Credit Agreement Received from Alliance & Leicester - Is it enforceable?

[Jameson78]

Help please...

 

I finally received my CAA from Alliance & Leicester! Can one of the knoweldable Caggers please help me work out if it is unenforceable? Thank you so much in advance.

 

Here is my photobucket link to the 6 page album:

 

http://s896.photobucket.com/albums/ac162/jameson78/

 

 

 

Thanks,

Jameson

Edited November 12, 2009 by Jameson78
hyper linked

[Guest Old_andrew2018]

Sorry I have no expertise so my reply will only BUMP

[Jameson78]

Thanks Andrew - I have been told it is enforceable.

[silverfox1961]

Hi,

I have only scan read the important bits and there is a clear link between each page and the KEY terms are there so it could be enforceable. I say could because I can't see any cancellation conditions.

 

It all depends on how the loan was taken out to whether you had any cancellation rights.

 

I will attempt to find the relevant info but don't hold your breath. The internet is huge :-|

[Jameson78]

Thanks Silverfox - what I can tell you is that I signed the documents in the bank.

 

I never thought about the cancellation rights..mmm

[krikkie]

If you signed it in the bank it is not a cancellable agreement as far as I am aware (section 67 Consumer Credit Act 1974)

[lilly white]

well there is no total charge for credit.

[Jameson78]

well there is no total charge for credit.

 

 

It's on the first page:

 

"Total Charge for Credit is £1,640.20 charged at the rate of 12.4% per annum"

[lilly white]

just seen it sorry

[Jameson78]

Not at all - thanks for looking

[silverfox1961]

Thanks Silverfox - what I can tell you is that I signed the documents in the bank.

 

I never thought about the cancellation rights..mmm

 

 

I agree then that you didn't have any cancellation rights so it's a good un.

 

if the papers were posted to you then you would have had those rights but as you made the decision to accept the loan and went to the bank (signed on trade premises) you wiaved those rights. That's my interpretation anyway.

[lilly white]

64. Duty to give notice of cancellation rights.

— (1) In the case of a cancellable agreement, a notice in the prescribed form indicating the right of the debtor or hirer to cancel the agreement, how and when that right is exercisable, and the name and address of a person to whom notice of cancellation may be given,— (a)

must be included in every copy given to the debtor or hirer under section 62 or 63, and

 

(b)

except where section 63(2) applied, must also be sent [F1 by an appropriate method] to the debtor or hirer within the seven days following the making of the agreement.

 

 

(2) In the case of a credit-token agreement, a notice under subsection (1)(b) need not be sent [F1 by an appropriate method] within the seven days following the making of the agreement if either— (a)

it is sent [F1 by an appropriate method] to the debtor or hirer before the credit-token is given to him, or

 

(b)

it is sent [F1 by an appropriate method] to him together with the credit-token.

 

 

(3) Regulations may provide that except where section 63(2) applied a notice sent under subsection (1)(b) shall be accompanied by a further copy of the executed agreement, and of any other document referred to in it.

(4) Regulations may provide that subsection (1)(b) is not to apply in the case of agreements such as are described in the regulations, being agreements made by a particular person, if— (a)

on an application by that person to the [F2 OFT] , the [F2 OFT] has determined that, having regard to—

(i) the manner in which antecedent negotiations for agreements with the applicant of that description are conducted, and

(ii) the information provided to debtors or hirers before such agreements are made,

the requirement imposed by subsection (1)(b) can be dispensed with without prejudicing the interests of debtors or hirers; and

 

(b)

any conditions imposed by the [F2 OFT] in making the determination are complied with.

 

 

(5) A cancellable agreement is not properly executed if the requirements of this section are not observed.Annotations:

[lilly white]

67. Cancellable agreements.

A regulated agreement may be cancelled by the debtor or hirer in accordance with this Part if the antecedent negotiations included oral representations made when in the presence of the debtor or hirer by an individual acting as, or on behalf of, the negotiator, unless— (a)

the agreement is secured on land, or is a restricted-use credit agreement to finance the purchase of land or is an agreement for a bridging loan in connection with the purchase of land, or

 

(b)

the unexecuted agreement is signed by the debtor or hirer at premises at which any of the following is carrying on any business (whether on a permanent or temporary basis)—

(i) the creditor or owner;

(ii) any party to a linked transaction (other than the debtor or hirer or a relative of his);

(iii) the negotiator in any antecedent negotiations.