All the legal provisions were examined in detail by the judge in a decision of nearly 60 pages. In short, the arguments have failed. It was found that if the lender could submit a „reconstituted version“ of the original agreement, the requirements of Section 78 of the Consumer Credit Act were met. The „reconstituted“ agreement must indicate the names and addresses of the borrowers, but this does not necessarily have to come from the agreement. The customer can request information at any time about the amount to be paid to settle an early agreement. You have to calculate this amount in the way defined by the regulations. The customer also has the right to make partially advance billing. In certain circumstances, you can claim compensation for early repayment. This applies as long as it is fair and the amount does not exceed 1 per cent of the prepayment amount, or 0.5 per cent if the contract runs for a year or less. It seems, therefore, that many of the promises and hype of claims management companies have no legal basis if the arguments are not pursued by the head of the court and, eventually, towards Europe.
The promise that a clearly contracted debt could be erased simply because the original agreement is not at the border had no legal basis and are only for creditors. But this does not answer the question of whether certain credits and credit contracts as a whole cannot be applicable. Some of them are. There are other reasons why a loan cannot be applied. In certain circumstances, a consumer credit contract cannot be applied. It is the law, and it is known and accepted by banks and other lenders. You`ll find out how to calculate CBT in the Ministry of Business, Energy and Industrial Strategy (BEIS) Guide to Consumer Credit Rules. Download Consumer Credit Guidelines (PDF, 563K). The fee for requesting a copy of your contract and statement under sections 77, 78 and 79 of the Consumer Credit Act is $1. There is no charge if you request an account statement statement pursuant to Section 77b of the Consumer Credit Act. If the creditor does not send you a copy of your contract and a statement of account statement within 12 business days, they are not allowed to take further action against you to enforce the agreement in court until they do so. If you take out a loan or receive credits for goods or services, you enter into a credit agreement.
You have the right to terminate a credit contract if it is covered by the Consumer Credit Act 1974. You can resign within 14 days, which is often referred to as the „cooling phase.“ In the real world, is it possible to declare a credit contract null or void under the Consumer Credit Act and not have to repay the borrowed money? There are many ads from claims management companies that promise that this is possible (for a fee). Sign up here to challenge your credit and credit card contract, then rest and wait while all your debts and credits are cleaned up. You should receive the information you requested. Make sure you are aware of the information requested. If you are not aware, the creditor may send you too much information that you will not find useful. If the information is difficult to understand, the creditor should send you a guide to help you understand them. If you have asked for the details of a decision the creditor has made about you, you should be given an explanation as to how they made that decision. At the end of the day, there will always be customers who do not comply with the agreed agreement. A credit contract gives you a great tool to combat this not only when it occurs, but to actively prevent it. Once your contract is signed, the 14-day cooling-off period gives you the right to terminate the contract if you change your mind. (1) A regulated agreement is not executed properly, unless what needs to be done is that there are no loopholes, no magic formula or secret procedures, as claims management companies claim.