Jump to content


  • Tweets

  • Posts

    • Thank-you dx, What you have written is certainly helpful to my understanding. The only thing I would say, what I found to be most worrying and led me to start this discussion is, I believe the judge did not merely admonish the defendant in the case in question, but used that point to dismiss the case in the claimants favour. To me, and I don't have your experience or knowledge, that is somewhat troubling. Again, the caveat being that we don't know exactly what went on but I think we can infer the reason for the judgement. Thank-you for your feedback. EDIT: I guess that the case I refer to is only one case and it may never happen again and the strategy not to appeal is still the best strategy even in this event, but I really did find the outcome of that case, not only extremely annoying but also worrying.
    • Indians, traditionally known as avid savers, are now stashing away less money and borrowing more.View the full article
    • the claimant in their WS can refer to whatever previous CC judgements they like, as we do in our WS's, but CC judgements do not set a legal precedence. however, they do often refer to judgements like Bevis, those cases do created a precedence as they were court of appeal rulings. as for if the defendant, prior to the raising of a claim, dobbed themselves in as the driver in writing during any appeal to the PPC, i don't think we've seen one case whereby the claimant referred to such in their WS.. ?? but they certainly typically include said appeal letters in their exhibits. i certainly dont think it's a good idea to 'remind' them of such at the defence stage, even if the defendant did admit such in a written appeal. i would further go as far to say, that could be even more damaging to the whole case than a judge admonishing a defendant for not appealing to the PPC in the 1st place. it sort of blows the defendant out the water before the judge reads anything else. dx  
    • Hi LFI, Your knowledge in this area is greater than I could possibly hope to have and as such I appreciate your feedback. I'm not sure that I agree the reason why a barrister would say that, only to get new customers, I'm sure he must have had professional experience in this area that qualifies him to make that point. 🙂 In your point 1 you mention: 1] there is a real danger that some part of the appeal will point out that the person appealing [the keeper ] is also the driver. I understand the point you are making but I was referring to when the keeper is also the driver and admits it later and only in this circumstance, but I understand what you are saying. I take on board the issues you raise in point 2. Is it possible that a PPC (claimant) could refer back to the case above as proof that the motorist should have appealed, like they refer back to other cases? Thanks once again for the feedback.
    • Well barristers would say that in the hope that motorists would go to them for advice -obviously paid advice.  The problem with appealing is at least twofold. 1] there is a real danger that some part of the appeal will point out that the person appealing [the keeper ] is also the driver.  And in a lot of cases the last thing the keeper wants when they are also the driver is that the parking company knows that. It makes it so much easier for them as the majority  of Judges do not accept that the keeper and the driver are the same person for obvious reasons. Often they are not the same person especially when it is a family car where the husband, wife and children are all insured to drive the same car. On top of that  just about every person who has a valid insurance policy is able to drive another person's vehicle. So there are many possibilities and it should be up to the parking company to prove it to some extent.  Most parking company's do not accept appeals under virtually any circumstances. But insist that you carry on and appeal to their so called impartial jury who are often anything but impartial. By turning down that second appeal, many motorists pay up because they don't know enough about PoFA to argue with those decisions which brings us to the second problem. 2] the major parking companies are mostly unscrupulous, lying cheating scrotes. So when you appeal and your reasons look as if they would have merit in Court, they then go about  concocting a Witness Statement to debunk that challenge. We feel that by leaving what we think are the strongest arguments to our Member's Witness Statements, it leaves insufficient time to be thwarted with their lies etc. And when the motorists defence is good enough to win, it should win regardless of when it is first produced.   
  • Recommended Topics

  • Our picks

    • If you are buying a used car – you need to read this survival guide.
      • 1 reply
    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
      • 161 replies
    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
        • Like
  • Recommended Topics

Consumer Credit (rebates on early settlement) regulations


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 5892 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi,

Took out a loan in Aug 2005.

Have asked for early settlement figure.

They've quoted Consumer Credit(Rebate on early settlement) regulations 1983..

