AFV Credit Card

AFV Credit Card

Postby nameless » Wed Apr 21, 2010 3:15 pm

I sent a Notice requesting pertinent answers to CC Bandit, together with an AFV for quite a large sum.

Credit bandit very quickly responded with "lenders are prohibited from taking negotiable instruments, other than bank notes or cheques."

I did some research and found the following, which is taken from OPSI

'Negotiable instruments
123. Restrictions on taking and negotiating instruments. — (1) A creditor or owner shall not take a negotiable instrument, other than a bank note or cheque, in discharge of any sum payable—
(a)
by the debtor or hirer under a regulated agreement, or
(b)
by any person as surety in relation to the agreement.
(2) The creditor or owner shall not negotiate a cheque taken by him in discharge of a sum payable as mentioned in subsection (1) except to a banker (within the meaning of the M1Bills of Exchange Act 1882).
(3) The creditor or owner shall not take a negotiable instrument as security for the discharge of any sum payable as mentioned in subsection (1).
(4) A person takes a negotiable instrument as security for the discharge of a sum if the sum is intended to be paid in some other way, and the negotiable instrument is to be presented for payment only if the sum is not paid in that way.
(5) This section does not apply where the regulated agreement is a non-commercial agreement.
(6) The Secretary of State may by order provide that this section shall not apply where the regulated agreement has a connection with a country outside the United Kingdom.'


I would be grateful to receive any comments or views on this. I do realise that my signature created the facility.
“Whoever may be guilty of abuse of power, be it Government, State, Employer, Trade Union or whoever, the law must provide a speedy remedy. Otherwise the victims will find their own remedy."

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Re: AFV Credit Card

Postby BaldBeardyDude » Wed Apr 21, 2010 4:40 pm

What do you think would happen if you were to mark the instrument as NON-NEGOTIABLE? :wink: :mrgreen:

Have fun!

BBD
They must find it hard to take Truth for authority who have so long mistaken Authority for Truth - Gerald Massey
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Re: AFV Credit Card

Postby paulgrayson1961 » Wed Apr 21, 2010 6:36 pm

Dude... you are so on the money!!
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Re: AFV Credit Card

Postby nameless » Tue Apr 27, 2010 8:18 pm

I give up, further thoughts needed please. I am trying to rebut their letter and this section 123, posted above, has me beat. Can anyone see any loopholes, or am I missing something so simple here that it is staring me in the face? In my Notice to them, I didn't mention Acts at all, just general banking queries, returning their bank giro credit, and they have thrown Acts back at me.

I would like to make a good go of AFVing credit cards.
“Whoever may be guilty of abuse of power, be it Government, State, Employer, Trade Union or whoever, the law must provide a speedy remedy. Otherwise the victims will find their own remedy."

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Re: AFV Credit Card

Postby huntingross » Tue Apr 27, 2010 8:33 pm

I thought the non-negotiable suggestion was a good way to go...!
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