capquest threat

[credit allergy]

received a letter two weeks ago saying they have bought two nat west debts one current account and one loan. I have not answered them, then received another letter threatening legal action if no answer by today. I am worried that a ccj is going to arrive tommorrow. I have been so busy working extra hours for xmas. I know not to phone them the letter was from h and L. I was going to cca them for the debts but what happens if ccj arrives in the mean time. Debts are current account opened 2003 and loan 2004 does anyone know if natwest keep agreements etc. help please

[bfb]

ccj will not appear in the meantime, ask for the agreements, Your reaction is what they are trying to get -do not panic

[42man]

Did the current account have an agreed overdraft on it then it is covered by the Consumer Credit Act.....the loan will be covered....yes get the CCA's out as fast as you can.....!!! any excessive charges to claim back also ?

[credit allergy]

Thanks for your help how long before they go to court also does anyone know if nat west keep ccas etc. Bank account did have overdraft and there will be charges. I have been quite successful against other dcas but these amounts ae quite high. I dealt with capquest in respect of my wifes cap one card which we paid off. I am now wiser the only thing that bothers me is that we are now back on our feet after a lot of problems. On paper i could be asked to start repaying. However as I have said before, through no fault of my own I find myself in this position and so therefore i am entitled to use the CCA 1974 bearing in mind the opening line of the act.

[42man]

I don't know the timeframes for them taking you to court, however, by sending them the CCA requests it puts the account into dispute...

[credit allergy]

Thank you also has any one decided whether an overdraft is subject to a cca.

[42man]

This may help (from Peter Bards posting)

IS MY AGREEMENT ENFORCEABLE( Via section 127(3) CCA1974)

PRESCRIBED TERMS FOR THE PURPOSES OF SECTIONS 61(1)(0) AND 127(3) OF THE

CONSUMER CREDIT ACT 1974 Taken from sced.6(1983/1553) regulations

(If you just want to find out, skip the bits in between the stars it’s just some extra information)

 

**What do we mean by unenforceable?

In the Consumer Credit Act section 127 there is a provision for making an agreement unenforceable if it does not contain certain pieces of information.

Subsections 1,2,3,4 state which pieces of information these are, and everything mentioned there must be included within the body of the agreement, if one is missing the agreement is unenforceable.

 

How does unenforceable differ from enforceable with a court order only?

When an agreement is unenforceable it means that the court or the judge cannot make a ruling on it. The court cannot make it enforceable.

When an agreement is enforceable only by ruling of the court it means that the agreement can be stopped by the debtor but the court has the power to re-instate it and allow the credit to continue to enforce.**

 

The Pescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

B Repayments

A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following-

(a) Number of repayments;

(b) Amount of repayments;

© Frequency and timing of repayments;

(d) Dates of repayments;

(e) The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

 

C Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement

D Credit limit

This may be a term or the manner in which it will be determined or that there is no credit limit.

--------------------------

 

Which of these applies to you depends on the type of agreement you have?

 

For a Running Account (credit card) agreement

 

BC and D Apply

 

For a Restricted Use Debtor Creditor Supplier

• Where the dealer is the supplier and the creditor is the one providing the finance.
  
• The money can only be used for the purpose it is given.
  
• There is no interest on the purchase (the cash price is the same as the total price)
  
• And there is no advance payment

A is applicable

 

For a fixed Sum Credit Agreement

A conventional credit agreement with none of the above restrictions

 

A and B apply

 

For a Hire Agreement

 

B is Applicable

 

This paper only covers section 127(3) of the Act agreements can also be unenforceable by contravention of sections 1 and4 this will be the subject of the next paper.

Please note that these Prescribed terms where not changed in any way by the 2004/1482 Ammendments although the form in which they appear on the agreement was. Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3) will only apply to agreemens executed before that date.

[Belaflat]

There was also a link to another site where you input details of your agreement and it then offers an opinion of its enforceability not only based on prescribed terms but also whether or not those terms are accurate.

 

I havnt put mine to the test yet but an agreement that apparently had all the terms, had according to the site, incorrect interest rates and therefore unenforceable.

The only downside to this was you had to pay for further details.

 

I cannot for the life of me remember where i got the link from though, anyone out there know..?

[Robdblynd]

Financial Agreement Solutions.

 

Google them.