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    • Hi all, We bought a part to fix our washing machine approx 13 months ago direct from the manufacturer of the washing machine via phone. This part then failed 13 months later, as confirmed by their own engineer, who was sent by the manufacturer (who is also the retailer for the part) FoC. The engineer actually installed a replacement part, the machine came back to life, but they then removed the part used for testing (and ours reinstalled) as "we would be charged for it". The retailer are refusing to replace the part, stating that they only warranty parts for 90 days. When I stated that I believed the Consumer Rights Act gives me longer than that, they insinuated that it did not, and this was repeated by many representatives. AIUI for goods bought more than 6 months ago, I need to get an engineers report to confirm the part has failed? Or that it has failed due to manufacturing issues? Or would the companies own engineers report suffice? Also, does anyone have any other decent contact details for Hotpoint (or the Whirlpool group)? Thanks, GH
    • Thank you for that "read me", It's a lot to digest, lots of legal procedure. There was one thing that I was going to mention to you,  but in one of the conversations in that thread it was mentioned that there may be spies on the Forum,  this is something that I've read quite some time ago in a previous thread. What I had in mind was to wait for the thirty days after their reply to my CCA request and then send the unenforceable letter. I was hoping that an absence of signature could be the Silver Bullet but it seems that there are lot of layers to peel on this Onion.  
    • love the extra £1000 charge for confidentialy there BF   Also OP even if they don't offer OOC it doesn't mean your claim isn't good. I had 3 against EVRi that were heard over the last 3 weeks. They sent me emails asking me to discontinue as I wouldn't win. Went infront of a judge and won all 3.    Just remember the law is on your side. The judges will be aware of this.   Where you can its important to try to point out at the hearing the specific part of the contract they breached. I found this was very helpful and the Judge made reference to it when they gave their judgements and it seemed this was pretty important as once you have identified a specific breach the matter turns straight to liability. From there its a case of pointing out the unlawfullness of their insurance and then that should be it.
    • I know dx and thanks again for yours and others help. I was 99.999% certain last payment was over six years ago if not longer.  👍
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Consumer Credit (rebates on early settlement) regulations


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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

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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

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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

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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.

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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.

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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

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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.

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  • 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

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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

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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

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