• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Is this agreement enforceable

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Is this agreement enforceable

    I have attached my credit agreement for my Cahoot loan, is this enforceable ?

    It referes to the Cahoot T&Cs and General T&Cs.

    I thought all T&Cs has to be on the same page as the signature, not on seperate documents ?
    It does not specify the loan amount or the credit limit..

    Thanks if any CCA experts could check it out as I don't think it shows enough detail

    Tags: None

  • #2
    Re: Is this agreement enforceable

    Hi

    Yes it sems OK there is no requirment for the signature to be on the same page, as long as it is within the same document.

    Peter

    Comment


    • #3
      Re: Is this agreement enforceable

      Was this a credit card?

      I think nowadays a court would deem this enforceable.

      In terms of the prescribed terms:
      It is missing the Heading stating what type of loan it is; I am unsure whether the exact credit limit should be specified.

      Other than that it looks OK, as long as the attached T&C's are attached to the agreement and pertain to it I think the errors would be overlooked now.

      Purely my opinion mind - I'm not an expert on unenforceability.
      Last edited by labman; 2nd December 2011, 14:27:PM. Reason: typo

      Comment


      • #4
        Re: Is this agreement enforceable

        This was for a loan, not a credit card. I borrowed £5,000

        Comment


        • #5
          Re: Is this agreement enforceable

          Hi

          Hmm if this a fixed sum loan they should state the amount of credit "the amount of credit will be advised" will not do.

          Also since this has a variable interest rate thee should be a figure for the annual interest rate.

          Peter

          Comment


          • #6
            Re: Is this agreement enforceable

            Originally posted by peterbard View Post
            Hi

            Hmm if this a fixed sum loan they should state the amount of credit "the amount of credit will be advised" will not do.

            Also since this has a variable interest rate thee should be a figure for the annual interest rate.

            Peter
            Was unsure about amount of credit - the flexible bit made me unsure if it might be a Credit Card.

            The APR is on there 6.9% - halfway down p1. I missed it first time too! lol:tinysmile_grin_t:

            Comment


            • #7
              Re: Is this agreement enforceable

              Hi this was a flexible loan, when I started I loaned £5K, it allowed me the option to dip in and borrow more. Cant recall ever seeing an amount of credit.

              Also it refers to the Cahoot "General Terms and Conditions" this I never received a copy of this. But guess cahoot will just give a standard response that it was sent out with the offer.

              Comment


              • #8
                Re: Is this agreement enforceable

                Originally posted by labman View Post
                Was unsure about amount of credit - the flexible bit made me unsure if it might be a Credit Card.

                The APR is on there 6.9% - halfway down p1. I missed it first time too! lol:tinysmile_grin_t:
                Hi

                No i spotted the APR, that is not a prescribed term, it is the interest rate i was after.

                Peter

                Comment


                • #9
                  Re: Is this agreement enforceable

                  Hi
                  You know i dont say this very often these days but i think that if this is a fixed sum loan i think it may be unenforcceable.

                  Peter

                  Comment


                  • #10
                    Re: Is this agreement enforceable

                    Hmm
                    The more i look at it there more it looks like a ruuning credit agreement.

                    Cant see anythinh about the term(length of the agreement).

                    Peter

                    Comment


                    • #11
                      Re: Is this agreement enforceable

                      You can see why I thought it might be a credit card. It's an unusual loan.

                      Comment


                      • #12
                        Re: Is this agreement enforceable

                        It was for a flexible loan, I guess a bit like a credit card - but not one. It gave the facility to increase the amount borrowed.

                        Comment


                        • #13
                          Re: Is this agreement enforceable

                          Hi
                          Section 10 of the Act

                          (a) running-account credit is a facility under a personal credit agreement whereby the debtor is enabled to receive from time to time (whether in his own person, or by another person) from the creditor or a third party cash, goods and services (or any of them) to an amount or value such that, taking into account payments made by or to the credit of the debtor, the credit limit (if any) is not at any time exceeded; and

                          (b) Fixed -sum credit is any other facility under a personal credit agreement whereby the debtor is enabled to receive credit (whether in one amount or by instalments)
                          So what is the difference between the two and which is the agreement and which describes this particular transaction.
                          Because if the transaction type was a fixed loan and the agreement was for a running account then it is improperly executed because there is no total credit.

                          Peter

                          Comment


                          • #14
                            Re: Is this agreement enforceable

                            Oracleman, was the credit paid in one sum and out of the creditors account into yours.

                            I mean was it given to you as a lump sum or was it deposited in the creditors account for you to draw on upto the agreed limit.

                            Peter

                            Comment


                            • #15
                              Re: Is this agreement enforceable

                              Was there a upper limit of the flexibility tho, and if there was what was the limit

                              ie 1st month you take out £5k
                              then next month did it let you take out up to £xxK


                              or was it like a super duper credit card that billionaires have

                              ie 1st month you could take out £5k
                              then the next month you could buy the world as long as you agreed to pay it back the next month

                              Originally posted by oracleman View Post
                              It was for a flexible loan, I guess a bit like a credit card - but not one. It gave the facility to increase the amount borrowed.

                              Comment

                              View our Terms and Conditions

                              LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                              If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                              If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                              Working...
                              X