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I have a default entered by MXXX who then sold it to a DCA who then registered another default against my name. Credit Card partially settled (75%) with DCA.
I sent a letter to MXXA asking for following:
1- Copy of Agreement
2- Copy of default notice
3- Deed/Assignment that load was sold to DCA.
MXXA responded back saying they are searching for agreement, two default entries are correct and and they cannot provide Deed/Assignment that debt was sold because it is confidential information.
After waiting for quite long i raised it with FOS.
MXXA provided me a copy of agreement to FOS who sent it over to me however I am unable to find if they have a clause confirming that they can sell the loan to DCA which they did and secondly any clause confirming that they can enter a default against my name in any circumstances:
My question is can i request to get this removed on above two grounds:
1 Key financial information
1a We will choose your credit limit and tell you what it is. We may vary it at any time and
write to let you know.
1b The minimum payment, that you must pay by the payment due date shown on your
statement each month, will be as follows:
· if the balance shown on your statement is £25 or less, it will be the total amount of the
statement balance; or
· if the balance shown on your statement is more than £25, it will be whichever is the least of
3% of the statement balance or the total of any Payment Protection Cover charges, interest,
handling fees and default charges plus £5.00, provided that it will always be at least £25.
1c Your Annual Percentage Rate is 15.9% APR (variable).
2 Other financial information
2a If, for example, you immediately borrow £1,500 and pay it back in 12 equal monthly
instalments, your total charge for credit under this agreement would be £ 123.71, not including
the £1,500.
2b The interest we will charge on transactions, including for introductory promotions, will be
as set out below. Note that we will not increase any promotional rate during the promotional
period, unless you do not keep to the terms and conditions. If you do not keep to the terms and
conditions, we may, at any time, totally withdraw any promotional rates which apply to your
account from the day after your last statement date and apply the standard rates shown below.
· Card purchases: In the first three months from the account opening date, we will charge
interest at the rate of 0% p.a. (a year). After that, we will charge a standard rate of 15.9 % p.a.
(a year).
· Balance transfers: In the first fifteen months from the account opening date, we will charge
interest at the rate of 0% p.a. (a year). After that, we will charge a standard rate of 15.9 % p.a.
(a year).
· Cheque transactions: In the first fifteen months from the account opening date, we will
charge interest at the rate of 0% p.a. (a year). After that, we will charge a standard rate of 15.9
% p.a. (a year).
· Cash transactions: In the first three months from the account opening date, we will charge
interest at the rate of 24.9% p.a. (a year). After that, we will charge a standard rate of 24.9%
p.a. (a year).
2c We will charge the following handling fees. For all balance transfers and cheque
transactions, 2.98% of the amount of each transaction (minimum £3). For all cash
transactions, 3% of the amount of each transaction (minimum £3). There is an annual fee of
£0.
2d We will charge interest on handling fees, and on interest you already owe, at the rate which
applies to the relevant transaction. We will always charge interest on any annual fee, service
charges and default charges at the rate which applies to card purchases. We will not charge
interest on the card purchases shown on your statement if you pay off the whole balance
shown on that statement, and on the statement before, by the date the payment is due.
Otherwise, we will charge interest on all transactions, handling fees, service charges, default
charges and interest starting on the transaction date and ending on the date you pay the bill in
full. We work out interest each day, so the earlier you make a payment, the less interest you
will have to pay.
2e We will add transactions to your account after the payment system under which we have
issued your card lets us know about them. We will add interest to your account on each
statement date. We will add the handling fees, any annual fee, service charges and default
charges immediately.
2f We will use your payments to pay off balances at lower rates of interest before balances at
higher rates of interest. This means that if you have made a transaction at a promotional rate
after your last statement date but before the date we receive your payment, we may pay that
transaction off first.
2g In working out the APR we have not taken account of any changes in interest rates or
handling fees or any annual fee. We may change these, and may also introduce new fees, by
giving you notice under paragraph 11a.
3 Key information
3a If you break this agreement, you must pay the following default charges.
· £12 each time that your payment has not reached your account in cleared funds by the date
your payment is due.
· £12 each time a cheque, direct debit, a credit-card cheque or other item for payment is
unpaid.
