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Please can someone look asap to see if enclosed attachments are enforceable agreement my comments are
C is continuation of A but at top of B is another signature so some other document is missing this loan has interest rate shown and amount and repayments but doesnt have an example am I right in thinking it should have some example on it ? IS THERE ANYTHING ELSE MISSING
If its bad news please tell me if you cant read them as there small let me know if i can pm you with them as i dont know how to make them bigger as im useless on computers
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Gaz,
Yup, they're too small. Go to photobucket, sign up (it's free) and you can upload through there. Use the IMG link and it will post the agreement much larger than what you have put up.
fox
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Everything I say is opinion only. If you are unsure on any advice given, you should see a qualified solicitor
If you're not sure how to do it follow this.(I borrowed it off someone else but forget who, Think it was Fuzzybobble))
It seems tricky at first, but is fairly simple really.
1, Scan your DCA letter/whatever you want to show on the forum.
Ideal setting is 100dpi as it's closest to computer monitor display resolution.
2, Save the scanned image as a jpeg
Step 2.5 Edit out any personal information, barcodes or any other comments, notes or markings around the edge of the document. Never change the original document you received
2.5, Load the saved image into MS Paint. (comes free with Windows.) Use the pain brush or spray can to remove/paint over any personal info, such as name, account number, address, etc. Also remove any barcodes, as some DCAs may be able to identify you from these.
3, Create an account on Photobucket.
4, Once you have a Photobucket account, you'll find on the main webpage little box where you can upload photos. Click the "upload image" box and then tell it where on your hard disk you saved your scanned jpeg. It will then upload the image to Photobucket and it will show you thumbnails of the images you have uploaded. Under each image there are links that you can copy and paste.
5, Copy the IMG link below the image you want to put on the forum. Then reply to thread on CAG. Right click with the mouse and select "paste" from the little menu that pops up.
6, You'll then get some text appear in your message that looks a bit like this.
When you submit the reply, the text will change into the image you uploaded onto photobucket. The text you copied and pasted is just the information the forum needs, so it knows where to find your photo and display it in your message.
fox
If you are asked to deal with any matter via private message, PLEASE report it.
Everything I say is opinion only. If you are unsure on any advice given, you should see a qualified solicitor
I suspect the page that is missing is probably the direct debit mandate for the repayments to come out of a bank account.
What exactly do you mean by you think there should be an example ?.. of what? I think examples of repayments are usually only shown on running credit accounts such as credit cards. This looks to be a straight forward loan amount. Sorry if I have misunderstood anything.
1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -HERE
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When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
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As CB implies, this is a properly exectured agreement and therefore enforceable.
Steven
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... out... in... out... I'm shaking it all about...
Posts
11,407
Re: Urgent Help Wanted
Yup, enforceable...
The APR stated is wrong - they've stated 8%, but the agreement actually works out at 8.00236%. This doesn't really help you, as it's within the permissible tolerance;
Permissible tolerances in disclosure of the APR
1A. For the purposes of these Regulations, it shall be sufficient compliance with the requirement to show the APR if there is included in the document -
(1) a rate which exceed the APR by not more than one; or
(2) a rate which falls short of the APR by not more than 0.1; or
(3) in a case to which either of paragraphs 2 or 3 below applies, a rate determined in accordance with the paragraph or such of them as apply to that case.".
Always happy to help where I can!
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Advice and comments posted by car2403 are offered purely without prejudice. They reflect only my personal opinion and do not represent the opinion of this forum or it's management. You should always seek legal advice from a qualified legal advisor. As a member of the site team, I disable reputation - reputation points mean nothing, please check my posting credentials yourself and make an informed decision. You shouldn't PM me and await a reply - I may be too late with a response. No replies will be given in Private Messages - just as with getting advice from the forum, getting advice via Private Messages is dangerous. CAG is about sharing successes so others can follow your example, this is primarily why I'm here, so please don't be offended if I don't offer replies in PM that doesn't comply with this. Help CAG to help others by keeping your thread up to date.
The APR stated is wrong - they've stated 8%, but the agreement actually works out at 8.00236%. This doesn't really help you, as it's within the permissible tolerance;
APR is always rounded to one decimal place, so it is correct. 8.00236% is the Effective Annual Rate (EAR).
Steven
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My Wins
GE Money Won unconditionally May 2007 NatWest Won unconditionally August 2007 BrighthouseWon unconditionally August 2007 GoldfishWon unconditionally April 2008 (including CI on the basis of Sempra) Clydesdale Financial Services (now BPF) Won unconditionally February 2008
Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.
Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.
... out... in... out... I'm shaking it all about...
Posts
11,407
Re: Urgent Help Wanted
Originally Posted by steven4064
APR is always rounded to one decimal place, so it is correct. 8.00236% is the Effective Annual Rate (EAR).
