CCA and prescribed terms

[darren41]

Hi all

This is my first post, hope someone can help!

I have received a CCA from a DCA and I think it is enforceable but I'd really appreciate a second opinion.

After reading countless posts on various forums, I asked for the same advice in CAG and Moneysavings expert but received different and conflicting opinions, hence why I am trying here.

The key issue for me is does the CCA have all the prescribed terms intact and is it enforceable?

As my debt is a fixed sum agreement (loan) without restrictions, under S78 it needs to show repayment details (a to e as prescribed) and amount of credit (and it does).

The biggest problem I have is whether the interest rate is not a prescribed term for this type of agreement or whether the calculation is correct. This is what others in CAG or MSE cannot seem to agree on. Perhaps I've just not been very lucky about who has given me advice in these forums as I know they are generally excellent.

So in summary I've been told:-

1. My CCA isn't enforceable as the interest calculation is incorrect
2. The APR should be within a +/- 1% tolerance of the correct APR based upon the formula in the Consumer Credit (Total Charge for Credit) Regulations 1980 otherwise it is unenforceable
3. The APR is not a prescribed term for my type of agreement
4. My CCA isn't enforceable for other reasons not mentioned :tinysmile_hmm_t2:
5. My CCA is enforceable as the calculation of the interest payable is a minor detail which a judge will not be interested in

Here is my CCA: http://s916.photobucket.com/albums/a...3.jpg&newest=1

If anyone has any advice or opinion, i'd love to hear from you.

Thanks
Darren

[jax007]

Re: CCA and prescribed terms

Hi Darren

THE BEST person by far on this forum is Curlyben who I am sure will give you a very sound opinion on this.

I'm sure he wont' be too far behind me!

jaxx
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Oh ... and welcome to the site ... guys on here are brilliant!

[darren41]

Re: CCA and prescribed terms

Hi Darren

THE BEST person by far on this forum is Curlyben who I am sure will give you a very sound opinion on this.

I'm sure he wont' be too far behind me!

jaxx
------------------------------- merged -------------------------------
Oh ... and welcome to the site ... guys on here are brilliant!

Hey Jaxx

Thanks for the welcome. Hope Curlyben or anyone can help. I'm gradually losing the will to live trying to figure it all out!:confused2:

If my thread helps others too even better.

Cheers
Darren

[dizzyking]

Re: CCA and prescribed terms

At least you have received a CCA, which is more than I have acheived, I have only had t&c. GRRR

[darren41]

Re: CCA and prescribed terms

I didn't get any feedback from you guys but that's fine, I'm sure someone would have helped if they could.

Anyway, I thought I'd update everyone as I've found the answers to my questions and hopefully it might prove useful to someone else on here.

1. My CCA isn't enforceable as the interest calculation is incorrect
My CCA is enforceable as interest calculation is correct.
2. The APR should be within a +/- 0.1% tolerance of the correct APR based upon the formula in the Consumer Credit (Total Charge for Credit) Regulations 1980 otherwise it is unenforceable
The interest calculation is correct as the APR on the CCA was within the 0.1% tolerance. Some chap in CAG ran it through his spreadsheet for me.
3. The APR is not a prescribed term for my type of agreement
This is correct. Only parts A and B apply for fixed credit.
4. My CCA isn't enforceable for other reasons not mentioned
It is :tinysmile_cry_t:
5. My CCA is enforceable as the calculation of the interest payable is a minor detail which a judge will not be interested in
Not really sure but in my case, the concensus everywhere I've asked is the OC would have a stronger argument

[enaid]

Re: CCA and prescribed terms

Hello darren, I am sorry you did not get the answers to your question on here.
Thanks too for putting the answers you did find for us to see. Usually you are asked to scan up your agreement without personal details of course so it can be checked. If you are happy with the answers you have then fair enough, if not please post again.
Enaid x

[darren41]

Re: CCA and prescribed terms

Hello darren, I am sorry you did not get the answers to your question on here.
Thanks too for putting the answers you did find for us to see. Usually you are asked to scan up your agreement without personal details of course so it can be checked. If you are happy with the answers you have then fair enough, if not please post again.
Enaid x

Hi enaid

Thank you for your response. I did include a link to my agreement in the very first post in this thread so I would always appreciate a second opinion if someone has the time.

Now that I'm a member of this site, I'll try and help others with the information I've discovered from the various forums I've visited - it's amazing what's out there!

Darren

[Amethyst]

Re: CCA and prescribed terms

Sorry to have missed you, I did look at your Credit Agreement a couple days ago and couldnt see anything markedly wrong with it, not enough to go into a court and argue successfully anyway, but interest rate calcs arent my thing so I thought I'd leave it to others who know this stuff.

What are your plans now with this debt?

[darren41]

Re: CCA and prescribed terms

Sorry to have missed you, I did look at your Credit Agreement a couple days ago and couldnt see anything markedly wrong with it, not enough to go into a court and argue successfully anyway, but interest rate calcs arent my thing so I thought I'd leave it to others who know this stuff.

What are your plans now with this debt?

Hi Amethyst

Thanks for checking.

I will next wait until I hear from the DCA to see if they intend to take me to court. I may have some things in my favour though.

I've been in a payment plan since I defaulted ten years ago and never missed a payment. It's only until recently when the DCA, out of the blue, pulled up my credit file, saw I had taken out some recent credit and demanded I pay them in full or they would take court action! That's when I decided to CCA them. I've been advised a court is unlikely to grant a CCJ anyway as I've been in a payment plan with no missed payments but I suppose you never know in court.

What I really wanted to do was take away their option of court action via the unenforceable route but as you know, my CCA looks enforceable.

My other hope if it did go to court, is that they do not actually have a true copy of the CCA as the copy they sent me looks suspiciously like a microfiche printed copy (the black edges are sometimes a sign apparently). Also, I asked them for a copy of the notice of assignment and to confirm whether it was an absolute or equitable assignment (which they have failed to send). I am also not sure if the original default notice was properly formatted. All of which are required to grant the CCJ. Should they start court proceedings, I will CPR 31.16 them and take it from there.

Well, that's my plan anyway! :tinysmile_grin_t:

Regards
Darren