CONC 13.1.5

[andys3335]

Please could you help me to understand the above section of the act.
CONS 13.1.5

Thanks,


Andy

[Nibbler]

Re: CONC 13.1.5

Relates to future payments.

The dispensation seems to apply to agreements where there is a
variable or potentially variable item in the computation of the debtor's repayments, and does not serve as an
excuse for a creditor who lacks the required information through inefficiency.

[andys3335]

Re: CONC 13.1.5

Hi thanks, please can you give me an example of what this means.

thanks,


Andy

[PAWS]

Re: CONC 13.1.5

Totally agree Andy. I am not used to interpreting ‘legal speak’ and abstract or out of context paragraphs do not seem to refer to any point or make any clear sense. To many this seems perfectly clear but they probably use this type of language every day. I can quote great passages from Chaucer, Dante and Shakespeare. I would not expect anyone who had not studied them to understand all of the language used or get the message contained within the words. Beowulf in the original Anglo Saxon is clearer to me than this stuff. I have often said that I cannot tell the difference between Legal Speak and Magic Spells!

[Amethyst]

Re: CONC 13.1.5

FCA CONC ?? I don't know where Nibs bit came from ?? sounds like gobbledegook lol.

So is it this you are asking about ?? http://fshandbook.info/FS/html/FCA/CONC/13/1

The statement of account
CONC 13.1.5 ( GUIDANCE }

01/04/2014
FCA

If the firm possesses insufficient information to enable it to ascertain the amount and date of any sum which is to become payable, it is sufficient to indicate the basis on which they would fall to be ascertained.



May be easier Andy to ask what you are trying to work out so we know if you are looking in the right place for the answers.

[Nibbler]

Re: CONC 13.1.5

Sorry, not enough context.

Speaking of which, Andy, if this relates to a specific issue you have, then if you explain we might be able to comment better?

The FCA CONC is reiterating parts s77/8 of the Consumer Credit Act 1974 there.

[Amethyst]

Re: CONC 13.1.5

Basically it means it can be written

The first payment will be due 2 months after the date you take delivery of the vehicle.

rather than

Your first payment will be due on 3/5/15