Unenforceable credit agreement

[PeterDen]

Hi, we have a credit agreement with Devere resort ownership and need help to see if it is unenforceable. It is a credit agreement and was signed by me in Oct06. the agreement was not signed at their offices, and the figures were filled in by me (given to me by their staff). their staff didnt sign it until Nov 06. i received no "cooling off" notice. to cut a long story short i cancelled the DD in error and they didnt notify me for 12 months. I asked for the missing payments to be added to the term of the loan and they agreed, but it took them another 3 months to set this up, with errors along the way. I complained to them and received nothing back (i have proof of postage going back 7 months). the DD is now reinstated, and i have now finally managed to speak to someone about the complaint. they advised me that the figures on the agreement are incorrect (it states 5.99% but figures make it -2%). they have never sent an arrears letter and have never sent an annual statement of account. i also have letters saying the term of the loan is 8 years and the credit agreement states 72 months. should i let them take me to court and stop paying?

[cashins]

Hi and welcome.

 

From what you say there is a good chance it's unenforceable.

 

If there was face to face contact with them and they then used a non cancellable agreement, they have a problem.

 

they advised me that the figures on the agreement are incorrect (it states 5.99% but figures make it -2%).

 

Ditto

 

Do you have a copy of the agreement? If so can you scan it and post it up, (with your personal details removed).

 

David

[PeterDen]

Hi David, thanks. I will scan a copy of the agreement in. They are being deliberately obstructive and have again responded to me by email and although i have requested the whole information they have, they have sent me just a copy of the agreement today. they have also told me that "as from June 09 the loan debt with Devere Credit Ltd, was purchased by DVRO collections ltd and although the terms of your original agreement still stands, the legal and beneficial interest in your debt is now owned by DVRO collections ltd." when i have queried why i was not informed of this, they have said that they have no legal obligation to inform us of a transfer of interest. Do you know if they have? I have been complaining about this agreement to Devere Credit for over a year and nobody has mentioned the change in interest. I will scan the agreement in. thanks for your help

[cashins]

I have been complaining about this agreement to Devere Credit for over a year

 

That's probably why they sold the debt.

 

The letter regarding the transfer is a Notice of Assigment, which is what they are legally required to send. Don't worry about the transfer- if it was unenforceable when the sold it, it still is now.

 

David

[PeterDen]

Thanks for your help. i have had lots of dialogue with them today by email. They have asked me to come up with an "amicable" agreement and advised me that they this is "without prejudice" as they have taken legal advice and feel that the agreement is within the Consumer Credit Act. I have refused and asked that they write it off, and suggested they took me to court. They have provided me with what documents they have regarding this, which is a one page credit agreement and 4 letters that they sent to me, admitting they were at fault in not sending us arrears letters or notifying us of cancellation of the direct debit. i will post their replies and keep you notified, but thank you for your help.