Customer Credit Agreement 2002

[karinata]

Please does any-one know....What information should appear on the Customer Credit Agreement for a secured loan....?????

I've been told it should contain a TOTAL CHARGE FOR CREDIT.
However this is not the case on my CCA,
it states ............

"loan facility"...............£ 18,000
"PPI".................... .......£2,021.33
"total loan facility" ........£20,021.33
"monthly interest rate".....0.869%......var iable on base rate
"APR".................... ......10.9%
"anticipated number of monthly repayments".......180
"minimum monthy repayments".............. .........£220.43

Also no box option to tick for "no PPI required" ....
just single cover....single cover plus ....or joint cover.
As pre-contract info, we were sent 1 copy with joint cover pre-ticked
and 1 copy with single cover plus pre-ticked told to choose 1 and sign and return ASAP.

It was only a few days ago , someone looked at this for me and said .....
"I dont mean to shock you but do you realise how just much you will be paying back on this loan...?
I was absolutely flabbergasted when they said it would be somewhere in the region of £46,000.:o:o:o

MY QUESTION IS SHOULD THE BROKER/LENDER HAVE STATED A TOTAL CHARGE FOR CREDIT ON THE CCA???
....to me the contract is very misleading and I certainly wouldnt have gone ahead with this loan knowing what I do now!!!

[OLIVE.FAMILY]

Sadly they don't have to put in the total amount. I am in the same position for a secured loan. I was told once that a secured loan is actually cheaper than an unsecured but i really dont think that is the case.

Just out of curiosity can you tell me two things please.
1. who is the loan with
2. When you was about to complete the loan you was sent a copy of the contract with T&Cs on the back. You was supposed to read through this to make sure you agreed with it all. After a period of time lets say 14 days they would of sent you one to sign. My question is did the one you signed still have the terms ad conditions on the back.

Regards
Olives

[karinata]

The loan is with Freedom Finance.
I believe there were terms and conditions on the back albeit in very small print, but I have had someone get in touch with me to say that my contract may be flawed and they have been discussing other factors like "unenforeable contracts" and "secret commissions", so I am now going to use this company to take on my case for me, they will check everything out for me and the service is free as the costs are levied to the lender.

[OLIVE.FAMILY]

Fantastic. There is a lot about unenforceable contracts at the mo. Just be careful that the money does just come from the company.

Good Luck and keep us posted