hi all, after sending letter 1 mbna responded with this...we are in receipt of your request for a copy of your agreement in relation to the above account, validation of your debt and veification under bills of exchange act 1882.
your credit agreement is regulated by the consumer credit act 1974. under that act you are afforded various protections,remedies and rights,including a right under section 78 of the cca act 1974 to request a copy of your credit agreement. you can do this by writing to the cao office enclosing £1. we are entitled to rely on your regulated credit agreement as evidence that you agreed to repay the debt incurred under that agreement, as such it is not necessary to provide any further validation over and above this.
the cca act 1974 is the statute that has been specifically designed to regulate agreements between lenders and consumers.by contrast the bills of exchange act1882 is the statute that regulates the use of negotiable instruments. examples of negotiable instruments are bills of exchange promissory notes.your credit agreement and any documents provided to you in accordance with the cca act are not negotiable instruments. it is not therefore necessary for us to provide you with any verification under the bills of exchage act. they go on to give me a help number.
do i just send letter 3 when due?