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Been reading these threads for a few days and need something confirmed regarding a secured loan started april 2008 with no arrears which was arranged via postal system.

 

1. I can request a copy of the signed agreement - if they dont have it the loan is unenforceable, no buts?

 

2. If they do produce it any mistakes in it are okay as it is after april 2007

 

3.I was told my loan was organised through a scunithorpe branch, anyone know if this has shut

 

With all the upheaval going on I am betting they have lost thousands of agreements

 

thanks

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No Agreement Means They Cant Enforce

The Debt Is Still There But They Can Do Sfa

 

Please Forget This April 2007

It Even Confuses Me

 

Ok ,seriouse Now

 

When And If You Get The Agreement, Post It Up For An Answer

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great going to send letter asking for agreement?

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With Welcome, I Make An Exception About Dealing With Them And Paying Back A Debt.

 

Right From The Start, There Mind Set Is To Screw You

 

Are You Having Problems With Welcome

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Seems april 2007 is a significant date in that the consumer credit act was amended so that if an agreement does not comply with the prescribed terms, then it is still valid, so this applies to all agreements after april 2007.

 

Would not want people to go to court and loose on this point as I have read significant costs are involved if you lose.

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Post April 2007 agreements that are non compliant do NOT mean that the lender is bullet proof. All that means is, a judge is no longer AUTOMATICALLY precluded fron enforcing the agreement. The OC will STILL need to go to court to enforce though, and this will be at least as much of a gamble for them as it will be for the debtor.

 

This is pretty much uncharted waters remember. But you also need to remember that despite the repeal of S127(3), the CCA is still designed to protect the consumer. So if the OC has taken liberties and disadvantaged you with respect to the agreement, they will effectively be shagged when it comes to court action. If the IS no agreement, they are still going to have to convince a judge that they have any sort of claim to an amount that they will need to decide.

 

Say they are chasing for a debt, and they SAY that they are entitled to 70% interest. They will have a hard job proving it without the original paperwork. Especially as they seem to make up interest rates for each individual based on the fall of a handful of chicken bones, or some other arcane method.

 

Lenders and DCAs will obviously do their damndest to scare folks into believing that the repeal of S127(3) effectively kills any chance of defending against a prejudicial agreement. That is far from being the case.

 

Now, I know this is a little off topic. But I came across this the other day, and although the guy is talking about irresponsible lending, really it shows how flexible the UTCCR can be, and why it might be useful to research further, especially for those post April 2007 agreements.

 

Irresponsible Lending - Some Thoughts. : Cabot Financial Blog

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Meny Thanks Fester

 

Bit Of A Mouth Ful Trying To Get That Across

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