legalities of pay day loans court claims

[Guest]

Re: legalities of pay day loans court claims

[QUOTE=Amethyst;402712]Silly question here - my apologies - Can you do a CCA request on a payday loan company? (ie short term low value 30 day loans) and if you do and they don't respond within their 12+2 days they have to hold off charging interest/default fees/calling in loan until they comply ?

5 How are lenders of payday loans regulated?
Payday lenders have to comply with certain legal requirements - many of which are set out in the Consumer Credit Act 1974 (CCA 1974) and its regulations. [/quote

The OFT position is that a request under section 78 must be complied with as long as liabilities remain under the agreement and before a judgment.(that is before or after termination)

Since most of these are done on line it is not really an issue with them unfortunately, failure to comply with a copy request does not prevent the application of interest and charges or the ability for the creditor to demand payment in any case, all it does is prevent enforcement in court

[Amethyst]

Re: legalities of pay day loans court claims

I'm probably thinking of the annual statement required post contract info requirements http://www.oft.gov.uk/shared_oft/Cre...nks-letter.pdf

But a CCA request is valid for a PDL company and stops enforcement if they fail to comply ( just checking it's appropriate to send one on a case where the debtor disputes they ever had a loan with the PDL company )

[Guest]

Re: legalities of pay day loans court claims

I'm probably thinking of the annual statement required post contract info requirements http://www.oft.gov.uk/shared_oft/Cre...nks-letter.pdf

But a CCA request is valid for a PDL company and stops enforcement if they fail to comply ( just checking it's appropriate to send one on a case where the debtor disputes they ever had a loan with the PDL company )

Yes that is the regulations regarding statements as you say, they cannot charge interest in the period of none compliance.
Unfortunately the copy request would not confirm or the existence of an account, they can still send one without reference to an original. If a a fraudulent demand is made, it is better IMO just putting them to proof of the original transfer of funds, destination account details time and amounts transferred that kind of thing.

[Amethyst]

Re: legalities of pay day loans court claims

Good plan. It's MMF (I just posted on it).

I'm a bit brain dead today sorry xx