Cap1 & CCA return

[cab1ne]

Am I right in thinking that a loan agreement should state the interest rate and not just the APR? I have received a copy of a loan agreement originally from Abbey and it has the APR on it, but no Interest rate is stated. I believe the interest rate is the prescribed term and not the APR, but just need some confirmation of this. Many thanks, Magda

 

Subsection 3

C, Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement.

 

APR "just looks good"

[MAGDA]

Subsection 3

C, Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement.

 

APR "just looks good"

 

Great... that's what I thought, Many thanks, Magda

[phatram]

Could someone please check if this CCA is enforceable - thanks!

 

 

 

 

 

 

 

 

There are a few differences between image 1 and images 2 & 3, ie credit limit, APR, default charges etc

The differences between the documents are as follows

Post 1, is the original CCA, stating I had a credit limit of £2500, Post 2, obviously from a later date, states my credit limit is £5200. Post 1 states the apr variable is 1.24%, post 2 states it is 1.805%. Post 3, which was attached to Post 2, states the Default charges as £12 and I have already successfully recaimed charges back to 2003, where they refunded me the old charge of £20.00. Post 1 makes no reference to default charges at all - is this a requisite of a correct CCA? Does it matter if the Terms & Conditions are not those provided at the time the card was taken out?

 

 

I would love someones opinion on if this is enforceable or not. I think not, but need to know if I should put this into dispute or not?

Mrs P:-)

[Peterbard]

Am I right in thinking that a loan agreement should state the interest rate and not just the APR? I have received a copy of a loan agreement originally from Abbey and it has the APR on it, but no Interest rate is stated. I believe the interest rate is the prescribed term and not the APR, but just need some confirmation of this. Many thanks, Magda

 

 

Hi

 

The interest rate is a prescribed term on credit agreementsdated before april 7th 2007 (exept fixed sum).

 

The APR is required on all agreements.

 

After april 2007 the interest rate is required to be on all types of agreement.

 

Although the APR is not a prescribed tem it can be used to challenge the agreement under section 127(1) which is still active.

 

Regards

Peter

[cab1ne]

Hi

 

The interest rate is a prescribed term on credit agreementsdated before april 7th 2007 (exept fixed sum).

 

The APR is required on all agreements.

 

After april 2007 the interest rate is required to be on all types of agreement.

 

Although the APR is not a prescribed tem it can be used to challenge the agreement under section 127(1) which is still active.

 

Regards

Peter

 

hi peter

an agreement signed in june 2006. would it be subject to the 1974 regs or the 2006 regs:confused:

 

thnx for info earlier (very useful)

Edited February 27, 2009 by cab1ne
update

[Peterbard]

hi peter

an agreement signed in june 2006. would it be subject to the 1974 regs or the 2006 regs:confused:

 

thnx for info earlier (very useful)

 

Hi

 

The 2006 act suplimented and ammended the earlier act.

 

It added some sections and repealed others, some of these changes are still in the proccess of being introduced.

 

The prescribed terms were not repealed until April 7 2007.

 

So they would still have to be on your agreement if the creditor wished a court to enforce.

 

Regards

Peter

[cab1ne]

thnx peter

 

now i'll just have to sit down and try to draft up a letter to the creditor, put it to them that i weould consider an out of court settlement, and if they dont want to go down that road they can take me to court.(im pretty confident i will win)

[Needabreak]

Can any one point me in the right direction for an interest/APR calculator so that I can check the figures on my #14086 post. I have now corrected the attachment not to show personal details.:o

 

Thank you.

[MAGDA]

Hi

 

The interest rate is a prescribed term on credit agreementsdated before april 7th 2007 (exept fixed sum).

 

The APR is required on all agreements.

 

After april 2007 the interest rate is required to be on all types of agreement.

 

Although the APR is not a prescribed tem it can be used to challenge the agreement under section 127(1) which is still active.

