Quote:
Originally Posted by Msafiri  Thanks for the link given by Maroondevo52! But how come this can be true? I mean it seems to me that the NatWest had it right.
This is the agreement I quote somehow exactly because I want to 100% sure of what I am understanding:
KEY FINANTIAL INFO
Amount & purpose of loan: £7500
Term: 60 Months
Total amount payable: £9,345
Installment repayment: Repayments due monthly intervals from the date the loan was
drawn but where you elected…… the repayment are follows:
60 repayments of £mount.
Annual percentage: 9.4% has this got fixed or variable written after it?
OTHER FINANTIAL INFORMATION
Total Charges: £1.845 Is there a breakdown of these charges in terms of their 'constituent elements ? Does it include an arrangement or administrative or even a brokers' fee.Have they stated that a commission was paid to a broker for arranging this loan if this is the case.Is there a provision on the agreement for you to CHOOSE to purchase PPI,Is it TRULY OPTIONAL on a PROPER CONSTRUCTION of the agreement? IF NOT THEN YOU MAY HAVE BEEN MIS-SOLD THE POLICY AND THE WAY TO GO IS UNFAIR PRACTICE.LOOK INTO YOUR PERSONAL CIRCUMSTANCES AT TIME YOU TOOK OUT PPI.WAS IT THE SITUATION THAT YOU COULD NEVER HAVE BEEN PAID OUT ON THAT POLICY IF AND WHEN THE TIME AROSE IN THE FUTURE.IF SO IT IS AGAIN PROBABLE THAT IT WAS A USELESS POLICY.AND IF YOUR LOAN WAS CONDITIONAL UPON IT THEN THAT MAY BE WRITTEN OFF TOO.ALSO MAKE SURE THAT IF THE POLICY IS OPTIONAL( in the sense that you have taken it out with a different provider) IT IS NOT INCLUDED IN THE TOTAL CHARGE FOR CREDIT AS IT DOES NOT COME UNDER THE MAIN AGREEMENT. IT SHOULD NOT THEREFORE BE INCLUDED IN THE TOTAL CHARGE FOR CREDIT as it is NOT an ELEMENT OF THE COST OF THE LOAN but a separate premium.
Annual rate of interest : The amount of interest payable is calculated of the beginning of
agreement is equivalent to a fixed rate of 9.02% over the term
KEY INFORMATION
Charges on default: (Explained)
Right to Settle early: (Explained) NB No signature THIS IS IRRELEVANT/DOES NOT MATTER ON YOUR OWN COPY
N.B HAVE THEY STATED THAT THE APR ASSUMES NO VARIATION.IF NOT THEN IT SHOULD BE VARIABLE AND STATED TO BE SO.
DOES THE AGREEMENT HAVE YOUR NAME<ADDRESS<POSTAL ADDRESS.DOES IT ALSO HAVE THEIRS AS WELL?
|
If at the time of the agreement this was your COPY for your own keep...then there needs to be NO signature..ONLY on the one you SENT BACK to them...this would satisfy the requirement in s61(1)...IF there is NO signature ALSO on the one you sent back...THEN it has not been properly executed according to s61(1) and can only be enforced through Courts by courtesy of section 65.
The powers of the court are contained in s127
IF your agreement was made AFTER the repeal of s127(3) then unless there has been no prejudice to you even IF there are prescribed terms missing it may still be enforceable under 127(1)...This is because the Court's now have a DISCRETION to enforce whereas before they were BOUND not to.
Agreements made before the repeal and in which there
''is a sum that is or may or will become payable'' before and at the time and after the repeal will still be able to call upon the protection under s127(3)
Your agreement will be regulated by both
Consumer Credit Agreement Regulations 1983 SI 1553 AND
Consumer Credit Agreements (Amendments) Regulations 2004 And Consumer Credit( Notices of Cancellation and Copies of Documents) Regulations 1983
in relation to FORM AND CONTENT of Agreements. These regulations tell you what MUST be included in the agreements AND what information can be omitted under the powers given to Secretary of State under s180 Consumer Credit Act 1974.
Look up into your message I have highlighted
''WHAT YOU SHOULD BE LOOKING FOR''
LOOK FIRSTLY TO CCA 1974.
AS YOURS IS A RELATIVELY RECENT AGREEMENT THE LEGAL DRAUGHTSMEN SHALL HAVE LEARNT BY NOW FROM THEIR PREVIOUS MISTAKES.DO NOT BE SURPRISED THAT YOUR AGREEMENT IS
FIT FOR PURPOSE.
THE OLDER THE AGREEMENT THE MORE LATITUDE EXISTS FOR NON-COMPLIANT COPIES.
m2ae
Unenforceable Bank Loan Agreements 
