Problem with TXTLoans

[oliwill01]

any advice would be appreciated here:

 

TXT Loans sold the debt to Equiddebt who sent numerous texts and phone calls daily,

 

I spoke to them and asked them to send me a copy of my signed agreement etc..

. received email saying they had requested this from TXT Loan 15th April and the account was on hold

 

- Heard nothing since until an email today from TXT loan saying that they had transferred this debt to a new collection company

- forwarded TXT loan the email from Equidebt who then responded straight away apologising

and saying they wanted to come to arrangement with me direct to clear the debt

- I asked for a copy of my signed agreement of which they emailed a pdf document

which just stated 'signature of customer' not even my name! their response is below:

 

Thank you for contacting us.

 

Although we have not supplied you with a signed copy of the Credit Agreementbetween Txtloan Ltd

and yourself the client we have provided you with areconstituted agreement based upon the contract between us.

This agreementreflects the contract that was signed electronically by you on 21/08/2012.

Theprovision of a reconstituted agreement in this manner was accepted by the HighCourt on 23 December 2009

and being sufficient to meet the requirements of theConsumer Credit Act 1974.

 

Kindly inform us how you wish to proceed.

 

any advice would be appreciated here - the original loan states £200 but they are now asking for nearly £500!!!

[oliwill01]

just received this:

 

Thank you for contacting us.

 

An electronic agreement is a legally enforceable contract under the consumercredit act 1974, there is no requirement for signatures from both parties.Names of both parties are quoted in the contract.

 

Contract is signed between:

(1)Txtloan Limited,1 Cornhill,London EC3V 3ND ("the Creditor")

(2) Me - United Kingdom ("the Debtor")

 

This agreement reflects the contract that was signed electronically by you on21/08/2012. The provision of a reconstituted agreement in this manner wasaccepted by the High Court on 23 December 2009 and being sufficient to meet therequirements of the Consumer Credit Act 1974.

 

 

[dx100uk]

I think you need to have a read around

 

modern days CCA's are covered by the recon rule, so typically with electronic stuff, it's not really an option anymore.

 

what £200 before int or after?

 

dx

[oliwill01]

ok thanks - original loan before interest is £200

[dx100uk]

so at +2000% int rate that's prob correct?

 

you need to read the small print

 

that's the pitfalls of PDL's

 

dx

[oliwill01]

ok thanks live and learn - never again! will get the CPA stopped and then come to an agreement with them

[citizenB]

I must admit, I am a little surprised that they don't have a copy of the original (which would have been provided to you) when the account is only a year old ?

[oliwill01]

yep I know - I can use that as my negotiation in getting a significantly reduced settlement figure so we will see

[renegadeimp]

Can you post up a copy of this reconstituted agreement?

[oliwill01]

Can you post up a copy of this reconstituted agreement?

 

I could but it is a PDF document and contains my personal information

[oliwill01]

Managed to copy in Word document and remove personal info, details below:

 

 

Credit Agreementregulated by the Consumer Credit Act 1974

 

Between

 

(1) Txtloan Limited, 1 Cornhill, London EC3V 3ND("the Creditor")

 

(2) United Kingdom ("the Debtor")

 

 

 

This agreement,the credit that we provide and your repayments

 

Credit Limit - £100, or such sum as we may from timeto time offer (see condition 1.5).

 

Once you have entered into this Agreement you canmake a request for an advance. For each advance you request and that we arewilling to make we will tell you before you take the advance I) the amount thatwe are willing to loan, II) the total amount that you must repay (includinginterest), and III) the repayment date. You must then decide whether to takethe advance. If you take the advance you must repay that advance by paying thetotal amount repayable (including interest and charges) on the repayment date.Once you have repaid your advance you can make requests for further advances.If we award you VIP status your credit limit will be increased (see conditions1.25 to 1.29).

 

If you make a request for an advance and we agree toprovide you with credit we will provide you with credit by paying that amountof credit into the bank account that you have provided us with details of. Ifwe agree to provide you with an advance we will inform you by text message whenthe advance is being processed and when it has been sent to your bank account.Requests for an advance during our normal business hours will be provided thesame day usually within 60 minutes. In any other case the credit will beprovided the next day.

 

 

 

This Agreement has no minimum duration.

 

This is a running account credit agreement underwhich you are provided with unrestricted-use credit.

 

 

 

Our Charges andthe amount that you pay

 

The APR for an advance is 4,474 %APR (variable).

 

For normal advances, assuming that you take anadvance of £100 for 15 days, and assuming that our charges are as they are atthe date of this agreement, the total you must pay back (including interest) is£117. Interest charges will apply to each advance and are variable. We willtell you the total amount you must repay if we provide an advance for adifferent period or in a different amount.

