Moorcroft & Credit agreement

[lizzy40]

I have just received a copy of my credit agreement from moorcroft which I originally requested a few months ago. Can anybody advise me what I need to check under the consumer credit act 1974 and to see if this agreement will stand up in court? The agreement is with a catalogue company.

[stadium_arcadium]

Hi Lizzy, there is a copy of a proper catalogue CA here:

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/78848-advice-needed-so-many-13.html

See post #255 page 13. Is yours similar?

[lizzy40]

Thanks for that link I have read through it and checked the scaned copy of the credit agreement, mine is different. What do I need to know if its within the terms and conditions of the consumer credit act 1974, if it will stand up in court and if the debt has been past to a debt recovery company is it still legally binding with them.

[Worried37]

I'm far from an expert Lizzy, but if you requested the Credit Agreement do they not have 12 days + 2 to comply with this and that's it timewise?

 

Only say this because you mentioned that they sent it a couple of months after you requested it.

 

Anyone help?

[alibobsy]

My understanding is after the 12 days the account goes into default where is becomes unenforceable and after the one month period becomes an offence you can report to the relavent authorities, it doesn't however wipe ou the debt (unless you negotiate with the creditor and get them to wipe it out-many people have done this reading through other threads). The debt is then on hold until they provide the credit agreement. The big question is, is it a properly executed agreement and does it contain all the prescribed terms and conditions. If it is correct unfortunately you will have to pay up, but you should be able to write and make an arrangement to pay what you can afford . If it isn't correct it will still be unenforceable so you need to establish this. All the above is just what I have gathered from reading many threads in this forum so worth a good read around.

Good Luck

ali x

[lizzy40]

I have read on somebody else's post that even through they have taken longer then they should have to produce the agreement they have now issued it so therefore it is still binding. Maybe I have that wrong but thats what I thought..

 

Not sure if its binding only with the original company or if its still applies with the debt recovery company who is dealing with it? Hopfully someone can help me out!

[lizzy40]

Thank you alibobsy yes thats what I thought. Do you know how to find out if the agreement has been properly executed? How would I find out this information? As my debt is now with a debt recovery company is my agreement taken over by them and is it therefore enforceable by them. By the way its a catalogue agreement.

[alibobsy]

btw has the DCA also provided a copy of the deed of assignment to prove they have bought the debt and it is legally enforceable by them?

ali x

[lizzy40]

Sorry I'm newish to this site what is btw?

[alibobsy]

by the way

[rory32]

Best thing to do if you can is scan the copy of the agreement in (remove all personal info first).

[alibobsy]

Just trying to find where someone posted the prescribed terms and conditions for credit agreements, I think it needs to have the terms and conditions on it as well as the APR, credit limit and the term of the loan(or the fact it is a rolling agreement like a credit card). I believe it also has to have your signature on it and the signature of someone at the finance co/bank/catalogue. There are some much more knowledgeable people on here regarding these agreements and I am sure they will be along later to help.

good luck

ali x

Ps if you can scan the agreement in as rory says plenty of peeps on here can advise if it looks correct

[lizzy40]

I need help just spoken to the debt recovery company who is now handling my account and they said they haven't brought the debt they are working on behave of the catalogue company so decided to ring catalogue up - they said they have nothing to do with may account any more. What should I do?

[lizzy40]

Everything you have mentioned is in my agreement. surely if the debt company has brought the debt how can the agreement be with them their name isn't on it. Hows does that work?

[rory32]

The most relevant sections of the CCA1974 are sections 60 & 61(1) as below:

 

60 (1) The Secretary of State shall make regulations as to the form and content of documents embodying regulated agreements, and the regulations shall contain such provisions as appear to him appropriate with a view to ensuring that the debtor or hirer is made aware of -

 

(a) the rights and duties conferred or imposed on him by the agreement,

(b) the amount and rate of the total charge for credit (in the case of a consumer credit agreement),

© the protection and remedies available to him under the Act, and

(d) any other matters which, in the opinion of the Secretary of State, it is desirable to know about in connection with the agreement.

