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How to check the basics of my CCA?


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Hi,

 

I'm in the midst of long-term financial problems, and having had settlement offers rejected by some [but not all] of my creditors, I have no choice other than to look at alternative ways of addressing my financial difficulties.

 

With this in mind, I got my hands on a copy of one of my Credit Card Agreements. I've reviewed the document as best I can, but despite reading various guides I'm still unsure of exactly what it is that I should be checking. [Although I have to say, I'm a bit concerned that some of the dates don't add up].

 

Does anyone have a 'guide for dummies' that spells out the key points I should be checking?

 

Thanks

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Have a look through; http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements-guide.html

 

if you post it up after removing identifiers we'll check it over for you. ;)

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Cerberusalert...

 

Thanks for that. I read through the guide, but that left me with grey areas.

 

Here's my CCA:

 

[Thanks in advance for any pointers/advice]

 

4786264687_fc93785eeb_b.jpg

 

4786893100_9957124e3b_b.jpg

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To be enforceable it should contain the credit limit although they are allowed to say that it will be determined at a later date, APR%, repayment terms & the right to cancel. I can't see any of those within the four corners of the signed application. If they are contained within the first document you posted and it was the reverse of the signed document it would be enforceable, trouble is I can't read it.

Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

Vir prudens non contra ventum mingit

 

[sIGPIC][/sIGPIC]

17 Port & Maritime Regiment RCT

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Hey Cerberusalert,

 

Thanks for your feedback.

 

I've uploaded another scan with most of the info that you mentioned highlighted. Please see below. What this has thrown up is that the document refers to the credit limit as an 'overdraft'. In addition, I cannot see any 'right to cancel' clause on either page [yes it's hard to read the reverse page, but there doesn't appear to be anything about cancellation].

 

Not sure where that leaves me - perhaps there are different regulations for an 'overdraft' than a typical credit card.

 

Any comments would be most appreciated.

 

Thanks

 

4789140089_1af5210997_b.jpg

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Just reading through Steven4064's guide again [http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements-guide.html] ...and I came across this:

 

"Finally, there are requirements about the accuracy of the statement of APR. These are given in Schedule 7. The APR stated must be no more than 0.1% below the actual interest charged and no more than 1% above."

 

Am I wrong to conclude that the APR of 19.9% appears to breach this given the figures of 1.52% per month (18.24% per annum) quoted earlier in the same sentence?

 

Perhaps I'm clutching at straws. I'm looking for weaknesses in order that I can point these out, and ask the bank to reconsider my settlement offer. As such the weaknesses don't need to make the agreement completely unenforceable ...just weaken their position.

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