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katiexx

Consumer Credit Agreement - Legal advice

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Could somebody please help.

 

Is a credit agreement that was taken out prior to a trading name being added to a licence legal and enforceable?

 

I have just found out that I took out a log book loan with a sole trader.

 

So the sole trader had (his name) trading as ****

he had made application to have the name he traded with me as added to his licence

but this name was not added until after the date we traded by (8 days).

 

The OFT have advised that it is a criminal breach to use a name that is not on your licence

but will not state whether or not the agreement is enforceable.

 

They say that is a legal matter and I must seek legal advice.

 

 

 

The financial ombudsman states the same they cannot offer legal advice. So in your opinion is this agreement enforceable

 

Many Thanks

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Hi,

 

The first thing you should do is contact the lender (as shown on the credit agreement). They should have their own complaints sytem in operation and hopefully resolve this matter if it is a 'non enforceable' agreement

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They are a one man band... They have been contacted in the first instance and were very rude and now they have just gone completely silent...

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That can be the norm. Write to them setting out your case. They have eight weeks to reply witb a 'final response'. Once the time limit is up, you should have a reply, but either way you can then contact The Financial Ombudsman Service' for review Whether you get a reply or not).

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I am unclear as to what was on the license. When you entered into the loan, was (1) the trader's name on the license (2) his business name on the license or (3) neither?

 

From your post it sounds like his name was on the license when you made the loan but not his business name. I am not an expert in this area but to me this sounds OK, you were dealing with a licensed person.


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The publication by the OFT states It is a criminal offence to carry out any activity that requires a consumer credit licence under a name that is not on your licence.

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Katie, I suggest you try to reach a suitable agreement with the sole trader to settle or you apply for a straightforward county court application for the agreement to be declared unenforceable.

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So exactly what does appear on the licence, if it is not either of the names on your agreement no regulated agreement exists imo, the trader had no legal authority under CCA1974 to offer credit. You may get more information from your local Trading Standards Department.


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