PRESTIGE FINANCE Secured Loan charges - SUCCESS!

[theonetrickpony]

Don't know if anyone else has had the misfortune of dealing with Prestige Finance.

We took out a secured loan with them in January 2005 and paid it off in June 2006. I sent Subject Access Request to them 1/2/07. Back came a letter dated 5/2 (very efficient!) enclosing full statement. Wrote straight back and highlighted £1949.02 charges. Asked them to provide a full explanation of what the charges were for and what the actual costs were to Prestige Finance. They passed it to their solicitors BSG.

Had a couple more letters to and from BSG clarifying charges. Interestingly, their letter stated in your letter regarding the five £10 charges made for returned direct debits, we have been advised by our clients they are unable to repay these as they are charges charged to them from their bank.

As the £1949.02 was made up of mainly solicitors costs i decided not to pursue those and go for the items that i felt i was on more solid ground to reclaim should they go to court.

I then sent the spreadsheet back to prestige on 16/3/07 claiming £330 for £10 unpaid DD, 4 x £10 late payment charge, £240 charge for letters and £40 non interest bearing charges.

This morning 25/3 received a letter from Prestige themselves.... after having reviewed your file we have refunded a payment in the sum of £330 in relation to our fees as a gesture of goodwill. They have added the clause : please note this is in full and final settlement of all claims and/or counterclaims arising out of the loan dated 6/1/2006. Please acknowledge receipt of this cheque.

Well, for sure i will be banking this monday morning and will take my time in writing to them to say thanks for the cheque but i am not accepting the full and final bit. (I intend to go for ERC refund once this becomes more clear so am keeping my options well and truly open). In addition the loan was dated 2005 not 2006!

So, i am very pleased with the cheque for £330 and all it cost me to get it was a few stamps - not even the £10 for the Subject Access Request! 1/2/06 - 25/3/06 quite quick compared to the rest of them!



capital one £828.62 mcol raised 26/2/07
SPML £1989.72 LBA 16/3/07
Bank of Scotland mortgage £?? Subject Access Request 16/3/07
Prestige Finance £330 FULL SETTLEMENT CHQ RECEIVED 24/3
GMAC £2465 LBA 19/3/07
Welcome Finance £1661.68 claim 22/3/07
Welcome Finance PPI missold claim 2905.70 20/3/07
Capital one (husbands) £??? Subject Access Request 31/1/07, LBA (NON COMPLIANCE) 16/3/07
Barclaycard £??? Subject Access Request 10/2/07
Forthright Finance £??? Subject Access Request 12/3/07
LLoyds TSB business a/c £296.77 LBA 21/3/07
LLoyds TSB current a/c £??? Subject Access Request 10/1/07
LLoyds TSB husbands a/c £??? Subject Access Request 10/1/07

[theonetrickpony]

Advice please!!


Prestige have written back to say.......

'The £330 sent to you on 21/3 was in full and final settlement of all claims and/or counterclaims arising out of the credit agreement and legal charge dated 6/1/05.

You should only bank the above cheque if you are happy to accept in full and final setlement.'


Firstly, have already banked chq it clears tomorow. I want to be able to make a claim for the ERC paid at a later date should it become appropriate to do so.

I have already written to them on 26/3 saying..

I acknowledge receipt of your letter dated 21 March 2007 and your settlement offer of £330.

I accept your offer as full and final settlement only for this claim of default charges for Account No. xxx

I accept this offer without prejudice and I reserve the right to make any further claims that apply to charges that may be considered unlawful under common law or in violation of the Unfair Terms in Consumer Contracts Regulations 1999 or Unfair Contract Terms Act 1977.

I will be willing to withdraw my claim upon receipt of unconditional full settlement of my claim.

I trust that you will find this arrangement acceptable.

What should my reply be?