Is this agreement enforceable

[oracleman]

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

[Guest]

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

[labman]

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.

[oracleman]

Re: Is this agreement enforceable

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

[Guest]

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

[labman]

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

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:

[oracleman]

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.

[Guest]

Re: Is this agreement enforceable

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

[Guest]

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

[Guest]

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

[labman]

Re: Is this agreement enforceable

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

[oracleman]

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.

[Guest]

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

[Guest]

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

[Gorang]

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

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.