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Re: Overdrafts - CCA Information
[QUOTE=mgfboy;160157]I realise that a loan being in default , is different to it being enforceable. The question I was asking is does the fact the OD is in default effect the position on using the agurements noted above. I know it doesn't effect normal loans and Credit cards but as we know OD's are different.[/QUOTE]
Have the onanists :toss complied with section 74 ([URL="http://www.legislation.gov.uk/ukpga/1974/39/section/74"][B]link[/B][/URL]) of the Consumer Credit Act 1974, or are they still claiming that the Act exempts business overdrafts?
Section 74 (1B) states:
[QUOTE]Where an agreement that falls within subsection (1)(b) is an authorised business overdraft agreement the following provisions apply—
(a)section 55B (assessment of creditworthiness);
(b)section 56 (antecedent negotiations);
(c)section 60 (regulations on form and content of agreements);
(d)section 61B (duty to supply copy of overdraft agreement).[/QUOTE]
That lattermost section, 61B ([URL="http://www.legislation.gov.uk/ukpga/1974/39/section/61B"][B]link[/B][/URL]), looks rather interesting - especially at paragraph (3):
[QUOTE][B]61B Duty to supply copy of overdraft agreement[/B]
(1)Where an authorised business overdraft agreement or an authorised non-business overdraft agreement has been made, a document containing the terms of the agreement must be given to the debtor.
(2)The creditor must provide the document referred to in subsection (1) to the debtor before or at the time the agreement is made unless—
(a)the creditor has provided the debtor with the information referred to in regulation 10(3) of the Consumer Credit (Disclosure of Information) Regulations 2010, in which case it may be provided after the agreement is made,
(b)the creditor has provided the debtor with the information referred to in regulation 10(3)(c), (e), (f), (h) and (k) of those Regulations, in which case it must be provided immediately after the agreement is made, or
(c)the agreement is an agreement of a description referred to in regulation 10(4)(b) of those Regulations, in which case it must be provided immediately after the agreement is made.
(3)If the requirements of this section are not observed, the agreement is enforceable against the debtor on an order of the court only (and for these purposes a retaking of goods or land to which the agreement relates is an enforcement of the agreement).[/QUOTE]
Of course, they can register a default against the name of the account holder but, if the account was held by a limited company, they cannot properly register a default against any company director concerning this account.
[QUOTE=mgfboy;160157]I realise that a loan being in default , is different to it being enforceable. The question I was asking is does the fact the OD is in default effect the position on using the agurements noted above. I know it doesn't effect normal loans and Credit cards but as we know OD's are different.[/QUOTE]
Have the onanists :toss complied with section 74 ([URL="http://www.legislation.gov.uk/ukpga/1974/39/section/74"][B]link[/B][/URL]) of the Consumer Credit Act 1974, or are they still claiming that the Act exempts business overdrafts?
Section 74 (1B) states:
[QUOTE]Where an agreement that falls within subsection (1)(b) is an authorised business overdraft agreement the following provisions apply—
(a)section 55B (assessment of creditworthiness);
(b)section 56 (antecedent negotiations);
(c)section 60 (regulations on form and content of agreements);
(d)section 61B (duty to supply copy of overdraft agreement).[/QUOTE]
That lattermost section, 61B ([URL="http://www.legislation.gov.uk/ukpga/1974/39/section/61B"][B]link[/B][/URL]), looks rather interesting - especially at paragraph (3):
[QUOTE][B]61B Duty to supply copy of overdraft agreement[/B]
(1)Where an authorised business overdraft agreement or an authorised non-business overdraft agreement has been made, a document containing the terms of the agreement must be given to the debtor.
(2)The creditor must provide the document referred to in subsection (1) to the debtor before or at the time the agreement is made unless—
(a)the creditor has provided the debtor with the information referred to in regulation 10(3) of the Consumer Credit (Disclosure of Information) Regulations 2010, in which case it may be provided after the agreement is made,
(b)the creditor has provided the debtor with the information referred to in regulation 10(3)(c), (e), (f), (h) and (k) of those Regulations, in which case it must be provided immediately after the agreement is made, or
(c)the agreement is an agreement of a description referred to in regulation 10(4)(b) of those Regulations, in which case it must be provided immediately after the agreement is made.
(3)If the requirements of this section are not observed, the agreement is enforceable against the debtor on an order of the court only (and for these purposes a retaking of goods or land to which the agreement relates is an enforcement of the agreement).[/QUOTE]
Of course, they can register a default against the name of the account holder but, if the account was held by a limited company, they cannot properly register a default against any company director concerning this account.
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