 

The normal interest rate is 414 % per annum,variable. We may vary the rate of interest and the interest charges in ourabsolute discretion as long as we tell you before you take the advance.

 

If you use a text message to contact us this maycost you up to £1 plus your normal network charges. This amount may change ifthe network operator changes its pricing structure.

 

 

 

If you are latein making a payment

 

If you are late in repaying an advance the followingcharges apply (variable - see condition 1.8)

 

1st reminder (sent 1 day after repayment date) - £25

 

2nd reminder (sent 11 days after repayment date) -£25

 

If you have still not paid 46 days after repaymentdate the account is transferred to a debt collection agency and anadministration fee charged by the debt collection agency of up to 25% of theoutstanding balance is applied to the account. We may vary the amount of thesecharges or the circumstances in which we make charges, but such a variationwill not affect any advance that you already have with us. If you are late inrepaying the advance we will charge you interest at the applicable interestrate for that advance on the amount of the advance until it is repaid in full.

 

 

 

You have to pay any other costs that we reasonablyincur as a result of you missing your payments, for example our reasonablelegal costs or the additional costs incurred by a debt collection agency.

 

If you miss your repayments this may make it moredifficult to obtain credit in the future, we may take legal proceedings againstyou and we may make an adverse entry against you with a credit referenceagency. We may also decline to provide you with further advances.

 

 

 

 

 

 

 

 

 

Your right ofwithdrawal

 

You have the right to withdraw from the creditagreement without giving any reason before the end of 14 days beginning withthe day after the day on which the agreement is made. If you want to withdraw youmust notify us of your intention to do so, either in writing or orally. Tocancel orally you must telephone 0871 705 0000 and speak with a CustomerAccount Manager (calls are charged at 10 pence per minute from BT landlines).To cancel in writing you can either write to Txtloan Limited, 1 Cornhill,London EC3V 3ND; fax your cancellation notice to 020 300 40991;

 

 

 

If you cancel the agreement you must repay theamount of credit and accrued interest (from the date the credit was provideduntil you repay the credit) without delay and no longer than 30 calendar daysafter giving notice of withdrawal. The amount of interest that will accrue perday is £1.13. You can repay the credit and interest by bank transfer, byrequesting our bank details

 

 

 

Your right torepay early

 

You have the right to repay early in full or inpart. To do so you must give us notice of your wish to do so in writing ororally, and pay us your early repayment within 28 days of our receipt of thatnotice. To give us notice orally you must telephone 0871 705 0000 and speakwith a Customer Account Manager (calls are charged at 10 pence per minute fromBT landlines). To give us notice in writing you can either write to Txtloan

 

Limited, 1 Cornhill, London EC3V 3ND; fax yourcancellation notice to 020 300 40991;

 

 

 

Ending thisAgreement

 

You can end this agreement by giving us notice inwriting of your wish to do so.

 

 

 

Ombudsman

 

If you are not a business debtor you have the rightto complain to the Financial Ombudsman Service. If you are a business debtoryou may have such a right.

 

 

 

SupervisoryAuthority

 

The Office of Fair Trading, Fleetbank House 2-6Salisbury Square London EC4Y 8JX is the supervisory authority under theConsumer Credit Act 1974.

 

This is a Credit Agreement regulated by the ConsumerCredit Act 1974. Sign it only if you want to be legally bound by its terms.

 

 

 

Signature(s) of Debtor(s): to sign this agreementcheck the onscreen box and click "I agree and confirm".

 

Signed Agreement: 21/08/2012 at 10:34

 

 

 

Signature of Creditor Signed Agreement: 21/08/2012at 10:34

 

 

 

Terms and Conditions

 

Making Advances and Repayments

 

1.1 Once you have signed this Agreement you will beprovided with a four digit (e.g. 1234) Personal

 

Identification Number (PIN), which, must be keptconfidential and you use to make requests for advances.

 

1.2 To make a request for an advance you must do soeither by making a request by text message or logging on-line into your account(over the internet or by any other permitted method) and request an advance.

 

1.3 To make a request for an advance by logging intoyour account, sign into your account and make the

 

request following the onscreen instructions. We willtell you the amount that we are willing to lend you, the proposed repaymentdate and the amount that you must repay. To accept the loan, follow theonscreen instructions.

 

 

 

1.4 To make a request for an advance by textmessage, send us a text in the following format, 'LOAN' 'PIN' 'AMOUNT' 'DAYS',e.g. LOAN 1234 100 15. We will text you back a confirmation as soon as we are processingyour request and inform you with a second text message when the money has beensent to your bank. We reserve the right to accept your request for a loan indifferent formats to those described in this clause.

 

 

 

1.5 If we agree to an advance in an amount differentto your credit limit, your credit limit will vary to that amount. If we refuseto make you an advance your credit limit will be reduced to £0. If your creditlimit is reduced to £0 you may still make further requests for an advance,which if accepted will result in your credit limit being raised.

