the agreement. As long as you keep paying, the creditor leaves you alone. Is this a new can of worms or has it been discussed before?

 

Advice appreciated.

 

Hmm I have to say unfortunately I always tend to choose the lender who sends these statutory requited docs :-(

 

I think its a point you may consider mentioning to a lender when the time is right ;-)

 

S.

Are You as Anonymous on CAG as You Think You Are? *Link*

 

The CAG is a free help site,should you be offered help that requires payment,please report it to site team.

 

Deal with your debts:

STEP ONE - Dont Panic! | STEP TWO - Priority & Non Priority Debts | STEP THREE - Personal Budget Sheet | STEP FOUR - A SAFE bank Account | STEP FIVE - Dealing with Priority Debts | STEP SIX - Non-priority Debts | STEP SEVEN - Non-Priority Debt-Repayment Opt1 | STEP EIGHT - Non-Priority Debt-Repayment Opt2 | STEP NINE - Perils of Consolidation | STEP TEN - RE-Evaluate Frequently

 

***** SERIOUSLY IN DEBT, DONT KNOW WHAT TO DO, TRY NationalDebtLine's MoneySteps *****

 

 

IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

Link to post
Share on other sites

Fortunately, Tesco don't and have terminated the agreement on the back of a dodgy DN. :D

 

MBNA don't either ;)

Please note that I am not a solicitor or legally trained. The advice I give is from my own personal experience based on my own personal circumstance. If you choose to follow any advice I may give, please make sure you understand the implications of following that advice. :-)

Link to post
Share on other sites

DinkJames

 

How strange that you should bring this up now. About 6 weeks ago my wife and I both received statements from TPF relating to the perio Sept 08 to beginning of MAy this year. As far as I am aware it is the first time that I have received statements regarding this loan which was taken out in 2006. I will be watching this thread with some interest :-)

Link to post
Share on other sites

Anyone care to comment on this from a legal perspective?

Please note that I am not a solicitor or legally trained. The advice I give is from my own personal experience based on my own personal circumstance. If you choose to follow any advice I may give, please make sure you understand the implications of following that advice. :-)

Link to post
Share on other sites

I'm sure I've read somewhere that they have until Oct09 to produce the first yearly statement, I'll see if I can try and find where I saw it.

 

EDIT: Here you go from OFT site: http://oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft1002.pdf

 

2 STATEMENTS

Statements for fixed-sum credit agreements

2.1 From 1 October 2008, creditors will be required by section 77A of the 1974 Act5 to provide debtors with annual statements in relation to regulated agreements for fixed-sum credit, such as loans and hirepurchase.

2.2 For agreements made on or after 1 October 2008, the first statement must be given within a period of one year beginning on the day after the day the agreement is made.

For pre-existing agreements, the first statement must be given within one year from 1 October 2008.

 

Thereafter the creditor must give the debtor further statements at intervals of not more than one year, until there are no sums which are or may become payable under the agreement.

Edited by someone_else
Link to post
Share on other sites
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...