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Evening.
Starting this slightly unusual one as it relates to a current account overdraft and a request for its credit agreement given the newer rules on overdrafts.
The newish rules say that a credit agreement is required for overdrafts after 2011.
In this case however the 'draft was originally prior to that. And that is what the creditor has relied on so far.
But, the rules appear to say that if a prior drafts terms are changed after that implementation date then a credit agreement is required as per the legislation. Thats my argument, as its terms have significantly changed since. in my view.
To date, it has been to their legal dept for consideration and they have replied saying they wont be taking legal action. They have since offered 60% discount.
Starting this slightly unusual one as it relates to a current account overdraft and a request for its credit agreement given the newer rules on overdrafts.
The newish rules say that a credit agreement is required for overdrafts after 2011.
In this case however the 'draft was originally prior to that. And that is what the creditor has relied on so far.
But, the rules appear to say that if a prior drafts terms are changed after that implementation date then a credit agreement is required as per the legislation. Thats my argument, as its terms have significantly changed since. in my view.
To date, it has been to their legal dept for consideration and they have replied saying they wont be taking legal action. They have since offered 60% discount.
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