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overdrafts

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Can anyone explain to me which sections of the CCA are applicable to overdrafts? What's the script with regards to overdrafts and filing defaults?

 

Basically, I've been paying off my overdraft through my DMP, but since December the bank have been registering late payments on the account, yet I have received no demand to pay the overdraft off, and despite withdrawing cash I am back up to date with repayments as per the DMP schedule. The bank however continue to register late payments.

 

I should also add, prior to starting the DMP, the overdraft was at its limit of £500 and I was only making periodical payments to the account which I always ended up withdrawing.

 

Any advice?

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pretty sure overdrafts are treated as running credit agreements


"Evancosmo" is short for the evanescent cosmopolite.

 

THE TRUTH WILL SET YOU FREE :rolleyes:

 

1st Credit: CCA request sent

Cabot: failed to provide CCA - s.10 DPA letter sent

Capquest#1: failed to provide CCA - s.10 DPA letter sent

Capquest#2: failed to provide CCA - s.10 DPA letter sent

Abbey: on going

Equifax: "attributable data" CCJ removed - Aug 09

 

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Yup.

CCA doesn't apply


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s.74(1)b of CCA 1974 specifically excludes overdrafts from Part 5 of the Act (which covers agreements)


"Evancosmo" is short for the evanescent cosmopolite.

 

THE TRUTH WILL SET YOU FREE :rolleyes:

 

1st Credit: CCA request sent

Cabot: failed to provide CCA - s.10 DPA letter sent

Capquest#1: failed to provide CCA - s.10 DPA letter sent

Capquest#2: failed to provide CCA - s.10 DPA letter sent

Abbey: on going

Equifax: "attributable data" CCJ removed - Aug 09

 

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Yet cahoot included the overdraft on my credit card CCA. Does anyone definatively know the script with overdrafts and CRAs? The technical guidance from the OFT is very open.

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Now my curiousity is piqued I'll double check the amendments - but s.74 CCA1974 is as follows:

s.74 CCA1974 “Exclusion of certain agreements from Part V

(1) This Part (except section 56) does not apply to:

(a) a non-commercial agreement, or

(b) a debtor-creditor agreement enabling the debtor to overdraw on a current account, or

© a debtor-creditor agreement to finance the making of such payments arising on, or connected with, the death of a person as may be prescribed.

 

 

(Part V is "Entry into Credit or Hire Agreements")

 

 

EC


"Evancosmo" is short for the evanescent cosmopolite.

 

THE TRUTH WILL SET YOU FREE :rolleyes:

 

1st Credit: CCA request sent

Cabot: failed to provide CCA - s.10 DPA letter sent

Capquest#1: failed to provide CCA - s.10 DPA letter sent

Capquest#2: failed to provide CCA - s.10 DPA letter sent

Abbey: on going

Equifax: "attributable data" CCJ removed - Aug 09

 

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Hello,

 

I understand that no 'true copy' CCA exists in relation to a current account bank overdraft becasue no CCA agreement is required to open the current account with the bank in the first place.

 

However, I recall a snippet from a recent 'Money Box' programme on Radio 4 where the complications of the CCA 1974 were being discussed and the fact was highlighted that while bank accounts in credit are not covered by the Act, once an account is in overdraft, the 'loan' is covered by the CCA.

 

Thus, as is the case with me, two banks have replied to my 'true copy' CCA statutory request letters stating no such document exists because no such document was required to open the current account.

 

But if an overdraft is covered by the CCA where does that leave the question of a debt's enforceablity under the Act or otherwise?

 

Maybe a SAR to the bank would reveal useful information? I have been dealing with one of these debts through a DCA and paying via a DMP. I do not recognise the account number referred to by the bank in their reply to the CCA statutory request which was passed on to them by the DCA.

 

Thoughts anyone?

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I'd be interested to hear other's views too. My current thinking is that overdrafts can only be challenged where they comprise solely of unfair charges. As the s.74 exemption places them outside of the normal consumer credit agreement arrangements & by extension, the normal s.78 process & the requirements of being a properly executed agreement (which is the normal route pursued).


"Evancosmo" is short for the evanescent cosmopolite.

 

THE TRUTH WILL SET YOU FREE :rolleyes:

 

1st Credit: CCA request sent

Cabot: failed to provide CCA - s.10 DPA letter sent

Capquest#1: failed to provide CCA - s.10 DPA letter sent

Capquest#2: failed to provide CCA - s.10 DPA letter sent

Abbey: on going

Equifax: "attributable data" CCJ removed - Aug 09

 

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