"Make them prove it"

A review of Allied International Credit by CAGGER written on Friday 5th of December 2008

Follow a few simple steps and the likelyhood is these vultures will have to back away.

Send them a letter requesting them to provide a true copy of the executed agreement as per the Consumer Credit Act 1974 Sections 77-79. Send with the letter a £1 postal order. They must respond to this request within 12working days of service of the letter or they are in Default and only a court can order the debt enforceable upon sight of the original agreement signed by both parties.

If they send you a letter with an 'agreement' ensure that agreement complies with the regulations set by the Consumer Credit Act S127(3)

For example, the signature document of any agreement has to contain certain prescribed terms as follows:

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;

(c) 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.

Depending on what type of agreement you have will depend upon which terms are required to be within the agreement.

For a Running Account (credit card) agreement

B, C 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

Unfortunately Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3) will only apply to agreements executed before that date.

If the agreement they supply does not contain these terms,then even a court cannot make this debt enforceable.

For help and advise dealing with these ignorant and arrogant people visit www.consumeractiongroup.co.uk

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