Prescribed Breaches

[1903Lee]

Firstly, i found this site too late and entered into agreement with a company that promised to claim justice for customers and audit my credit agreements. However, that's done now and i am just looking for an outcome.

 

I am therefore hoping to tap into the wealth of knowledge on this forum and ask for some advice.

 

In April of last year i came across a company who promised to look and see whether my credit agreements were enforceable. After handing over my fee and waiting 6months i finally got a response. The company had undertaken an audit (via an expert solicitor) and found that:

"That the lender in this instance has not complied with its legal duty in ensuring your rights as a borrower are protected under the Consumer Credit Act 1974 and its associated regulatory amendments. This is effect means that your credit agreement is deemed to be incorrect and *****(company name) can now refer your case to a panel of solicitors."

 

Fantastic...but unfortunately the company decided to cut ties with the solicitors and i am back to waiting on another audit from another solicitor!

 

However, my problem is that the hire purchase agreement (for a car) ends this month and i am no further forward. When the agreement ends i either give the car back (and potentially go without a car due to my credit rating and lack of funds) or pay £4k to buy the car.

 

I am now unwilling to wait on the solicitors to move and wonder whether i can take this forward myself. I have a 15 page audit report that details several "prescribed breaches" and wondered where i stood in relation to stopping payments and keeping the car. Ideally, is there a template letter out there i could use.

 

If you need further info please mail me as i am new to this forum and don't quite understand how it works yet.

Cheer

1903Lee

[postggj]

hire purchese agreements is my area

 

can you post up the agreement

deleate personal info but leave in the figures

scan the agreement and upload by googling photo bucket

[1903Lee]

Cheers for the quick reply. I've dropped you a private message.

Regards

Lee

[1903Lee]

Agreement attached.

 

Cheers

Lee

[1903Lee]

Think i've managed to put the documents on Photobucket. Look forward to hearing from you.

 

Cheers

 

Ford Agreement 2 picture by 1903Lee - Photobucket

 

http://i866.photobucket.com/albums/ab225/1903Lee/FordCreditAgreement1.jpg

[1903Lee]

Here is the excerpt from the solicitors audit:

 

The excerpt from the solicitors audit report is as follows:

Based on the information provided in the agreement an amortization schedule has been calculated. It will be noted that the amount of repayments differs from the amount of repayments contained within the loan agreement.

 

The amounts of repayments stated within the agreement are incorrect with reference to the total amount of the loan, the perios of the loan and the stated interest rates.

 

A term stating the amount of repayments is a prescribed term for the purposes of section 61(1)(a) and section 127(3) of the Consumer Credit Act 1974.

 

Failure to correctly state the repayments is a breach of a prescribed term.

 

The warning provided in the agremment is incomplete. The correct warning is provided in paragraph 12 of schedule 2 to the 1983 regulations. The warning in the agreement omits the following prescribed wording:

 

"If you have obtained unsatisfactory goods or services under a transaction financed by the agreement you may have a right to sue the supplier or creditor or both. Similarly, if the contract is not fulfilled, perhaps because the supplier has gone out of business, you may still be able to sue the contrcator".

 

The failure to include the correct warning is a breach of Schedule 2 of the Consumer (Agreement) Regulations 1983 as amended.

 

Please see Appendix 3 for the assessment summary of the prescribed interest rates, and amortization schedule. In those agreements where the monthly repayments are deferred, it is usual practice to add interest to the original loaned sum. The calculations for determining the APR and monthly repayment amounts, in the assessment, have been accordingly on this principle, unless the agreement states otherwise.

 

Conclusion

On the basis of the information to hand, we are of the opinion that a breach or breaches have been identified in the agreement and that the agreement has been improperly executed.

[postggj]

give me a few days on this to go through the figures

 

was it a legit solicitor who did that report

[1903Lee]

As far as i am aware. Emmetts Solicitors i believe