 

(2) Regulations under subsection (1) may in particular -

(a) require specific information to be included in the prescribed manner in documents, and other specified material to be excluded;

(b) contain requirement to ensure that specified information is clearly brought to the attention of the debtor or hirer, and that one part of a document is not given insufficient or excessive prominence compared with another.

 

(3) I have left this out as it's not relevant.

 

(4) Again not relevant.

 

61-(1) A regulated agreement is not properly executed unless

 

(a) a document in the prescribed form itself containing all the prescribed terms and conforming to regulations under section 60(1) is signed in the prescribed manner both by the debtor or hirer and by or on behalf of the creditor or owner, and

(b)the document embodies all the terms of the agreement, other than implied terms, and

©the document is, when presented or sent to the debtor or hirer for signature, in such a state that all terms are readily legible.

 

There are also regulations with regards to the layout of the agreement and the signing and dating of the agreement.

[rory32]

Everything you have mentioned is in my agreement. surely if the debt company has brought the debt how can the agreement be with them their name isn't on it. Hows does that work?

You can assign a debt to a third party in a deed of assignment.

[lizzy40]

Thank you Rory32 - what is a deed of assignment?

[lizzy40]

My agreement seems all above board I have tried to scan it onto site but the original copy isn't very clear, but why would a finance company issue an agreement if its wasn't correct?

 

As my account is now in the hands of debt collection agency would they be able to give me a breakdown on what the balance I owe made up from. I have tried to get this information from the original company but they have said they don't hold any records of my account any more. I haven't any statements to check and I dont believe I owe all this balance they are asking for.

[alibobsy]

If you ask for a statment with all the charges/transactions since they took over the account they should provide you with one. Then you can decide if the balance looks right or not.

ali x

[lizzy40]

Thank you alibobsy,

 

Do you mean the debt collection agency can only give me the charges applied to my account from the date they took the debt over. I need to know what the whole debt is made up from?

 

Also I have just gone over my credit agreement and there is a paragraph which says:

 

"We will be entitled to charge to your account the reasonable cost of enforcing our rights against you, including the cost of letters and telephone calls by us or our agents, in respect of any failure by you to make payments in accordance with the agreed terms and conditions"

 

What do they mean by agents, could that be the debt collection company who has bought the debt. The term agent I would have thought meant working on behalf of someone else.

[powelll]

Thank you alibobsy,

 

Do you mean the debt collection agency can only give me the charges applied to my account from the date they took the debt over. I need to know what the whole debt is made up from?

 

Also I have just gone over my credit agreement and there is a paragraph which says:

 

"We will be entitled to charge to your account the reasonable cost of enforcing our rights against you, including the cost of letters and telephone calls by us or our agents, in respect of any failure by you to make payments in accordance with the agreed terms and conditions"

 

What do they mean by agents, could that be the debt collection company who has bought the debt. The term agent I would have thought meant working on behalf of someone else.

 

This would coverthe DCA - If this isn't provided for in the original agreement you signed then basically a DCA would be on v dodgy ground to charge you anything.

[lizzy40]

Thank you powelll very much appreciated.

 

This is the wording on the original agreement which moorcroft have sent me when I ask for a copy, its signed and dated everything looks above board. So powelll what you are saying then the DCA is covered by this agreement in other words although I had an agreement with additions catalogue the agreement has been transfered over to moorcroft who can use all the same terms and conditions. Evan if moorcroft brought the debt they are not working on behalf of additions?

[lizzy40]

Sorry to be a pain but have another problem. I have just used the link to the information commissions search to find where to send letter to request data protection subject access information. I have used the Registered Office number which is on my agreement but nothing comes up. If I search using the companys name then it comes up with a different registered number; is this correct?