Blimey, they were still failing to comply in 2012?

I'm off to dig through some of my own paperwork! Somewhere in my mountain of Land Rover related invoices are some annual statements......

Oh, more light reading for those so inclined. The requirements for the content of regulated agreements can be found here

http://www.legislation.gov.uk/uksi/2007/11...167_en.pdf

It's items 4-11 under "Content of statements provided in relation to fixed-sum credit agreements "

You'll see reference to "Schedule 1". Well here it is - failure to comply means any interest paid during the period of default by the lender (12 months between each statement) is not due and must be refunded.

Quote:

INFORMATION TO BE INCLUDED IN STATEMENTS RELATING TO FIXEDSUM
CREDIT AGREEMENTS
1. The period to which the statement relates.
2.—(1) The name, telephone number or numbers, postal address and, where appropriate, any
other address of the creditor.
(2) Where the creditor and the debtor have entered into an arrangement under which the creditor
has given the debtor details of a particular employee or category of employee of the creditor
whom the debtor is entitled to contact in relation to all his dealings with the creditor, the creditor
may, instead of including the telephone number or numbers referred to in sub-paragraph (1), refer
to that arrangement.
3. Information specific to the agreement—
(a) a description of the agreement sufficient to identify it;
(b) the amount of credit provided and, where applicable, to be provided under the agreement
(shown as one figure); 12
(c) (i) any rate or rates of interest applicable on a per annum basis which applied during the
period to which the statement relates and—
(aa) the periods during which each rate applied; and
(bb) if applicable, the element of the credit to which each rate applied; or
(ii) where the rate or rates of interest are not applicable on a per annum basis, the rate or
rates of interest on the credit provided under the agreement, in each case quoted on a
per annum basis and a statement explaining how and when interest charges are
calculated and applied under the agreement;
(d) (i) the date on which the agreement became an executed agreement; or
(ii) the date of first movement on the account;
(e) (i) the duration; or
(ii) the minimum duration,
of the agreement as provided in the agreement;
(f) any opening balance under the agreement at the beginning of the period to which the
statement relates;
(g) the amount and date of any payment made into the account by, or to the credit of, the
debtor during the period to which the statement relates;
(h) the amount and date of any interest or other charges payable by the debtor which became
due during the period to which the statement relates, whether or not the interest or other
charges relate only to that period;
(i) the amount and date of any movement in the account during the period to which the
statement relates which is not required to be included in the statement under subparagraphs
(g) and (h); and
(j) the balance under the agreement at the end of the period to which the statement relates.


PART 2 Regulation 4(b)
FORMS OF WORDING TO BE INCLUDED IN STATEMENTS RELATING TO
FIXED-SUM CREDIT AGREEMENTS
4. Each of the following forms of wording shall be contained in a statement under this Part:
“Settling your credit agreement early
You can settle this agreement at any time by giving us notice in writing and paying off the
amount you owe. If you wish to settle early you should contact us for a final settlement
figure.”;
“Dispute resolution
If you have a problem with your agreement, please try to resolve it with us in the first
instance. If you are not happy with the way in which we handled your complaint or the
result, you may be able to complain to the Financial Ombudsman Service. If you do not
take up your problem with us first you will not be entitled to complain to the Ombudsman.
We can provide details of how to contact the Ombudsman.”;
“Paying less than the agreed sum:
If you pay less than your agreed payment in most cases it is likely to take you longer and
may cost you more to pay off the debt under the agreement.
If you have difficulties making payments under your credit agreement please contact us if
you have not already done so to discuss terms for the rest of the agreement. You may also want to seek advice on what to do from an independent free advice agency such as the
Citizens Advice Bureau.”.
PART 3 Regulation 4(c)
FORMS OF WORDING TO BE INCLUDED IN FIXED-SUM CREDIT
STATEMENTS RELATING TO HIRE-PURCHASE OR CONDITIONAL SALE
AGREEMENTS
5. The following forms of wording shall be included, as appropriate, in a statement under this
Part:
“Termination: Your rights
You also have the right to end this agreement early in accordance with section 99 of the
Consumer Credit Act 1974. You will not have to pay all the sums due under the agreement
but you will not be entitled to retain the goods if you do this. Details were set out in your
credit agreement. If you wish to terminate the agreement you should contact us for further
information including any amount payable on termination.”.
“If you wish we can provide you with separate settlement figures for your [hire purchase]
[conditional sale] [NOTE 1] agreement and for your insurance finance agreement. Please
contact us in writing to obtain this.”.
NOTE 1: Delete as applicable.

Welcome to my world folks, welcome to my world

NoDo$h wrote:

so drop them a line and suggest that they may not have complied with Section 77 of the Consumer Credit Act 1974 (as amended 2007) and that you would welcome their proposal to redress the situation.

Having hunted high and low through my efficient filing system for the statements in question - I have drawn a blank turns out I paid it off in March 2012 so two years of interest on £8.5K balloon + rest of outstanding balance is still worth a 'fishing letter' methinks

 Steve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)