 

Regards

Peter

 

Hi Peter, oh well, in that case, my agreement probably is enforceable then. It was for a personal loan (Abbey) taken out in 2000. It does show the APR, so I guess from what you say, in this situation, that would be all that is required. Thanks, Magda

[Peterbard]

Hi

 

Is the agreement on here?

The prescribed terms for a credit card are; total credit ,repayment detailsand amounts and interest rates

If it is a fixed sume they are total credit and repayment details.

Thes must be on the agreement together with yur signature to conform with section 127(3)

 

if the APR is wrong missing or missquoted on either, then the agreement can still be challenged,

 

Regards

Peter

[MAGDA]

Hi

 

Is the agreement on here?

The prescribed terms for a credit card are; total credit ,repayment detailsand amounts and interest rates

If it is a fixed sume they are total credit and repayment details.

Thes must be on the agreement together with yur signature to conform with section 127(3)

 

if the APR is wrong missing or missquoted on either, then the agreement can still be challenged,

 

Regards

Peter

 

Hi Peter, don't think I would be able to scan it in, as the copy isn't very good quality, but I can just about read it. It is a loan for £10,000 and it looks as though there is PPI for £2053.78 making a total amount of £12053.78. The repayments are 48 x £251.12 with an APR of 9.9 %. Apparently we still owe around £552.36 on the loan, which is probably all the charges and interest they have been slapping on over the years. Many thanks for your help Peter, Magda

[MAGDA]

Hi, Just looked at the agreement again and the £2053 is the interest being charged (can't see any of it very clearly) making a total loan amount of £12053.78, so it seems that the APR is correct by the look of things. I think I will ask for a break down of the balance still outstanding and see what charges etc were added. Thanks, Magda

[phatram]

Could someone please check if this CCA is enforceable - thanks!

 

 

 

 

 

 

 

 

There are a few differences between image 1 and images 2 & 3, ie credit limit, APR, default charges etc

The differences between the documents are as follows

Post 1, is the original CCA, stating I had a credit limit of £2500, Post 2, obviously from a later date, states my credit limit is £5200. Post 1 states the apr variable is 1.24%, post 2 states it is 1.805%. Post 3, which was attached to Post 2, states the Default charges as £12 and I have already successfully recaimed charges back to 2003, where they refunded me the old charge of £20.00. Post 1 makes no reference to default charges at all - is this a requisite of a correct CCA? Does it matter if the Terms & Conditions are not those provided at the time the card was taken out?

 

 

I would love someones opinion on if this is enforceable or not. I think not, but need to know if I should put this into dispute or not?

Mrs P:-)

 

bump

[steven4064]

It looks OK to me phatram - it has the prescribed terms and you rsignature on the same page so woul dbe enforceable in court.

[cab1ne]

Hi steven could u delete my thread plz as its died a death:)

 

thanx cab

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/181761-lombard-agreement-help.html

Edited February 28, 2009 by cab1ne
oops

[phatram]

It looks OK to me phatram - it has the prescribed terms and you rsignature on the same page so woul dbe enforceable in court.

 

The first pic is the original from 2002, the other 2 pics are obviously from much later (current default charges, different credit limit etc). Does Pic 1 contain all the necessary T&Cs?

 

It states,

"This is a Credit Agreement regulated by The Consumer Credit Act 1974. Sign it only if you wish to be legally bound by its terms"

Problem is,I don't know what those terms were, so how can I check it's valid?

Edited February 28, 2009 by phatram

[millymollymoo]

bump

POST 14105

 

 

Hi Steven I am still waiting for a reply since January concerning mine from RBS and considering mine and phatrams were taken out not too far apart cannot understand the 'differences' as to no logo, ,no annual rate stated[just APR] the same monthly rate or cash as purchases APR different???

CAN instead of CANNOT in the legal rights section. After all these should be standard yes???

 

[MAGDA]

POST 14105

 

 

Hi Steven I am still waiting for a reply since January concerning mine from RBS and considering mine and phatrams were taken out not too far apart cannot understand the 'differences' as to no logo, ,no annual rate stated[just APR] the same monthly rate or cash as purchases APR different???