 

 

 

1.6 When you make a request for an advance that weagree to, we will pay you the full credit limit (as set out in the sectionheaded "This agreement, the credit that we provide and yourrepayments" on the front page of this agreement or as varied undercondition 1.5) into a nominated bank account in your name or any other suitableaccount for receiving the advance nominated by us.

 

 

 

1.7 If you make a request for an advance within 2days of accepting this Agreement then we will provide you with that advance, inthe amount of the credit limit as shown on the front of the Agreement.Otherwise we are not obliged to provide you with an advance and can refuse anyrequests for a further advance.

 

 

 

1.8 We can vary the amount or rate of the chargesshown on the front of this Agreement (including interest charges and charges wemake for reminders) at any time and in our absolute discretion. Where we changethe reminder charges we will give you seven days notice in writing. Otherwisewe will tell you about a change in the interest charge before you take out anadvance. If we use this condition to change our charges this shall not affectany advance that you have already taken.

 

 

 

1.9 You cannot request a further advance if youstill owe us money under a previous advance (including interest and remindercharges).

 

 

 

1.10 You confirm that your salary was paid lastmonth, and will be paid the next month, into your bank account ("theAccount"). You will ensure that sufficient funds are available in theAccount on the repayment date(s) to repay us any advance.

 

 

 

1.11 We will collect the repayment of the advances,by debiting the debit card you have registered with us. If we are unsuccessfulin collecting a payment on the repayment date(s) due to whatever reason on yourpart, you agree that we have the highest priority under Clayton's case(Devaynes v Noble (Clayton's Case) (1816) 1 Mer572) to debit your bank accountor debit card at a later stage, for an indefinite period, on more than oneoccasion in order to collect the amount outstanding. You should note thatunlike direct debits which are supported by a guarantee that the bank willrefund payments if they are disputed, continuous payment authorities are notcovered by bank guarantees.

 

 

 

1.12 If you are late in making a repayment we willsend you reminders and make charges as set out on the front page in the"if you are late in making a payment" section on the front of thisAgreement. Under clause 1.8 we can vary the amount of these charges by givingyou seven days notice in writing. Unless you have already paid those charges wewill continue to try to collect these charges using the debit card you haveregistered with us for an indefinite period, on more than one occasion in orderto collect the amount outstanding which you are late in paying.

 

 

 

1.13 If you are late in paying, you will pay usinterest on the amount of the advance from when it is due until it is actuallypaid at the rate of interest shown under the "if you are late in making apayment" section on the front of this agreement that applies to therelevant advance.

 

 

 

1.14 You will pay interest both before and after anyjudgment.

 

 

 

1.15 You have to pay any other costs that wereasonably incur as a result of you missing your payments, for example ourreasonable legal costs or the costs incurred by a debt collection agency.

 

 

 

1.16 You acknowledge that in relation to this LoanAgreement, there is a possibility that additional taxes or legal costs or othercharges may be levied which are not payable by us or imposed by us.

 

 

 

1.17 We can vary the terms of this Agreement inrespect of future advances at any time by giving you 14 days notice in writing.Any such variation will not affect any outstanding advance that You have withus which was taken out prior to the expiry of the notice period. If You areunhappy with the amended terms you can end this Agreement by writing to TxtloanLimited, 1 Cornhill, London EC3V 3ND; faxing 020 300 40991 If You do end the Agreement this will not affect yourliability for any outstanding advance that You have.

 

 

 

Miscellaneous

 

1.18 This Agreement is unsecured.

 

1.19 You agree that we can send you documents andnotices by email to your email address and where possible via text to yourmobile phone

 

1.20 If we do not enforce our rights under thisAgreement at any time we will not be prevented from doing so later.

 

1.21 Any notice or demand we give will be assumed tohave been properly given if served on you personally, or sent by email to youremail address, or left or sent by prepaid envelope addressed to you at your currentaddress or last known business or private address.

 

1.22 You grant us permission to contact youremployer named in your Employment Details at anytime as may be reasonablyrequired by us.

 

1.23 We may transfer all or any of our rights underthis Agreement.

 

1.24 The law of England and Wales is taken by us asa basis for the establishment of relations with you prior to the conclusion ofthe Agreement, and governs the Agreement. This Agreement shall be construed accordingto the laws of England and Wales whose courts shall be the exclusive courts ofjurisdiction.