It's not correct, because the rate stated on the agreement isn't the rate applicable according to the other financial information on the agreement. It is within the allowed tolerances, though, which is why I referred to the regulations. (I hope I didn't confuse you, Gaz)
EAR is used to illustrate the effect compound interest has on a loan. I discovered this when Barclays sent me details of the EAR on an overdraft debt - unfortunately for them, (didn't test in Court, as they withdrew ) the EAR isn't the interest rate that is required under the Consumer Credit Act. Essentially, APR is a measure of interest and EAR includes the compound elements that APR doesn't. (Hence why Barclays withdrew, IMHO)
Always happy to help where I can!
Beware of legal advice given on a private forum - do you REALLY know who is posting? Are they REALLY accountable for their posts? What if you follow their advice and get something wrong?
It was Winston Churchill who said; "Democracy is the worst way to run a country except for all the others"
Advice and comments posted by car2403 are offered purely without prejudice. They reflect only my personal opinion and do not represent the opinion of this forum or it's management. You should always seek legal advice from a qualified legal advisor. As a member of the site team, I disable reputation - reputation points mean nothing, please check my posting credentials yourself and make an informed decision. You shouldn't PM me and await a reply - I may be too late with a response. No replies will be given in Private Messages - just as with getting advice from the forum, getting advice via Private Messages is dangerous. CAG is about sharing successes so others can follow your example, this is primarily why I'm here, so please don't be offended if I don't offer replies in PM that doesn't comply with this. Help CAG to help others by keeping your thread up to date.
the agreement in post #5 doesn't have any other financial information that i can see. The figure of 8.0% is the only interest figure I can see. Where are you looking?
However, if you put the laon amount, repayment amounts and number of repayments into Dualcalc (the OFT calculator for APR), you get 8.0%, which is what is quoted and is therefore correct.
Steven
Using CAG Toolbar will generate much needed income - Download Here
Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial
My Wins
GE Money Won unconditionally May 2007 NatWest Won unconditionally August 2007 BrighthouseWon unconditionally August 2007 GoldfishWon unconditionally April 2008 (including CI on the basis of Sempra) Clydesdale Financial Services (now BPF) Won unconditionally February 2008
Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.
Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.
... out... in... out... I'm shaking it all about...
Posts
11,407
Re: Urgent Help Wanted
Originally Posted by steven4064
Car
the agreement in post #5 doesn't have any other financial information that i can see. The figure of 8.0% is the only interest figure I can see. Where are you looking?
However, if you put the laon amount, repayment amounts and number of repayments into Dualcalc (the OFT calculator for APR), you get 8.0%, which is what is quoted and is therefore correct.
That's strange, as the APR calculator I used shows the APR rate I quoted above. It's a web based one, as I don't have Dualcalc, which I can't tell you about as it's on a commercial website. I wonder if it's just Dualcalc rounding up, though? We all know that 8.0% actually means 8.4999% (9 recurring) right?
Always happy to help where I can!
Beware of legal advice given on a private forum - do you REALLY know who is posting? Are they REALLY accountable for their posts? What if you follow their advice and get something wrong?
It was Winston Churchill who said; "Democracy is the worst way to run a country except for all the others"
Advice and comments posted by car2403 are offered purely without prejudice. They reflect only my personal opinion and do not represent the opinion of this forum or it's management. You should always seek legal advice from a qualified legal advisor. As a member of the site team, I disable reputation - reputation points mean nothing, please check my posting credentials yourself and make an informed decision. You shouldn't PM me and await a reply - I may be too late with a response. No replies will be given in Private Messages - just as with getting advice from the forum, getting advice via Private Messages is dangerous. CAG is about sharing successes so others can follow your example, this is primarily why I'm here, so please don't be offended if I don't offer replies in PM that doesn't comply with this. Help CAG to help others by keeping your thread up to date.
It's not just that - APR by definition is always rounded to one decimal place. (it used to be truncated to one decimal place but the OFT changed it)
Steven
Using CAG Toolbar will generate much needed income - Download Here
Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial
My Wins
GE Money Won unconditionally May 2007 NatWest Won unconditionally August 2007 BrighthouseWon unconditionally August 2007 GoldfishWon unconditionally April 2008 (including CI on the basis of Sempra) Clydesdale Financial Services (now BPF) Won unconditionally February 2008
Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.
Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.
Urgent Help Wanted
so some other document is missing this loan has interest
Reply With Quote
Originally Posted by car2403
) the EAR isn't the interest rate that is required under the Consumer Credit Act. Essentially, APR is a measure of interest and EAR includes the compound elements that APR doesn't. (Hence why Barclays withdrew, IMHO)