 

Does this loan fall under the 1983 regs? I think I read somewhere that loans prior to may 2005 were covered by 1983 regs.

 

When do 2004 regs come into effect?

 

What are the differences in the working out of settlement figures?

 

1983 v 2004 regs which is better financialy for the consumer.

 

hope that all makes sense .....:?

 

Sharpman

[sIGPIC][/sIGPIC]

Link to post
Share on other sites

The 2004 regs came into effect for credit agreements written after 31/5/2005.

 

The differences in calculations are based on a requirement to move from the old and complicated Rule of 78 method to a new and even more complicated actuarial method.

 

The bottom line is though that it is generally better for the customer, although I don't think there is that much in it.

 

Search google for OFT801 for more information.

 

HTH

Link to post
Share on other sites

The 2004 regs came into effect for credit agreements written after 31/5/2005.

 

The differences in calculations are based on a requirement to move from the old and complicated Rule of 78 method to a new and even more complicated actuarial method.

 

The bottom line is though that it is generally better for the customer, although I don't think there is that much in it.

 

Search google for OFT801 for more information.

 

HTH

 

thanks for info.

BTW the loan was for a figure of 33612.30 (including PPI):sad:

 

So, as this loan was taken out Aug 2005 it's covered by the 2004 regs.

Do the company then have to use the 2004 regs to work out the settlement figure?

 

another question.

On my CCA in the Bit about early settlement it states that the figure would be worked out using formula set out in the CCA 1974. quote 'Not withstanding the fact that this agreement is not regulated by the act' unquote. What does this mean.

 

Also i'm looking at the loan pack again.

 

In the pack it states that the Settlement figure is calculated according to the 'Consumer credit(Early Rettlement) Regulations 2004.

 

On the Loan greement it quotes Consumer Credit Act 1974 for figure calculations.

 

On a recent Settlement Figure quote:

The Rebate allowed has been calculated in accordance with the 'Consumer credit(Rebate on Early Settlement) regulations 1983.

 

Ok, Now which one is legal? or are they all allowed to be used when the occasion suits them.:rolleyes:

 

Sharpman

[sIGPIC][/sIGPIC]

Link to post
Share on other sites

On loans taken out from 31/5/05 they must use the 2004 regulations to work out the settlement figure. A copy of the regs is here The Consumer Credit (Early Settlement) Regulations 2004 No. 1483

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

Link to post
Share on other sites

The rule of 78 was abolished because it front loaded the interest and so if you made an early settlement you often found that you had a large amount of capital still to pay.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

Link to post
Share on other sites

On loans taken out from 31/5/05 they must use the 2004 regulations to work out the settlement figure. A copy of the regs is here The Consumer Credit (Early Settlement) Regulations 2004 No. 1483

 

Hi,

Ok, Does the 2004 regs regulate loans over £25000. I think CCA 74 only regulates loans for less than £25000 from what I can make out.

 

If so, are there any strongly worded letters on here to enlighten Firstplus of the error of their ways.

 

Sharpman

[sIGPIC][/sIGPIC]

Link to post
Share on other sites

Yes it would only regulate loans under £25000 unless it was consolidating credit that was already regulated by the Act.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

Link to post
Share on other sites

  • 1 month later...
The rule of 78 was abolished because it front loaded the interest and so if you made an early settlement you often found that you had a large amount of capital still to pay.

 

so a doorstep lender could lend £100, load the interest making it £150 for arguments sake and start taking payment weekly, graduallly reducing down from £150? I am assuming this is what front loading means, if so, why are Provident doing this if it is was abolished?

 

how do they work out early settlement since their int rate is about double!!

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

Link to post
Share on other sites

well, could that calculation be any more complicated! are there any calculator tools that will do it for you?

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

Link to post
Share on other sites

well, could that calculation be any more complicated! are there any calculator tools that will do it for you?

 

Info thread here

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/128765-settlement-figures-calculator.html

 

it's a calculator that is on the OFT website. It works out all sorts.

 

Sharpman

[sIGPIC][/sIGPIC]

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...