Credit Card Debt Situation

In message , Tim writes

What was the credit limit referred to in the agreement that was signed?

You may say that, but I (of course) would not like to comment......... ! :-)

"john boyle" wrote

He said that the limit was discussed by telephone:- After website application (which had no mention of a specific credit limit), the issuer called him to say that they could offer a limit of X000 (below

Apparently, the "quick-form" which was received in the post (to confirm the details provided on website application form), which AFAIAA was the only thing that was signed, had no mention of the credit limit....

In message , Tim writes

Hmm, interesting. I wonder if it was a dual use form i.e. If the credit limit is < £25k then its a Regulatued Agreement if not its not?

"john boyle" wrote

How would you tell if that was so? And how was he meant to know what credit limit was going to be granted, before he signed the form??

In message , Tim writes

It would say so.

I think we are talking at cross purposes here. He doesnt need to know. He only needs to know if the agreement is Regulated or not.

"john boyle" wrote

"john boyle" wrote

Quite probably so!

"john boyle" wrote

OK - but suppose the form which was signed had stated "this is a dual-use form; if the credit limit 25K then it will not be Regulated".

Then how would he know if it was Regulated before he signed, as the form didn't show the credit limit to be given?

In message , Tim writes

The only mechanism I can think of is that the Agreement refers to 'the credit limit that we will advise to you from time to time'.

"john boyle" wrote

Is it then fair to expect the applicant to sign, without knowing whether the account is going to be Regulated or not?

In message , Tim writes

Does it matter?

"john boyle" wrote

Of course - the applicant might want to ensure that the agreement is protected, and regulated by the CCA. Unless, of course, you are saying that there is no advantage to regulation/protection??

In message , Tim writes

Well if it is loess than £25k then it is. If it is more then it isnt.

Very little protection is afforded other than the cooling off period.

"john boyle" wrote

When you say "it", are you talking about credit *limit* or *balance* ?

If *balance* then all well and good, the applicant can keep that below

"john boyle" wrote

What about Section 75(?) of CCA - the one making the credit card company *jointly* liable with the retailer?

In message , Tim writes

Limit. Balance is not relevant.

Those cards I have applied for recently have asked me what limit I wanted, but otherwise you are right, if the issuer chooses the limit this determines if the credit agreement is regulated or not.

Ah yes! It was late last night!