unenforceable credit agreement CCA prescribed terms?

[Guest]

Re: Does this cca comply with the prescribed terms?

Sorry I don't quite follow the interest rate does not appear on the statements but does appear on the credit agreement as apr does this mean they are exempt from it or not? Also have they complied with all the other prescribe terms? You can see a pdf copy of the credit agreement in the pdf I attached earlier. Also are they required under the prescribed terms to tell you what the administration charges they would apply be? I need a detailed run down to see if they have complied with all the prescribed terms as I am aware under 127 (3) of the act the agreement is unenforceable where the agreement does not contain all the prescribed terms and has not been signed? Also did you mean they had to show the interest on the credit agreement or the statement of the account? Sorry to ask but this is still new to me.

Hi
I am unsure why they would send you a credit agreement and then say section127 does not apply.
Technically they can claim the exemption but in practice I do not think it has been tested. The last time I looked into this I was told that they are not keen to open the whole can of worms about hiding interest, by calling it something else or inflating the purchase price.
I would do as Ami says and just pay for the goods. Is there a huge difference between the purchase price and the purchase price plus charges?

For refference you may want to see this

Exempt agreements
The Consumer Credit Act 1974 regulates most consumer credit and consumer hire agreements with individuals - which is defined as including sole traders and partnerships of two or three partners.
Until 6 April 2008, agreements were excluded from regulation if the amount of credit or hire exceeded £25,000. However, this financial limit was removed for all new credit and hire agreements by the Consumer Credit Act 2006. Pre-existing agreements above £25,000 remain outside CCA regulation.
There are a number of exemptions from the 1974 Act. These are principally set out in section 16 and the Consumer Credit (Exempt Agreements) Order 1989 as amended.
In particular, there are exemptions for:
first charge mortgages regulated by the Financial Services Authority
some second charge mortgages, depending upon the nature of the agreement and the identity of the lender
agreements for goods or services where the consumer has to repay the credit within one year in four payments or less
charge cards and similar agreements where the consumer has to repay the outstanding balance in full at the end of each period
credit union agreements where the APR does not exceed 26.9 per cent
credit agreements offered to a limited group of borrowers where the APR does not exceed a specified 'low cost' rate (set by reference to average base rates)
certain agreements relating to overseas finance.
The 2006 Act introduces two new categories of exempt agreement:
lending to high net worth individuals, with net income exceeding £150,000 or net assets exceeding £500,000 and supporting documentation
business lending over £25,000, where the loan is wholly or predominantly for business purposes (business lending up to £25,000 remains regulated).
These new exemptions are set out in sections 16A and 16B of the 1974 Act (as amended) and the Consumer Credit (Exempt Agreements) Order 2007 - see the Office of Public Sector Information website.
In addition, the Department for Business, Enterprise and Regulatory

[caledonia2]

Re: Does this cca comply with the prescribed terms?

Hi yes I Did a full sar they gave me a list of items they put the service charge down but also a whole load of thinks marked adjustment such and such it isn't clear what they are for? Next have now apparently sold the debt on to a dca but I haven't heard from them yet which is strange considering they took on the account in 2007 apparently according to next. The ones for provi want payment in full as do equifax for the bank of scotland they wont negotiate I have tried and tried.

[Amethyst]

Re: Does this cca comply with the prescribed terms?

I had Lewis DCA's for next, they came round, but went away again and havent heard from them since. But then it was only £20 not £3k. lol.


Do you IE sheet and put it up, then we can see your whole situation and look at this idea of bankruptcy (which i think is unnecessary for you so far but there could be a 20k debt you havent mentioned yet lol) and what other options you have to sort out the mess and stop the stress.


Whats the amount of actual goods from next then ? (assume those amounts have the item codes or something next to them so not too hard to pick out?)

Adjustments i assume could be returns / refunded charges / altering ''service charges'' due to returned items etc.

[caledonia2]

Re: Does this cca comply with the prescribed terms?

where do I get the IE sheet?

[Caspar]

Re: Does this cca comply with the prescribed terms?

Have you done a full Subject Access Request for a list of all transactions on the account ?
You will have a much better idea of the overall picture if you do the IE sheets, Provident could accept a reduced amount too.