· £12 each time the account balance goes over your credit limit (after taking into account any
items not yet shown on any statement).
· Any other losses and costs we suffer as a result of you breaking this agreement.
We will add these directly to your account. We may change the amount of these default
charges by giving you notice under paragraph 11a.
3b Details of other service charges are set out in section 4.
MISSING PAYMENTS
Missing payments could have severe consequences and make obtaining credit more difficult.
IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which
should have been complied with when this agreement was made. If they were not, we cannot
enforce this agreement without a Court order.
The Act also gives you a number of rights:
1) You can settle this agreement at any time by giving notice in writing and paying off the
amount you owe under the agreement.
2) If you received unsatisfactory goods or services paid for under this agreement, apart from
any bought with a cash loan, you may have a right to sue the supplier, us, or both.
3) If the contract is not fulfilled, perhaps because the supplier has gone out of business, you
may still be able to sue us.
If you would like to know more about your rights under the Act, contact either your local
Trading Standards Department or your nearest Citizens’ Advice Bureau.
THEFT, LOSS OR MISUSE OF CREDIT CARD
If your credit card is lost, stolen or misused by someone without your permission, you may
have to pay up to £0 of any loss to us. If it is misused with your permission you will probably
be liable for ALL losses. You will not be liable to us for losses which take place after you
have told us about the theft, etc.
YOUR RIGHT TO CANCEL
Once you have signed this agreement, you will have a short time in which you can cancel it.
We will send you exact details of how and when you can do this.
This is a credit agreement regulated by the Consumer Credit Act 1974. Sign it only if
you want to be legally bound by its terms.
Signature of Customer:
Please tick this box:
I confirm that the tick in this box is a valid means of establishing the authenticity and
integrity of my signature to this credit agreement. I understand that MXXA will hold
this acceptance data on their files.
Date of Signature:
Above are sections 1-3 of your terms and conditions. The rest of your terms and conditions
(i.e. sections 4-16 including definitions), can be viewed by clicking the Terms and conditions
link at the top of this page.
I have a default entered by MXXX who then sold it to a DCA who then registered another default against my name. Credit Card partially settled (75%) with DCA.
I sent a letter to MXXA asking for following:
1- Copy of Agreement
2- Copy of default notice
3- Deed/Assignment that load was sold to DCA.
MXXA responded back saying they are searching for agreement, two default entries are correct and and they cannot provide Deed/Assignment that debt was sold because it is confidential information.
After waiting for quite long i raised it with FOS.
MXXA provided me a copy of agreement to FOS who sent it over to me however I am unable to find if they have a clause confirming that they can sell the loan to DCA which they did and secondly any clause confirming that they can enter a default against my name in any circumstances:
My question is can i request to get this removed on above two grounds:
1 Key financial information
1a We will choose your credit limit and tell you what it is. We may vary it at any time and
write to let you know.
1b The minimum payment, that you must pay by the payment due date shown on your
statement each month, will be as follows:
· if the balance shown on your statement is £25 or less, it will be the total amount of the
statement balance; or
· if the balance shown on your statement is more than £25, it will be whichever is the least of
3% of the statement balance or the total of any Payment Protection Cover charges, interest,
handling fees and default charges plus £5.00, provided that it will always be at least £25.
1c Your Annual Percentage Rate is 15.9% APR (variable).
2 Other financial information
2a If, for example, you immediately borrow £1,500 and pay it back in 12 equal monthly
instalments, your total charge for credit under this agreement would be £ 123.71, not including
the £1,500.
2b The interest we will charge on transactions, including for introductory promotions, will be
as set out below. Note that we will not increase any promotional rate during the promotional
period, unless you do not keep to the terms and conditions. If you do not keep to the terms and
conditions, we may, at any time, totally withdraw any promotional rates which apply to your
account from the day after your last statement date and apply the standard rates shown below.
· Card purchases: In the first three months from the account opening date, we will charge
interest at the rate of 0% p.a. (a year). After that, we will charge a standard rate of 15.9 % p.a.
(a year).
· Balance transfers: In the first fifteen months from the account opening date, we will charge
interest at the rate of 0% p.a. (a year). After that, we will charge a standard rate of 15.9 % p.a.
