CCA - Loan Agreement - Reply Received!

[tj29]

Hi All,

 

Ive just received a copy of my loan agreement from Barclays and need some advise on what to do next.

 

I have attached the agreement, but they are not in the correct order and there are duplicates of pages, Ive attached them as I have received them!!!

 

 

With the agreement there is a covering letter stating:

' We are pleased to provide you with a copy of your credit agreement and a financial statement. Sections 77 & 78 of the Consumer Credit Act 1974 (as amended) do not require Barclays Bank to provide you with a signed original form of the credit agreement and in accordance with the Act it is not the policy of Barclays Bank to provide this'.

 

Is the above statement correct? What else do I need to check within the agreement?

 

 

 

 

Many Thanks

Edited May 4, 2010 by tj29
Attchements Added!

[miss muppet]

Try using one of the free image hosting sites such as photobucket, you can edit on that. Unless I'm much mistaken their letter looks very good news for you indeed, but anyway post it up for the peeps to have a look.

[tj29]

Many thanks for your reply, I am just rescanning the doc as a word doc then I should be able to edit and upload with any chance.

 

I hope it is good news as you mentioned, fingers crossed!!!

[tj29]

Attachments now added!!!

[slick132]

Hi tj,

 

Have a look at the "Checking your Credit Agreement" link in my signature below.

 

I'm not sure why Miss Muppett says the letter from Barclays is good news.

 

These loan agreements from Barclays tend to be enforceable, ie they are properly executed.

 

[tj29]

Many Thanks for your reply, Ive had a look through but Im not that great at what all the jargon means, could anyone take a look for me?

[slick132]

Is your signature on the agreement which they sent to you.

 

Otherwise the agreement looks compliant at first glance, as it includes the APR, credit amount, manner of repaying, etc. These are the Prescribed Terms which are necessary for the agreement to be properly executed.

 

Have you missed any payments and been charged Penalty Charges at any time during the loan, or have you kept up the repayments.

 

[tj29]

Is your signature on the agreement which they sent to you.

 

Otherwise the agreement looks compliant at first glance, as it includes the APR, credit amount, manner of repaying, etc. These are the Prescribed Terms which are necessary for the agreement to be properly executed.

 

Have you missed any payments and been charged Penalty Charges at any time during the loan, or have you kept up the repayments.

 

 

Hiya,

 

Thanks for your reply.

 

My signature is not on the agreement they sent, nor any signatures from any of the Barclays staff.

 

Ive never missed any payments nor have I received any charges during the loan.

 

Many Thanks

[slick132]

Hi tj,

 

Since the recent ruling in Carey v HSBC (as part of the Manchester test cases about enforceability), the banks are being tighter in NOT sending out credit agreements.

 

Until recently, the FOS would still force the banks to send out a copy of the signed original but they now appear to have changed this after Manchester.

 

If you stop paying on the basis of their failure to supply a signed (or properly executed) credit agreement, they will trash your credit rating and issue a Default Notice long before they take you to court. Only when they take court action will they produce the signed agreement, if they have it.

[babydoll0141917]

subbing with intrest

[tj29]

Hi tj,

 

Since the recent ruling in Carey v HSBC (as part of the Manchester test cases about enforceability), the banks are being tighter in NOT sending out credit agreements.

 

Until recently, the FOS would still force the banks to send out a copy of the signed original but they now appear to have changed this after Manchester.

 

If you stop paying on the basis of their failure to supply a signed (or properly executed) credit agreement, they will trash your credit rating and issue a Default Notice long before they take you to court. Only when they take court action will they produce the signed agreement, if they have it.

 

So what do you suggest?

Do I send another letter stating I would like a signed credit agreement or stop paying risk my credit rating and hope that they do not have a signed agreement?

[slick132]

Hi tj,

 

It would help us to advise you if we know what YOU want to achieve here.

 

Are you struggling to repay the loan or just looking to see if it is enforceable.

 

Getting a court to rule a debt as unenforceable by taking the bank to court is no longer viable.

 

But you may still be able to defend a case against you, brought by the bank, if they have no proper agreement.

 

Barclays will not readily produce the signed credit agreement but that does NOT mean they don't have one. As I said above, Barclays usually seem to have correct documents for this type of bank loan.