Notice of variation of terms

[charitynjw]

Other than interest rates, what are the rules (prescribed by regulations, etc.) which govern the details, and method of service, for a variation of the original terms of a regulated agreement (in particular, a running-account credit agreement)?

I've looked around, but can't find definitive answers.

Thanks in anticipation.

[charitynjw]

Re: Notice of variation of terms

As it's a slooooow Sunday afternoon.....................bump!

[charitynjw]

Re: Notice of variation of terms

Is this still good law?

(4) If an agreement has been varied by the creditor under a unilateral power of variation, the creditor must still provide a copy of the original agreement, as well as the varied terms;

http://www.bailii.org/ew/cases/EWHC/QB/2009/3417.html

at 234

[charitynjw]

Re: Notice of variation of terms

Is this still good law?

(4) If an agreement has been varied by the creditor under a unilateral power of variation, the creditor must still provide a copy of the original agreement, as well as the varied terms;

http://www.bailii.org/ew/cases/EWHC/QB/2009/3417.html

at 234

Any offers?

[lindalou]

Re: Notice of variation of terms

Hello
I am no expert in the Consumer Credit Act.
If it helps I can tell you that in an ordinary contract the ability to vary any of its terms must be contained itself in one of the contractual provisions.
In other words both parties must be aware at execution of contract that a particular term can be varied during the life of the contract.
The CCA talks a great deal about modifying agreements , I would presume that these would be appropriate in all other cases.
LL

[lindalou]

Re: Notice of variation of terms

Hello Again
I have just had a look at the case you mention.
It seems to refer to the requirement for a creditor to have to send a copy of the original agreement along with any varied agreement when complying with a request made under a provision of the appropriate statute.
LL

[labman]

Re: Notice of variation of terms

Hi Charity,
We may be trying to find a definitive answer to the same issue here. Is this to do with WFS's love of 'helping' their customers by effectively doing another agreement as a modification of the original?

[charitynjw]

Re: Notice of variation of terms

Hi Charity,
We may be trying to find a definitive answer to the same issue here. Is this to do with WFS's love of 'helping' their customers by effectively doing another agreement as a modification of the original?

Thanks lindalou & labman

Re above, labman - similar issue, different firm.

But - there's a possible connection.
I'll do a bit more digging & get back to you.
Meanwhile, any further info would be gratefully received

[labman]

Re: Notice of variation of terms

I have a fairly extensive list of people who have had their agreements modified, and am trying, with little success to get a definitive answer as to the legality of this, especially if the original agreement may itself be UE.

[lindalou]

Re: Notice of variation of terms

I have a fairly extensive list of people who have had their agreements modified, and am trying, with little success to get a definitive answer as to the legality of this, especially if the original agreement may itself be UE.

I think that if it is a fixed sum contract then the agreement would have to be re drawn from scratch.

It seems that in contrast a running credit agreement is almost infinately variable(as long as the terms of variation are mentioned in the agreement). This may be due to the fact that this type of agreement can be terminated if the variation is not agreed.

LL