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Is CCA relevant here?


suf
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Hi all I wish to see if my spreadbetting account falls into the Consumer Credit Act legislation. I had a spreadbetting account which i applied for over the internet and after being credit checked was given a credit limit of 2000. This meant that i was able to trade without funds in my account. I did not sign anything and the terms and conditions were in a generic book printed by the spreadbetting company. I recently fell into financial difficulty and with the closing of several losing trading positions found that that my account from being 2k in the black was now using up my credit limit and I had no way of settling this. The company is threatening to take me to court, would the CCA apply to this? Any advise or help would be greatly appreciated. Thanks

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Hi,

 

Not something I know much about but found this ( your the Credit Allocation will not be regulated by the Consumer Credit Act and is a trading facility so therefore it is not available to be withdrawn as a cash advance )

 

Regards.

 

Scott.

Any advice I give is honest and in good faith.:)

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ok from the cash advance perspective i can understand that it wouldn't fall into. i will write to them tomorrow in case anyone else has any other comments thanks scott

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  • 2 weeks later...

i didn't explain fully before but court action has already started against me, is it too late for them to accept a monthly amount from me? I have written to them but have not received a reply yet

 

what will be the consequences of going to court?

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How far down the line are you with the threat of court action, what was the last correspondence you received.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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