AA99 v GE Money Car Loan

[atwozee]

Hi there AA99 – I see you are getting lots of good advice on this thread – the DN is definitely invalid as has already been stated and therefore any claim made by them, if correctly defended, will fall down.

 

You’ve sent off for your credit agreement and hopefully they will reply to your request – however, one thing to bear in mind is that a s77 request is only relevant for an active agreement and not one that has been terminated – small point but worth knowing. It’s a little bit grey as to whether your agreement is now terminated but I think we can say that it’s more than likely because of the issue of the DN and following demand for full balance.

 

If you request to see your credit agreement under a S.A.R then they will have to comply by sending you an exact copy of your agreement – creditors and dca’s are starting to avoid s78 requests for terminated agreements where they can.

 

It is important to remember that the creditor will have to rely on a written agreement (which is legible) and produce the original in court, or convince a judge that a copy of said agreement is acceptable – otherwise any claim made will fall down.

 

The other thing to remember (because of the age of your agreement) is that to enforce the agreement (in court) the creditor must produce a document (whether in the correct format or not) that is signed by the debtor and contains all of the prescribed terms as is a requirement of the 1983 regulations. Either a s77 request or a S.A.R will reveal if they have such a document.

 

Your copy of the agreement, IMHO, looks enforceable – for this type of agreement they only need to specify the amount of credit and repayments and as long as these prescribed terms have been correctly stated then a court could enforce.

 

The prescribed terms are ‘Amount of credit’ and this is stated as the cash price £11300.00 and the ‘Repayments’ and these have been clearly stated and seem to add up.

 

So the big question is – has the agreement been terminated? If it has then the creditor will be unable to address the problem of the invalid DN (albeit they may be able to claim for the amount owed in arrears minus any charges)

 

My advise is to try and get the creditor to inform you if the agreement has been terminated and then argue the invalid DN in court (if it comes to that) I would therefore advise you to write a simple letter to the creditor stating that before the full balance can be demanded the agreement must first be terminated and you seek clarification as to whether that is the case.

 

I would also advise you to make token payments of what you can currently afford against the agreement.

[atwozee]

I can only see the APR of 18.2

[atwozee]

TBH I’m not sure why – but I don’t think it would impact on the enforceability of the agreement. Probably doesn’t help you sorry.

Like I said earlier – you need to establish if the agreement has been terminated and then rely on the defective default notice.