To make things as easy as possible for you, below is the link to the I/E sheet


http://www.legalbeagles.info/forums/...ad.php?t=19592

fill it in and post it for us to scrutinise.

Below again is an SAR template which I believe to be suitable for your situation:


Dear Sir/Madam

Data Protection Act 1998 Subject Access Request

I would be grateful if you would kindly provide full and complete copies of any and all data you hold which relates to me and my entire history with your company. I have enclosed the statutory maximum of £10.

For the avoidance of doubt, take note that the enclosed cheque is payment for the fee relating to my Subject Access Request only and not a payment of any other kind or to be used for any other purpose. If you do not require a fee in order to process my Subject Access Request then kindly return or destroy my cheque.

For your convenience I have detailed below a list of what I require, although this is not an exhaustive list by any means and is just an example of some of the information I require with regard to any accounts I may have had or may still have with your company.

1. Computer screen notes relating to the conduct of my account
2. Computer screen notes relating to transactions that have gone through my account
3. Internal messages or notes relating to the conduct of my account
4. Internal messages or notes relating to transactions that have gone through my account
5. Recordings of any telephone conversations, whether internal or external, relating to my account
6. Copies of any e-mail's, or other electronic communications, whether internal or external, relating my account
7. Copies of letters relating to my account
8. All information relating to litigation that has taken place on my account
9. A detailed statement of account showing a breakdown of all costs charged, showing in each case the reason for the cost and the actual cost against that item
10. Copies of all reviews conducted relating to my account
11. Copies of all paperwork relating to my account.

I trust that the above is clear and should you be in any doubt as to your obligations as a Data Controller, then I would advise that you consult your corporate counsel.

As detailed above, I have enclosed the statutory maximum fee of £10. You have 40 days in which to comply.

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one to which you have previously sent all correspondence.
Yours faithfully


(Your Name)



And finally what do you owe Provident? What are you currently paying? They are normally easy to deal with - we pay £6 per week on a £2500 debt.

[Guest]

Re: Does this cca comply with the prescribed terms?

HI if your account was open pre 2005 the agreement would probably have looked lke this.
still says it is regulated though.

Here goes:
NEXT;0]
Customer Services Department
PC Box 400
Leeds L52 8RZ
U05111i -
31st January 199
DEARt smr,N- -
CREDIT AGREEMENT REGULATED
BY THE CONSUMER CREDIT ACT 1974.
TERMS
1. This agreement covers the purchase by the Customer of goods from The Next Directory.
2. No formal credit limit is applied.
3 Payments under the agreement shall be every four weeks. Assuming you do not, make early repayment or any, further purchases, payments will be at the rate of one twelfth of the total purchase price, plus one twelfth of our estimate of the total service charge payable or, if le’ss, the outstanding balance on your account. There is aminimum payment of £10.00. Terms will be re-calculated whenever further goods are added to the accounts based on the new purchases plus any existing balance. The revised balance will be payable by a further 12 instalments as described above.
4. Account Statements will be posted to the Customer every four weeks, and payment should be made within 21 days of the Statement date.
5.” ‘sèrvicè ch’aiè’ at’’the’ rate” of” 2.027% every 4 weeks (APR 29.8%) variable will be calculated on the opening balance shown on each statement and will be debited to your account, unless the full balance shown on that statement’ has been paid by no later than the date set out in 4 above.
6. Nqtice of any change in the service charge rate or the minimum payment, will be given in writing and will become effective not less than four weeks after being given.
7. We reserve the right to levy an administration charge at our discretion, for generating arrears reminders and handlin dishonoured cheques -
ORDERS
The Next Directory reserve the right to reject any order.
A99 00264
Qua1ity & Design
Not at all compliant

Peter

[caledonia2]

Re: Does this cca comply with the prescribed terms?

Ok guys see income expenditure sheet debts even worse than I thought!

[caledonia2]

Re: Does this cca comply with the prescribed terms?

HI if your account was open pre 2005 the agreement would probably have looked lke this.
still says it is regulated though.

