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CCA1974 and Part V

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Forgive me if this has been mentioned before but I have yet to see a definative answer.

I have seen some comments around the Forum that you would have to be mad to try and use s59 of the CCA1974 in order to have any agreement declared void. S59 states that

59 Agreement to enter future agreement void

(1) An agreement is void if, and to the extent that, it purports to bind a person to enter as debtor or hirer into a prospective regulated agreement.

(2) Regulations may exclude from the operation of subsection (1) agreements such as are described in the regulations.

If, as in my case, the situation is

1. Apply for a credit card

2. CC company sign the agreement and send to me for signature

3. I sign, and there is a paragraph stating that I am now bound by the CCA1974 but there is a further statement by them stating that they are not bound by this agreement until further checks are carried out.

Now from the above in my view the agreement could be voided under S59 but what would the consequences of that be? Would they still be entitled to repayment but not interest for example?

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