 

VIP Customers

 

1.25 We can, in our absolute discretion, make you aVIP customer. We will tell you if we make you a VIP customer.

 

1.26 If we make you a VIP customer your credit limitwill increase to the amount that we offer you and you can request the increasedamount by sending a single text message in the following format: 'LOAN' 'PIN''AMOUNT' 'DAYS', e.g. LOAN 1234 200 15

 

1.27 Whether or not we provide you with an offer foran increased advance is in our absolute discretion.

 

1.28 If we do agree to provide you with an increasedadvance, then your credit limit shall be increased to the amount of the offerthat we make you.

 

1.29 Once we have made you a VIP customer we canchoose to take away this right at any time, as long as we give you seven daysnotice.

 

 

 

2. Use of Your Information

 

2.1 In considering whether to enter into thisAgreement, we may search your record at credit reference

 

agencies. They will add to their records about you,details of our search and your application and this will be seen by otherorganisations that make searches. Our search of records at credit referenceagencies may be linked to your spouse/partner, or other persons with whom youare linked financially. For the purposes of any application or this Agreementyou may be treated as financially linked and you will be assessed withreference to "associated records".

 

2.2 We may also add to your record with the creditreference agencies details of your agreement with us, the payments you makeunder it and any default or failure to keep to its terms. These records will beshared with other organisations and may be used and searched by us, and others,in order to:

 

Consider applications for credit and credit relatedservices such as insurance for you and any associated person; Trace debtors,recover debts, prevent or detect money laundering and fraud, and to manage youraccounts.

 

2.3 It is important that you provide us withaccurate information. We may check your details with fraud prevention agenciesand if you provide false or inaccurate information or we suspect fraud, this

 

information may be recorded. Fraud prevention agencyrecords will be shared with other organisations to help make decisions oncredit, motor, household, life and other insurance proposals or claims for youand members of your household.

 

2.4 If you fail to make payments under the Agreementwe may send your personal details, including name and contact details anddetails about your payment history under the agreement, to third party debtcollection agencies so that they may collect the money that you owe under theagreement.

 

2.5 Please write to us at our address stated above,or telephone us on 0871 705 0000 and speak with a

 

Customer Account Manager (calls are charged at 10pence per minute from BT landlines) if you require details of the creditreference agencies or any other agencies from whom we obtain, and to whom wepass, information about you. You have a legal right to these details. You havethe right to receive a copy of the information we hold about you if you applyto us in writing. A fee will be payable.

 

 

 

Changes to yourTxtLoan Credit Agreement regulated by the Consumer Credit Act 1974

 

In accordance with your existing credit agreement wewrite to inform you that the clause below has been amended effective 15September 2011 (a copy of the old clause is followed by the new clause)

 

If you are late in making apayment

 

If you are late in repaying an advance the followingcharges apply (variable - see condition 1.8)

 

1st reminder (sent 1 day after repayment date) - £25

 

2nd reminder (sent 11 days after repayment date) -£25

 

If you have still not paid 46 days after repaymentdate the account is transferred to a debt collection agency and anadministration fee charged by the debt collection agency of up to 25% of theoutstanding balance is applied to the account. We may vary the amount of thesecharges or the circumstances in which we make charges, but such a variationwill not affect any advance that you already have with us.

 

If you are late in repaying the advance we willcharge you interest at the applicable interest rate for that advance on theamount of the advance until it is repaid in full.

 

You have to pay any other costs that we reasonablyincur as a result of you missing your payments, for example our reasonablelegal costs or the additional costs incurred by a debt collection agency.

 

If you miss your repayments this may make it moredifficult to obtain credit in the future, we may take legal proceedings againstyou and we may make an adverse entry against you with a credit referenceagency. We may also decline to provide you with further advances.

 

 

 

If you are late in making apayment

 

If you are late in repaying an advance the followingcharges apply (variable - see condition 1.8)

 

1st reminder (sent 1 day after repayment date) - £25

 

2nd reminder (sent 11 days after repayment date) -£25

 

If you have still not paid 46 days after repaymentdate the account is transferred to a debt collection agency and anadministration fee charged by the debt collection agency of up to 25% of theoutstanding balance is applied to the account. We may vary the amount of thesecharges or the circumstances in which we make charges, but such a variationwill not affect any advance that you already have with us.

 

If you are late in repaying the advance we willcharge you interest at the applicable interest rate for that advance on theamount of the advance until it is repaid in full.

 

You have to pay any other costs that we reasonablyincur as a result of you missing your payments, for example our reasonablelegal costs or the additional costs incurred by a debt collection agency.

 

If you miss your repayments this may make it moredifficult to obtain credit in the future, we may take legal proceedings againstyou and we may make an adverse entry against you with a credit referenceagency. We may also decline to provide you with further advances.

Edited May 31, 2013 by oliwill01
just realised says credit limit £100 but the loan was £200???

[renegadeimp]

Ahh so it wasnt a PDL, but one of their "running accounts" where they can extend credit to you as they like, and therefore isnt under the same regulations as a PDL.