Is a Default Notice required for unregulated loan

[jumper999]

Re: Is a Default Notice required for unregulated loan

The language and presentation of Consumer Contracts

Regulation 7(1) holds that consumer contracts must be written in plain and intelligible language. Technical phrases and jargon cannot be used. Words and phrases such as, ‘indemnify’, tort, ‘without prejudice, ‘time of payment shall be of the essence’, ‘irrevocably indemnify’, ‘warranted vehicles’, lien, ‘consequential loss’ and ‘implied by law’, have all been held by the OFT to be void.



The word indeminfy is my agreement over 14 times>>>>>>>>>>>>>>>

GREAT READING

The Journal Online : Drafting consumer contracts

[labman]

Re: Is a Default Notice required for unregulated loan

Would this legislation not have been superceded now by CPUTR 2008?

[jumper999]

Re: Is a Default Notice required for unregulated loan

I love this part

The language and presentation of Consumer Contracts

Regulation 7(1) holds that consumer contracts must be written in plain and intelligible language. Technical phrases and jargon cannot be used. Words and phrases such as, ‘indemnify’, tort, ‘without prejudice, ‘time of payment shall be of the essence’, ‘irrevocably indemnify’, ‘warranted vehicles’, lien, ‘consequential loss’ and ‘implied by law’, have all been held by the OFT to be void.
Consumer contracts must also be clearly and legibly presented. Potentially detrimental and important terms should be highlighted. Contracts printed in small font and which some consumers may find illegible may be void. Sentences should be short and contain one contractual term per sentence.


Because that is everything I have and which has been already declared VOID by the OFT

[Sparkie1723]

Re: Is a Default Notice required for unregulated loan

Thanks sparkie & peter.........looks like this only applies to regulated agreements.........what a bummer.

One thing if I may ask peter is that in an unregulated agreement must there be some reference or section of the borrowers rights?

I mean if they have any complaints can they go to the FOS or any other regulatory board.........or a section of the lenders complaint procedure be in the agreement?

Also is the CCTA (Consumer Credit Trade Association) a place where borrowers can submit their complaints to if they cannot reslove any complaints with the Lender.

Appreciate your input on this please and thank you in advance.

All I can say about all this is that Swift Advances plc ..........who do not do anything they can get away with and anything that costs them money issue Default Notices which states.

"This is a Default Notice - unregulated agreement

Meaning exempt from CCA regulation
I am also aware that First Charge mortgage companies issue Default Notices, their agreements are also exempt from CCA regulation.

And I notice what the ruling I found says at the end which is the defining statement in my view ......ANY DEFAULT NOTICE. ...........not particular ones that need to comply with Regulations for a regulated agreement.....But still must issue some kind of default notice of warning

Just my dim view on a complicated subject.

Sparkie

[jumper999]

Re: Is a Default Notice required for unregulated loan

Thanks sparkie at least yours states it is unregulated mine does not even say that.

[Guest]

Re: Is a Default Notice required for unregulated loan

Hi
All creditors may issue a default notice; it is merely, as it states a notice to inform the debtor that he has defaulted. There is a major difference between this and the default notice which is a statutory requirement under the consumer credit act on regulated loans.
I am not aware of any stipulation for the form and content of default notices on unregulated loans, I suppose there may be some guidelines under the lending code but I do not think that there are any statutory requirements. More importantly there are no sanctions for inacuracies that i am aware of, other than the fact that the court may take a dim view of the statement of case being incorrect.
Peter

[jumper999]

Re: Is a Default Notice required for unregulated loan

Thank you peter...........all I can say that is that the amount claimed owed on my unregulated DN is incorrect...........wether the court will take as a dim view or not? well only time will tell on that........that just being one inaccuracie of the many and many other inaccuracies by the lender.

Thank you for your input.

[Sparkie1723]

Re: Is a Default Notice required for unregulated loan

It is my take that all that "unregulated" means is ..............unregulated by the CCA..........they are classed as "exempt agreements" ....exempt from regulation of the CCA......................it does not mean they are completely unregulated............they are regulated by all other laws and statutes..........if there are any inaccuracies in any "default notice"........i.e......incorrect.........then it would fall under the Misrepresentation Act...........what I am pointing to, is that if the creditor decides to issue any kind of "default notice" and names it as such ........................it must be correct in every detail........otherwise it becomes a misrepresentation of fact.

Everyone has a view......and this is only mine......and as usual could be wrong.

