Agreement Enforceability

[pinky123]

Thanks HHNF and Conar, I will contact OFT ASAP, can you suggest my next step with F/C should I reply to this threatening letter, and how can I get them to answer my query of the enforeable agreement.

[pinky123]

Received a letter from The Funding Corporation yesterday, this is what they had to say:

 

"The Payment Protection Insurance you have purchased is classed as a linked transaction to you loan.

It cannot exist on the finance agreement without the principal loan. Consequently it is not a separate agreement and is not required to be detailed as such.

I can confirm the credit agreement you have signed is compliant with the CCA 1974".

 

 

Can someone help me, is this correct or are the F/C trying to fob me off AGAIN!!!!!!!!!!

[car2403]

Hi Pinky,

 

You really need a new thread in the relevant forum as your post will get lost or worse go unresponded to in here.

 

Links in my sig if you don't know how...

[pinky123]

Thanks for that, any suggestions the best forum to post?

[car2403]

Thanks for that, any suggestions the best forum to post?

 

General Debt Issues - The Consumer Forums

 

?

[pinky123]

Thanks for all your help, now started a now thread on The Funding Corporation in the General Debt Issues threads.

[car2403]

Thanks for all your help, now started a now thread on The Funding Corporation in the General Debt Issues threads.

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/204411-funding-corporation.html

 

[frettful38]

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.

 

 

Where is states

 

The Pescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

 

Does the agreement have to state the amount of credit in £'s on the cca agreement or is it sufficient to read that amount of credit will be determined from time to time by the creditor?

[jaygoku21]

Could you please advise me on my thread in reltion to weather the CCA is enforcable please i stcuk currently http://www.consumeractiongroup.co.uk/forum/showthread.php?288803-Im-New-amp-Need-Help-with-lowell-group/page2

[Peterbard]

Where is states

 

The Pescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

 

Does the agreement have to state the amount of credit in £'s on the cca agreement or is it sufficient to read that amount of credit will be determined from time to time by the creditor?

 

Yes if it is a running crdit agreement(credit card)

[paulwlton]

Prescribed terms contained in the small print overleaf, no reference to this on signed front face .....enforceable?

[pt2537]

May be improperly executed, but enforceable by court order none the less

Prescribed terms contained in the small print overleaf, no reference to this on signed front face .....enforceable?

[onestressedwoman]

Morning folkes

 

After recieving what egg supplied over a year ago as copy of CCA. I spoke with my rep who said she had recieved notice that this account had a 0 balance as unenforceable.

 

However recieved a letter from her end of last week asking me what she wanted me to do about it as it is being chased she had mixed accounts up and indeed they were still chasing the amount.

 

Original Previous demand for payment came from Lowell now appears to be Mackenzie Hall so pressume file has been transfered to them thats probablly the 40th time file transfered.

 

The terms and conditions provided along with doc's were a print off from their current T&C's. Still don't know where I stand?

 

copies of doc's attached

 

 

http://i1018.photobucket.com/albums/...woman/tmp1.jpg

http://i1018.photobucket.com/albums/...woman/tmp2.jpg

http://i1018.photobucket.com/albums/...woman/tmp3.jpg

http://i1018.photobucket.com/albums/...woman/tmp4.jpg

http://i1018.photobucket.com/albums/...woman/tmp5.jpg

 

Any help gladly recieved - Just looked again does not state amount of credit does this make a difference ?

 

OSW

Edited March 28, 2011 by onestressedwoman
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