CAN instead of CANNOT in the legal rights section. After all these should be standard yes???

 

 

Both yours and Phatrams Agreements look enforceable as they appear to have all of the prescribed terms and have your signature. From looking at the agreements yours was 2000 and Phatrams 2002, so the agreements could be slightly different because of that. If they haven't provided the t&c's referred to, then they haven't fully complied with your cca request, but the agreement could probably still be enforced, as far as I am aware, in court.

 

Magda

[millymollymoo]

Hi magna wonder why Mint are ignoring me? I requested a view of the original and the t&c's referred to. No calls, no letters and its been 6 weeks.

 

To mislead a consumer as to their protection under the 'rights' section is wrong as the agreement is then completely one sided. It says they CAN enforce an agreement against me if they do not meet their requiremnts WITHOUT a court order. It must be CANNOT as in all others.

 

Milly X

 

Milly X

[williamzz]

Evening all

 

Can I tempt you to take a look at a CCA from MBNA which looks a bit

dodgy to me.

 

Appreciate your opinions.

 

Thanks

 

http://www.consumeractiongroup.co.uk/forum/mbna/186824-mbna-cca-enforceable-authentic.html

[underdog13]

Hi magna wonder why Mint are ignoring me? I requested a view of the original and the t&c's referred to. No calls, no letters and its been 6 weeks.

 

To mislead a consumer as to their protection under the 'rights' section is wrong as the agreement is then completely one sided. It says they CAN enforce an agreement against me if they do not meet their requiremnts WITHOUT a court order. It must be CANNOT as in all others.

 

Milly X

 

Milly X

 

Hi Milly,

did you take this account out online? I only ask as I had this account from around the same time, but have never seen anything like the document you've posted up - I applied by post though, so wondered if that was why?

 

Mint refuse to send me anything other than T&Cs and won't discuss it any further!

[gill5blue]

Hi

My husband has a credit card with AA Mastercard

Can someone look at the 'agreement' and tell me if this is enforceable or not?

I have posted it on the Halifax and Bank of Scotland forum under 'AA Mastercard' but I have not had any responses yet

Cheers

Gill5blue

[pussycatdoll]

I too have a mint CCA which looks identical to Phatrams agreement.

 

I have noticed that in the Your Right to Cancel box

 

1. Once you have signed this agreement you will have for a short time a right to cancel it. Exact details of how and when you can do this will be sent to you by post by mint.

 

and also in Declaration and authorisation

 

2. I apply for a Mint card to be issued to me. I accept and agree to be bound by the general conditions applying to the card as set out separately.

 

Now surely they cant send you your cancellation rights by separate post!!!

 

And in 2 they admit that the conditions are setout separately - in other words they are admitting breaking the 4 corners rule

 

Opinions required please.

[MAGDA]

I too have a mint CCA which looks identical to Phatrams agreement.

 

I have noticed that in the Your Right to Cancel box

 

1. Once you have signed this agreement you will have for a short time a right to cancel it. Exact details of how and when you can do this will be sent to you by post by mint.

 

and also in Declaration and authorisation

 

2. I apply for a Mint card to be issued to me. I accept and agree to be bound by the general conditions applying to the card as set out separately.

 

Now surely they cant send you your cancellation rights by separate post!!!

 

And in 2 they admit that the conditions are setout separately - in other words they are admitting breaking the 4 corners rule

 

Opinions required please.

 

The general conditions do not have to be in the "four corners of the agreement" - that only applies to the actual prescribed terms and in actual fact the prescribed terms actually just need to be in the signature document, which can span more than one page (usually there would be something to link these pages such as page numbers). Although T&C's should be provided as part of a cca request, I do not believe, provided the agreement contains all of the prescribed terms and your signature, that a judge would consider the debt unenforceable. Magda

[pussycatdoll]

Thanks for that clarification Magda - clutching at straws I guess!!!

 

But it does give me more knowledge of the 4 corners rule.