Confused: How the credit agreement works?

[novogeek]

Ok, so going through the rest of my documentation now, I think I have finally worked out how the credit works ... or more importantly "Fixed-Sum Loan Agreement Regulated by the Consumer Credit Act 1974".

If you haven't financed the course through Hitachi Capital or Clydesdale Financial Services or Barclays ??? then you can ignore this post.

Please note that this also does not include CDF.


Right so this is how it works.

1). On the Fixed-Sum Loan Agreement you will see a block with your details. These are your details as the student.

2). On the same document you will see Supplier Details ... this will be referencing MIS. This is Metropolitan International Schools. You will find references to this on your Enrolment Form under Clause 9 and on the bottom of the letter containing your Student Details.

3). Now on the back of the Fixed-Sum Loan Agreement under Point 6 you will see the clause under a that states something like: "...you authorise us to pay the balance of the Amount of credit to the Supplier as soon as we enter into the agreement..."


So basically, you are taking a "Fixed-Sum Loan" (i.e. credit) at 0% APR from Hitachi in order to pay Metropolitan International Schools (trading as Train2Game) for your course.

Your financial obligations rest with the finance company, but Metropolitan International Schools (trading as Train2Game) provide you with the course material and all the other services that they laid out in the "Course Information Sheet".


Hopefully this will clear things up ... this was never explained to me when my advisor came to see me and this is why things are so confusing.

[DrDeth]

The financial aspects of everything were really just flown over by the advisors that came to see me, passed off as being pretty 'standard' agreements. I don't really know any better, to be honest.

[Topodude]

yeah, I felt that way too, the advisor was at my house for about 3 hours, he onlymentioned the financing at the very end as if it was nothing lol, its good that there is the option to finance it this way though, I know I wouldnt be able to shake £5k from my piggy bank

[*gnipper]

Right. Ive considered all these threads long and hard and until CliveR is back from his jollies noone can give a definitive answer.

Whilst all these questions are valid, the speculation isnt, so Ill lock these threads till CliveR returns and can give an answer to them all. Ill ensure the threads get an answer, so dont worry.

Trust you all understand.

[*CliveR]

I’m not really sure if there is an answer I can give to any of this thread as Novo seems to have being very good doing his homework

Its probably easier for me to say; if anyone has any questions about this thread please asked away and I’ll endeavour to answer

Clive

[DrDeth]

I think, if anything Clive, this (and several other threads from various students) serves to point out that the sales process isn't doing a very good job of explaining everything to prospective students. I think its an area that you guys need to look at and perhaps give whoever is selling the course a slap on the wrist and some guidance on how to do it properly.