CCA 1974 Loan amount in excess of the £25k threshold

[theturningworm]

Re: CCA 1974 Loan amount in excess of the £25k threshold

Correct. It ran alongside my mortgage for 20 years and my monthly payments increased with my borrowing

[theturningworm]

Re: CCA 1974 Loan amount in excess of the £25k threshold

Would it help to see the agreement andy?

[Guest]

Re: CCA 1974 Loan amount in excess of the £25k threshold

Would it help to see the agreement andy?

Unfortunately I cannot say until I see it, it may be totally kosher, it may be that it is a multiple agreement and part of it should have had its own agreement per section 18 of the CCA, and be unenforceable because it didn't. This is a long shot but the agreement is unusual in that I am not aware of a running account agreement which is not regulated, even if the limit is 35k, the actual credit will be whatever is drawn. So at least at the beginning of the term the total credit has to be under the threshold,(if you see what I mean). I cannot promise anything, like I say it is a long shot. Perhaps a PM to the site admin(amethyst) to see if you can copy the agreement to a secure area.