(a year).
· Cheque transactions: In the first fifteen months from the account opening date, we will
charge interest at the rate of 0% p.a. (a year). After that, we will charge a standard rate of 15.9
% p.a. (a year).
· Cash transactions: In the first three months from the account opening date, we will charge
interest at the rate of 24.9% p.a. (a year). After that, we will charge a standard rate of 24.9%
p.a. (a year).
2c We will charge the following handling fees. For all balance transfers and cheque
transactions, 2.98% of the amount of each transaction (minimum £3). For all cash
transactions, 3% of the amount of each transaction (minimum £3). There is an annual fee of
£0.
2d We will charge interest on handling fees, and on interest you already owe, at the rate which
applies to the relevant transaction. We will always charge interest on any annual fee, service
charges and default charges at the rate which applies to card purchases. We will not charge
interest on the card purchases shown on your statement if you pay off the whole balance
shown on that statement, and on the statement before, by the date the payment is due.
Otherwise, we will charge interest on all transactions, handling fees, service charges, default
charges and interest starting on the transaction date and ending on the date you pay the bill in
full. We work out interest each day, so the earlier you make a payment, the less interest you
will have to pay.
2e We will add transactions to your account after the payment system under which we have
issued your card lets us know about them. We will add interest to your account on each
statement date. We will add the handling fees, any annual fee, service charges and default
charges immediately.
2f We will use your payments to pay off balances at lower rates of interest before balances at
higher rates of interest. This means that if you have made a transaction at a promotional rate
after your last statement date but before the date we receive your payment, we may pay that
transaction off first.
2g In working out the APR we have not taken account of any changes in interest rates or
handling fees or any annual fee. We may change these, and may also introduce new fees, by
giving you notice under paragraph 11a.
3 Key information
3a If you break this agreement, you must pay the following default charges.
· £12 each time that your payment has not reached your account in cleared funds by the date
your payment is due.
· £12 each time a cheque, direct debit, a credit-card cheque or other item for payment is
unpaid.
· £12 each time the account balance goes over your credit limit (after taking into account any
items not yet shown on any statement).
· Any other losses and costs we suffer as a result of you breaking this agreement.
We will add these directly to your account. We may change the amount of these default
charges by giving you notice under paragraph 11a.
3b Details of other service charges are set out in section 4.
MISSING PAYMENTS
Missing payments could have severe consequences and make obtaining credit more difficult.
IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
The Consumer Credit Act 1974 lays down certain requirements for your protection which
should have been complied with when this agreement was made. If they were not, we cannot
enforce this agreement without a Court order.
The Act also gives you a number of rights:
1) You can settle this agreement at any time by giving notice in writing and paying off the
amount you owe under the agreement.
2) If you received unsatisfactory goods or services paid for under this agreement, apart from
any bought with a cash loan, you may have a right to sue the supplier, us, or both.
3) If the contract is not fulfilled, perhaps because the supplier has gone out of business, you
may still be able to sue us.
If you would like to know more about your rights under the Act, contact either your local
Trading Standards Department or your nearest Citizens’ Advice Bureau.
THEFT, LOSS OR MISUSE OF CREDIT CARD
If your credit card is lost, stolen or misused by someone without your permission, you may
have to pay up to £0 of any loss to us. If it is misused with your permission you will probably
be liable for ALL losses. You will not be liable to us for losses which take place after you
have told us about the theft, etc.
YOUR RIGHT TO CANCEL
Once you have signed this agreement, you will have a short time in which you can cancel it.
We will send you exact details of how and when you can do this.
This is a credit agreement regulated by the Consumer Credit Act 1974. Sign it only if
you want to be legally bound by its terms.
Signature of Customer:
Please tick this box:
I confirm that the tick in this box is a valid means of establishing the authenticity and
integrity of my signature to this credit agreement. I understand that MXXA will hold
this acceptance data on their files.
Date of Signature:
Above are sections 1-3 of your terms and conditions. The rest of your terms and conditions
(i.e. sections 4-16 including definitions), can be viewed by clicking the Terms and conditions
link at the top of this page.
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