unenforceability and strange thoughts

[mgfboy]

I'm still at my desk thinking about all the accounts that I'm not paying at the moment because I dont have the money any more an a thought occured to me.

I know that they are allowed to default us , as the courts have said that it's a statement of fact that we have had the money, but on the other hand I'm sure they have had far more from me in interest than the current balances. As we have no formal agreement, why can't I say I'll pay you back the amount if you refund me the interest paid??

I'm sure there must be reasons, but as it stands it's abit one sided.

[PlanB]

Re: unenforceability and strange thoughts

And if the creditor hasn't got the original Ts & Cs how did they know what interest rate to charge you in the first place

[garlok]

Re: unenforceability and strange thoughts

This has caused more argument in the past than you can imagine, mgf. Playing Devil's Advocate with another forum I used a Common Law of Contract equitable remedy argument to see what would come out. There has been discussion here with Paul and equitable remedy as well which I'll try and find the link to.

In Common Law, equitable remedy returns both parties to the exact position they were in relative to each other immdeiately prior to the inception of the alleged agreement. Which would mean a repayment of interest and charges over and above purchases/cash withdrawals and a share of the interest that they had made on the interest compounded at the current contractual rate and so on.

In our own cases some of which date back over 26 years we have actually paid over 5 times the actual purchases etc.

I would have to look at it again but there is if memory serves correctly a specific area of the CCA1974 which precludes the Common Law remedy as the sanctions for fialure to obey Statute are defined. This really boils down to forfeit of all rights and benefits etc.

regards
Garlok

[garlok]

Re: unenforceability and strange thoughts

Hi mgf,

This is part of the discussions here on AAD:-

>Dispelling the MYTHS and CAGISIMS - allaboutFORUMS

Might be worth a read, Can't give you the rest being banned from OTR

regards
Garlok