Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Secured Loan £21,000
Single PPI £2835.00
Total loan £23835.00
300 mths at £208.51
Apr 9.9%
Taken 30 July 2004
SETTLED IN FULL OCT 2005 of Settlement Figure = £23646.04
How they worked out their Calculations:
Current Balance - £23561.73
Add settlement interest - 374.71
Add Additional interest - 1123.29
Future charges + (Insurance) 39391.10
Total before rebate - 64450.83
less rebate - 40924.79
Total after rebate: 23526.04
Add legal fee: 120.00
Balance to settle: = £23646.04
Here is the final response from Endeavour when I complained:
03/June 2008
Dear Mr & Mrs xxxxx
Account number xxxxxxxx
Further to your letter, I am sorry to learn that you remain dissatisfied with Endeavour Personal Finance and that you are unhappy with the response to your complaint regarding the Payment Protection Insurance Policy purchased on the 30th July 2004.
I can confirm that you did receive a part rebate of the insurance premium within the settlement dated 4th October 2005 amounting to £1,533.69. This is also confirmed on the attached statement of the account.
The amount of £23,835.00, which you refer to as the total cost of the agreement, relates to the amount borrowed and not the cost of the loan. Interest was not added as an upfront amount but was charged on a daily basis on the balance of the total loan amount and debited to the account monthly. The total cost of the loan would be calculated by multiplying the monthly instalment by the term of the loan and deducting the original amount borrowed. For example: £208.51 x 300 - £23,835.00 = £38,718.
As I advised you in my letter dated 13th May 2008, the broker acted as your agent and by using the broker you did so of your own free choice. Endeavour Personal Finance cannot be held responsible for the advice or actions of the broker concerned.
In summary, our position remains unchanged and therefore I regret that I am unable to uphold your complaint or provide a refund on the premium interest. If you believe that the policy was inappropriate for you, you should continue to pursue the broker for any redress.
I realise this may not be the response that you were hoping to receive but it does nevertheless bring an end the steps available to you through our internal complaints procedure, as this letter constitutes our final response.
As you purchased the policy prior to the introduction of the Insurance Code of Business Regulations on the 14th January 2005, I regret that the Financial Ombudsman will be unable to adjudicate in this matter. In addition, prior to the 6th April 2007 and the introduction of the Consumer Credit Jurisdiction legislation, Endeavour Personal Finance was not a member of the Ombudsman Scheme. As your complaint relates to an event, which took place prior to the 6th April 2007, the Ombudsman would be unable to adjudicate on a complaint against Endeavour Personal Finance.
Yours sincerely
Head of Operations
Endeavour Personal Finance.
So that settlement figure above includes the rebate of £1,533.69.
On one part of the document I received from a SAR there is a brokers commission on a CREDIT 400 SHEET: Brokers commission £1,680, 8%.
Here is the paragraph on one of the documents received WITH SAR:
IF YOUR METHOD OF PAYMENT IS direct debit, PLEASE CANCEL THIS WITH YOUR BANK ON THE DAY YOU REMIT YOUR SETTLEMENT PAYMENT TO US.
PLEASE NOTE THAT IF YOU SETTLE BEFORE THE SETTLEMENT DATE YOU MAY BE ENTITLED TO A REFUND.
ADDITIONAL INFORMATION:
FUTURE CHARGES - The amount of interest charged if the loan had run its full term without variation.
LESS AMOUNT OF REBATE: The amount of interest that is cancelled because the account being settled early. the difference between the future charges and rebate is the proportion of future interest you pay to settle your account early. The rebate has been calculated in accordance with the Consumer Credit (Rebate on early settlement) Regulations 1983.
REDEEM.
......................... ......................... ......................... ...................
Do you think I have any grounds of complaint with these ? Rebate wise ?
I know its seems they have used the rule of 78, will appreciate any info, thanks again folks, I just wanted to add further information just to give you an idea.
Hi folks, just a bit of advice if possible please.;-)
Can I pursue the Brokers and the lenders at the same time ?
I have wrote to the brokers about the mis-selling of the single PPI, but when this was settled almost 24 years early only a portionate rebate was deducted where obviously this was sorted out and calculated by the lenders.
I hear that a 'limitations act' or whatever its called is due to come into force, so if that's the case I will have to try to pursue on this as soon as !
I would just like to add the fos is unable to look at this as they were not regulated then back in 2004 when we had the product and settled in 2005, they were not under GISC either, the FOS have already confirmed this to me.
But is that only the mis selling side of things they cannot look at if not regulated then ?
And even though not then regulated will the FOS look at the complaint if its regarding just the unfair rebate settlement ?
Lloyds TSB (SARS) request sent 9th June 2006
£2191 Moneyclaim Issued 11/08/2006, Acknowleded 17th August Defence 14 Sep, AQ returned 5/10/2006.SETTLED IN FULL £2,670 26/11/2006/ Lloyds Credit Card SETTLED IN FULL £267 MBNA SETTLED IN FULL 15/09/2006 £829 Citicard (SARS) request sent 22nd June 2006 Moneyclaim issued 19th Sep, Defence and AQ received 5/10/2006, AQ returned 5/10/2006, part refund received 10/10/2006
GE MONEY SETTLLED IN FULL £400
Barclaycard Me and Mrs SARS sent 19/10/2006 settled £350
Welcome Finance PPI 2 accounts one settled £1018 waiting on other
GE Money PPI 1 account settled 8/5/2008 £560 2nd account SETTLED IN FULL £3,599.78p 15thAugust 2008
Lloyds TSB PPI CC complaint sent 10/04/2008
Black Horse PPI with FOS 20/05/2008
HFC PPI complaint sent 22/05/2008
This claim is quite a difficult one really comparing to other normal claims, the brokers were that of 'Click financial limited' where it was confirmed that this actual company had dissolved in 2006, although the directors/broker members still continue under another Click company as they have so many, but going by the firm reg number the brokers of ours is that of dissolved. (sorry if this is confusing).
Anyway we did originally try to pursue through the lenders of Endeavour about 2 months back for the mis selling, they did send a final response and said to pursue through the brokers, it was then afterwards we found out they dissolved.
I have since been talking to someone who shown me that Click has a number of financial companies and as shown on 'Companies search, also FSA register' Click Financial are still up and running but under a new firm name but same directors/members.
So am going to give this one last chance, on the mis selling and if this does not resolve as the rebate was exceptionally low I will go back to Endeavour on this part, even though I now know the fos will not look at the mis selling side of things due to them not being regulated I am hoping they will look at this if Endeavour does not resolve the rebate issue and not the mis selling side of it.
Just need to exhaust this out first I think because I find it very misleading, its the same Click address and they have so many firm numbers.
I will post up and let you know the outcome, I should hear hopefully by the beginning of August.;-)
Endeavour Personal Finance INFO
- 374.71
Reply With Quote