Here goes:
NEXT;0]
Customer Services Department
PC Box 400
Leeds L52 8RZ
U05111i -
31st January 199
DEARt smr,N- -
CREDIT AGREEMENT REGULATED
BY THE CONSUMER CREDIT ACT 1974.
TERMS
1. This agreement covers the purchase by the Customer of goods from The Next Directory.
2. No formal credit limit is applied.
3 Payments under the agreement shall be every four weeks. Assuming you do not, make early repayment or any, further purchases, payments will be at the rate of one twelfth of the total purchase price, plus one twelfth of our estimate of the total service charge payable or, if le’ss, the outstanding balance on your account. There is aminimum payment of £10.00. Terms will be re-calculated whenever further goods are added to the accounts based on the new purchases plus any existing balance. The revised balance will be payable by a further 12 instalments as described above.
4. Account Statements will be posted to the Customer every four weeks, and payment should be made within 21 days of the Statement date.
5.” ‘sèrvicè ch’aiè’ at’’the’ rate” of” 2.027% every 4 weeks (APR 29.8%) variable will be calculated on the opening balance shown on each statement and will be debited to your account, unless the full balance shown on that statement’ has been paid by no later than the date set out in 4 above.
6. Nqtice of any change in the service charge rate or the minimum payment, will be given in writing and will become effective not less than four weeks after being given.
7. We reserve the right to levy an administration charge at our discretion, for generating arrears reminders and handlin dishonoured cheques -
ORDERS
The Next Directory reserve the right to reject any order.
A99 00264
Qua1ity & Design
Not at all compliant

Peter

My agreement was apparently taken out in august 2005!

[Guest]

Re: Does this cca comply with the prescribed terms?

My agreement was apparently taken out in august 2005!

Then it would be similat to the one they sent yoou they changed may 2005.
The main thing is that it was before April 6th 2007 and therefore section 127(3) applies

eter

[middenmess]

Re: Does this cca comply with the prescribed terms?

Ok guys see income expenditure sheet debts even worse than I thought!

If that's your real name on that IE s/sheet I'd remove it.

[caledonia2]

Re: Does this cca comply with the prescribed terms?

name changed

[Caspar]

Re: Does this cca comply with the prescribed terms?

Ok guys see income expenditure sheet debts even worse than I thought!

That's good comapred to mine!!!!!

Looking at your I/E sheet I'd move your pet expenditure to television (pets are not essential).

Your electricity payment seems very low. It works out at just £10.38 per week. Are you sure this is all you spend on it for lighting, cooking, heating, water heating, appliances etc.... You have nothing down for gas so I assume everything is electric?

I'd amend these then repost.

Hope this helps!

David

[Caspar]

Re: Does this cca comply with the prescribed terms?

Sorry! Should also have said IF, and it's a big IF the bankruptcy route is the way for you to go, do not do it yourself, wait for someone to make you bankrupt - that way they pay the charges! We were advised this by CAB!

Looking at your I/E sheet - by the time we've finished work on that we should be able to prove hardship. You could then send this with a letter containing your I/E sheet asking them to write off the debt (there's a template we can easily post up for you, so don't worry about that!)

Let's get the IE sheet sorted first!:beagle:

[Amethyst]

Re: Does this cca comply with the prescribed terms?

I'd split pets between phone (£7 there) and food. You are okay putting say £10 for pets - phone you'll run into problems if its much over £27 but you have some room on the food bill to soak up the other £13.

How are the other debts going ? You mentioned you had kept up with Provident etc. Have you CCA'd etc the others?

You could try asking for write offs on the debts with a copy of your IE sheet enclosed as it isnt really worth offering less than £1.

Is income support Jobseekers ?


Next
3,017.00

Bank of Scotland
2,100.00

Provident
1,000.00

Greenwoods
500.00

Royal Bank of Scotland
455.00

Marlin
166.00

lloyds tsb
309.00

Santander
77.00

[caledonia2]

Re: Does this cca comply with the prescribed terms?

hey Provident no longer get paid as they sold the debt to a dca and well I haven't heard from the DCA in probably about 2 years. All the other debts are not being paid as well I don't really want to give those robbing so and so to put it politely at the bank any more money especially after the way the Halifax lot treated me on the phone. Amethyst I shall take your advice on board and change the pets the way you said though I think the government is bonkers pets should be taken into consideration but thats just me mind you government is bonkers anyway ha ha ha!

Income support is mainly those unable to work due to long term problems for example my Aspergers syndrome.