Annual Statements of Account?

[cymruambyth]

Are all DCas, lenders etc supposed to supply a statement of account every year? A battle I have yet to start has my OH paying £20 pcm to RMA who haven't had any contact with us for about 3 years.

[CleverClogs (RIP)]

Re: Annual Statements of Account?

Are all DCas, lenders etc supposed to supply a statement of account every year?

At least every year.

[Riz]

Re: Annual Statements of Account?

CCA regulated accounts in arrears should be sent a notice detailing the arrears and account status etc on a 6 monthly basis if I remember correctly? (CCA 2006)

Plus years statements of account for non arrears.

OFT guidelines also says that a statement of account should be provide when requested by the debtor.

[garlok]

Re: Annual Statements of Account?

I seem to remember its in one of the regulation packages. I also seem to remember that to keep the debt alive it is encumbent upon them to provide this annual statement.

Must have another look around, I know about 2 years ago there was discussion on CAG which got immersed in the usual bovine excreta over there when anything of value to the consumer came up.

regards
Garlok

[cymruambyth]

Re: Annual Statements of Account?

Garlok, in the deep recesses of my mind I can remember the CAG thread, but ....
If nothing has been received, does that make it an offence or even better not collectable?

[garlok]

Re: Annual Statements of Account?

Hi Cymruambyth,

I really must have a dig around because I am not totally clear but I seem to remember that it goes a way to making the debt unenforceable. Its one of those terms that tends to get overlooked.

regards
Garlok

[cymruambyth]

Re: Annual Statements of Account?

Reading CCA 2006, I think that a fixed sum agreement cannot be enforced whilst there are no annual statements, however once they are issued it can be enforced.

I'm not sure if it applies to ccs.

[garlok]

Re: Annual Statements of Account?

Hi Cymruambyth,

I've just scanned the 1983 regs and run several searches of the document and I cannot find anything of substance on the .pdf search.

I am sure that the CCA2006 sections also refer to credite card agreements as well. I will continue to have a look for corroboration though.

regards
Garlok

[Never-In-Doubt]

Re: Annual Statements of Account?

Try reading here for the correct rules from 2006 (i.e. s.78(4)(A)): ---> Consumer Credit Act 2006

[garlok]

Re: Annual Statements of Account?

Thanks mate, I have read it through. I had convinced myself from the previous mentioned CAG thread that it was in the regulations not the Act itself.

regards
Garlok

[mk_chatham]

Re: Annual Statements of Account?

Hi

I'm asking a question here as this is the only place that I can find 'Annual Statements' mentioned.

Does anyone know what the position is with a defaulted LTSB current account.

Defaulted - Feb 10
Agents acting - Debt Managers
Token payments of £1 / month paid since Mar 10 (enforceable debt)

I have not had a statement from either LTSB or Debt Managers in nearly 2 years. They write every 6 months or so asking for an increase, I reply with the same letter saying nothing has changed so I can't increase my payment.

They don't even bother to reply and I continue with my token payments.

Are they oblidged to send me a statement if request one ?

Should this be addressed to Debt Managers as they are the agents acting ?

Next time they write I will be asking them to consider writing off the debt as it will take me 44 years to pay this off at £1 / month.

I am aware that by paying token payments I am keeping this debt live but if it is not written off before the default drops off I will settle it with a very low f&f, after it has been sold on, at least once if not twice

Thanks
MK

[garlok]

Re: Annual Statements of Account?

Try reading here for the correct rules from 2006 (i.e. s.78(4)(A)): ---> Consumer Credit Act 2006

Have a look here mate, I undrstand it is a requirement that they send at the very least an annual statement of account that is the owner of the account.

regards
Garlok

[mk_chatham]

Re: Annual Statements of Account?

Have a look here mate, I undrstand it is a requirement that they send at the very least an annual statement of account that is the owner of the account.

regards
Garlok

Thanks Garlok, I read that earlier but was not sure if this included overdrafts, are they not CCA exempt ?

MK

[Never-In-Doubt]

Re: Annual Statements of Account?

Have a look here mate, I undrstand it is a requirement that they send at the very least an annual statement of account that is the owner of the account.

regards
Garlok

Exactly mate - I did link to the relevant insertion of the amended Act (i.e. s.77(A))

Statements to be provided in relation to fixed-sum credit agreements

After section 77 of the 1974 Act insert—

“77AStatements to be provided in relation to fixed-sum credit agreements

(1)The creditor under a regulated agreement for fixed-sum credit—

(a)shall, within the period of one year beginning with the day after the day on which the agreement is made, give the debtor a statement under this section; and

(b)after the giving of that statement, shall give the debtor further statements under this section at intervals of not more than one year.

(2)Regulations may make provision about the form and content of statements under this section.

(3)The debtor shall have no liability to pay any sum in connection with the preparation or the giving to him of a statement under this section.

(4)The creditor is not required to give the debtor any statement under this section once the following conditions are satisfied—

(a)that there is no sum payable under the agreement by the debtor; and

(b)that there is no sum which will or may become so payable.

(5)Subsection (6) applies if at a time before the conditions mentioned in subsection (4) are satisfied the creditor fails to give the debtor—

(a)a statement under this section within the period mentioned in subsection (1)(a); or

(b)such a statement within the period of one year beginning with the day after the day on which such a statement was last given to him.

(6)Where this subsection applies in relation to a failure to give a statement under this section to the debtor—

(a)the creditor shall not be entitled to enforce the agreement during the period of non-compliance;

(b)the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and

(c)the debtor shall have no liability to pay any default sum which (apart from this paragraph)—

(i)would have become payable during the period of non-compliance; or

(ii)would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

(7)In this section ‘the period of non-compliance’ means, in relation to a failure to give a statement under this section to the debtor, the period which—

(a)begins immediately after the end of the period mentioned in paragraph (a) or (as the case may be) paragraph (b) of subsection (5); and

(b)ends at the end of the day on which the statement is given to the debtor or on which the conditions mentioned in subsection (4) are satisfied, whichever is earlier.

(8)This section does not apply in relation to a non-commercial agreement or to a small agreement.”

[garlok]

Re: Annual Statements of Account?

I think you're out of luck mate, as you are right that ODs are generally not covered by CCA legislation. They are in fact unregulated as such and under their own terms can be recalled in full without notice etc. Check your terms maybe worthwhile, but the current account statements will show the position but there is no sanction for them as I see it.

Don't want to hi jack cymru's thread but if you want to start a new thread then we can look at what remedies may be available to you if any.

regards
Garlok