OFT Published guidance Oct 2010 -CCA S77/78/79 Duty of lenders

[MARTIN3030]

This is very good info for many here-will stickie in due course.

 

Guidance on sections 77, 78

and 79 of the Consumer Credit

Act 1974 – the duty to give

 

information to debtors and the

consequences of non-compliance on the

enforceability of the agreement

 

 

 

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/OFT1272.pdf

 

October 2010

[Bosund]

Hi Martin,

Don't think this is going to help much: -

 

If your agreement is very old (made before 19 May 1985) or if your

agreement isn't available, for example if it was lost in a fire or a flood, the

rules are a little bit different. In these cases they can give you a copy of

what they think the current terms of your agreement. You should be told if

that's what they've done.

 

Fire & Flood, as if... what about they cleared it out, as in actually destroyed it, isn't there some sort of regulation that states that they have to keep records up to six years after an account is closed?

Regards,..

[MARTIN3030]

Well yes...1985 was a long time ago,of course they could hold very good arguements on that one.

 

Are you getting confused here with a reconstructed agreement ?

[rebel11]

Credit Card Companies have gorged themselves on Interest Rates over the last 20 years, so in theory there are a lot of agreement out there which have been 'Varied'.

In Judge Wakesman Judgement Carey v HSBC, the judge highlights the case, when an agreement has been 'Varied' the creditor must provide a copy of the original

with terms and condition at the date of request. I'd say interest rates have increased on 90% of the agreements that exist.

 

 

Hi Martin,

Don't think this is going to help much: -

 

If your agreement is very old (made before 19 May 1985) or if your

agreement isn't available, for example if it was lost in a fire or a flood, the

rules are a little bit different. In these cases they can give you a copy of

what they think the current terms of your agreement. You should be told if

that's what they've done.

 

Fire & Flood, as if... what about they cleared it out, as in actually destroyed it, isn't there some sort of regulation that states that they have to keep records up to six years after an account is closed?

Regards,..

[Bosund]

No, it's the 'or if your agreement isn't available' bit that gets me and the fact that it seems to be accepted by the OFT that 'they can give you a copy of what they think the current terms of your agreement' , (think there should have been an 'were' after that).

 

It's all hypothetical really. Have had enough dealings with the FOS & OFT to realise that irrespective of what is stated, it's whoever may be dealing with your comment/complaint/etc, on the day that counts. Sometimes wonder if they have read their own publications.

 

Regards,

 

Bosun.