Sparkie

[Guest]

Re: Is a Default Notice required for unregulated loan

It is my take that all that "unregulated" means is ..............unregulated by the CCA..........they are classed as "exempt agreements" ....exempt from regulation of the CCA......................it does not mean they are completely unregulated............they are regulated by all other laws and statutes..........if there are any inaccuracies in any "default notice"........i.e......incorrect.........then it would fall under the Misrepresentation Act...........what I am pointing to, is that if the creditor decides to issue any kind of "default notice" and names it as such ........................it must be correct in every detail........otherwise it becomes a misrepresentation of fact.

Everyone has a view......and this is only mine......and as usual could be wrong.

Sparkie

This is true like all contracts they are subject to common law and statute, however there is no other law that prohibits enforcement on a faulty dn, only the CCA.
I think that the court would want to know why this dissagreement was not settled prior to the hearing, also they have a nasty habit of saying, OK so the amount is to great why did you not pay the smaller amount , if you agree you owe it?
Dont shoot the messenger
Peter

[jumper999]

Re: Is a Default Notice required for unregulated loan

Thanks sparkie for your input on this too......yes I know that the agreement although not regulated by the CCA save s140 then it will come under all other laws and statutes ...............including contract law.

Just because an agreement is not regulated by the CCA does not give these lenders that give out unregulated loans a pass to do whatever and whenever they want to their customers.

I believe that if these lenders take people to court............they want to portray a picture in front of the judge that their customer took out a loan and now will not or cannot afford to pay. These lenders issues out claim forms, witness statements, default notices.............which have many incorrect details, claims and information contained in them.

As for the person defending themselves this can be an uphill and almost impossible battle to win let alone have any fighting chance to defend themselves. Everything turns in to double dutch when you get to the court and unless you are armed and aquainted with what your up against and know that you have well prepared your defence as best you can hope............that you will stand some sort of chance of getting somewhere.

Lender/Claimant says to the judge the Borrower/Defendant done this & this your honour and now we want his/her house plus costs and anything else you throw on top of that, your honour.

Borrower/Defendant says to the judge sorry but............the Lender/Defendant done this, this, this, this & more and that..............so your honour what do you think??????

Oh if only it were that easy hey............but for what it is worth I do believe that their is still some justice left in our legal system............it may take a couple of mount everests to climb but I do hope that and believe that a good outcome could come out of a good defence.

Just my early morning rant.........seeing as I have only just noticed that the closks went back last night. :tinysmile_hmm_t2:

[jumper999]

Re: Is a Default Notice required for unregulated loan

This is true like all contracts they are subject to common law and statute, however there is no other law that prohibits enforcement on a faulty dn, only the CCA.
I think that the court would want to know why this dissagreement was not settled prior to the hearing, also they have a nasty habit of saying, OK so the amount is to great why did you not pay the smaller amount , if you agree you owe it?
Dont shoot the messenger
Peter

I understand what you are saying peter and this is only my opinion. IF any lender or creditor honestly and truthfully wanted to help their customers and reslove matters do you really think that we would be where we are today.

There are hundreds of forums where people go to get advice and try and get some help after exhausting all other avenues..................and have not one but many disagreements with their lender/creditor.

If only it were cut annd dry like that I am sure I for one would never have joined any forum and looked for any help from anyone IF my lender helped, listened, compromised or came to any suitable agreement.

I will just give you and example................I wrote to my lender...not just once but loads of times............stataing that I have a problem with x y & z..........actually to be more precise I stated I had a problem with... abcdefghijklmnopqrstuvwxyz............and their response (ONE OF MANY OF THEIR REPONSES WAS)


Dear Mrs,

Thank you for letter dated xxxxxx.

wait for it........................and read what they wrote and their attitude since day one.

WE DO NOT WISH TO GET BOGGED DOWN IN THE CHRONOLOGY OF EVENTS


If this is the lenders attitudes to their customers complaints and issues then trying to sort out an incorrect DN, regulated or not is just like trying to make ice cubes in a 100 degree oven on full heat.
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One more thing if Lenders/Creditors want to drag people to the courts and make out that they are the inncocent party then should the least of the least get their facts, evidence,claims and paperwork correct.........after all they are much much more sophisticated than us dosen't everyone agree???

[jumper999]

Re: Is a Default Notice required for unregulated loan

One thing I was trying to find out is that in a contract must there be a statutory provison?