Originally Posted by Tamadus
Although this is an excellent example of a credit agreement it does have one thing which could prove an expensive item.
If we look at the charges for credit we have an acceptance fee which is payable with the first payment. Then we have the charges which will be interest payable. Item 3 though is a credit facility fee (please don't ask me what this is for, I have no idea) The problem here is that this credit facility fee is payable with the last payment, this invariably means it will incur interest throughout the loan period.
Had they allowed for this to be paid at the start of the agreement it would have been virtually perfect.
Hi Tam, I only posted this to show that this is how an agreement must be formatted to comply with section 127, not if it is expensive or any other note ...
just that it contains all the terms and conditions.....and how EVERY single Lawfull enforceable regulated CCA agreement should be..... all the others that have the terms and conditions supplied separately are unlawfull if it is not formatted like this and the signatures on the Last page.
Not on the first .
And could be used to support claims about other CCA agreements as an example to educate judges how they should be formatted.