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This is another area we get asked lots of questions.

How do you know if you have a Credit Agreement?

Unless the Credit Company can provide you with a signed copy of the agreement that you signed agreeing to it, they can't enforce the agreement. However, nobody knows where that came from. I'm going to tell you.

Under Section Seventy- Seven of the Consumer Credit Act for a rolling credit agreement which is a credit card type of agreement.

But the amount of credit goes up and down. Or, under Section Seventy-Eight, for a fixed Sole credit agreement such as a loan for a car or something like that, unless the Credit Company can provide you with a copy of the agreement that you signed when you entered into the agreement, they can't enforce it.

They can't take you to Court, and if they do take you to Court It will get thrown out. So it just means if they can't supply you with a copy of the agreement.

You'll get away with not paying it. However, they can still register a default against you on your credit file.

So whilst you may get away without paying it, It's not going to do your credit history much good.

One thing just to remember and that is the way you ask them for a copy of the agreement.

You do have to send a pound. Without the pound, they don't have to supply it.

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