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My husband purchased a hot tub in 2006 and the finance was arranged through Hitachi Capital.
After requestung a copy of the loan agreement and details of any insurance added to the account. I recieved a coopy of the fixed sum loan agreement which shows the payments of £156.09 for 60 months.
We have been paying £177.00 a month so there is obviously PPI added on but there is no mention of this on the agreement.
And I have also noticed that it has not been signed by the supplier on behalf of Hitachi Capital Consumer Finance.
Does this make the loan unenforceable. If so whats the next step?
Is it possible to post up a copy of the agreement with personal details and any account number or bar code obscured?
Are the payments by direct debit? I.e. are they taking £177 pm or are you paying £177 pm.
RMW
I am not an expert in law, finance or any related field, I just read a lot. Any advice is based solely on what I've read so please don't take it as gospel without checking it out yourself.
I prefer not to give advice by PM. If you want me to look at something, send me a link to your thread, and if I can help I'll reply on there.
Pretty much impossible without a scanner. You could type up the financial section, i.e. amount borrowed, interest etc.
First, I know absolutely nothing about PPI so please bear that in mind when considering any suggestions. I do know a bit about CCAs though.
1. The lack of a signature by or on behalf of the creditor will not make the agreement irredeemably unenforceable, however inaccurate figures in the prescribed terms could.
2. As the payments they are taking are in excess of the amount they should be, you need to query this. It could be that you are paying for PPI, but it could be something else. Either way, you need to know. I wouldn't normally suggest doing anything over the phone, but in this case a quick call might be the easiest way to get an answer. Phone customer services (when they are open again) and ask why the payments are more than they should be. It's possible that it's a simple error, no matter how unlikely that seems.
RMW
I am not an expert in law, finance or any related field, I just read a lot. Any advice is based solely on what I've read so please don't take it as gospel without checking it out yourself.
I prefer not to give advice by PM. If you want me to look at something, send me a link to your thread, and if I can help I'll reply on there.
I have found a letter that we sent in oct 06, Saying I am pleased to confirm that Payment Protection Insurance has been added to the agreement and monthly instalments have been amended to £177.94.
Key Financial Information
Amount of credit £7500.00
Under this agreement you will pay 60 consecutive monthly payments of £156.09.
Cash price £8750.00
Advance payment: £1250.00
Total charge for credit £1865.40 interest rate 5.0% per annum variable
Did you ask for the PPI or sign anything? Is there any reason why PPI would be unsuitable - self-employed, unemployed, previous medical history?
RMW
I am not an expert in law, finance or any related field, I just read a lot. Any advice is based solely on what I've read so please don't take it as gospel without checking it out yourself.
I prefer not to give advice by PM. If you want me to look at something, send me a link to your thread, and if I can help I'll reply on there.
... out... in... out... I'm shaking it all about...
Posts
11,407
Re: Hitachi Finance
Originally Posted by pilla99
I have found a letter that we sent in oct 06, Saying I am pleased to confirm that Payment Protection Insurance has been added to the agreement and monthly instalments have been amended to £177.94.
Key Financial Information
Amount of credit £7500.00
Under this agreement you will pay 60 consecutive monthly payments of £156.09.
Cash price £8750.00
Advance payment: £1250.00
Total charge for credit £1865.40 interest rate 5.0% per annum variable
thx
x
A loan of £8750 over 60 months at 5% APR would give payments of £164.67, totalling £9,880.70, and a total charge for credit of £1,130.70.
Based on their monthly payment, the actual APR charged (if the payments shown are right) would be 8.435%.
Does the agreement set out the PPI separately, or was the original agreement modified by a new one? If the PPI is separate, but there's no modification of the original, they will struggle to enforce as the APR is way out. Remember, though, that APR isn't a prescribed term under the agreement regulations, so this isn't irredeemably unenforceable as it can be enforced under s.65, but you would have a decent defence of prejudice under s.127(1)(i) should you get that far, based on these figures, 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.
An extra £1311 has been added to the loan total which is presumably PPI and interest, assuming that the PPI was added near to the start of the loan. You need to send them a SAR to find out if the PPI was actually applied for.
BANK CHARGES
Nat West Bus Acct £1750 reclaim - WON
LTSB Bus Acct £1650 charges w/o against o/s balance - WON
Halifax Pers Acct £1650 charges taken from benefits - WON
LTSB Pers Acct - £2K charges, £1K o/d - Rob Way latest DCA
DCAs
Lowells/Capital One - no CCA - gone away £1500
Lowells/MBNA - no CCA - gone away £10K
Abbey - no CCA - £3.5K
CL Finance - 3 court claims re GE storecards 2 withdrawn, 1 hanging by a thread
Hillesden/DLC re Barclaycard - ongoing battle re validity of CCA - £3.5K
Clydesdale - charges more than balance - valid CCA:o - onto 4th DCA so far
LTSB card - £7K - no CCA - destroyed after 6 years! - latest DCA - AIC
Others
GE Money sec loan - £1900 in charges - settlement agreed
GE Money sec loan - ERC of £2.5K valid for 15 years - on standby
FirstPlus - missold PPI of £20K for friends - WON
£7500 repaid in 60 installments of £156.09 gives a total cost of credit of £1865.40 (which is what is says above) and an APR of 9.5% so the 5% is clearly wrong.
Can you post a scan of the agreement with you personal details removed. I would like to see if the agreement is enforceable.
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.
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.
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.
Hi I have scanned the document, but I am having trouble sending it as I do not have an attachment option when I reply, is there something that needs to be set up?
As car says, use photobucket (see the guide) and ten post a link here using the icon
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.
Bring up the image in photobucket and right click on it and "copy image location" or whatever the equivalent is in Internet Explorer
In the 'Post Quick reply' here click the icon and paste the image location there - that will do 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.
... out... in... out... I'm shaking it all about...
Posts
11,407
Re: Hitachi Finance
Originally Posted by steven4064
In the 'Post Quick reply' here click the icon and paste the image location there - that will do it.
Or...
Just post the IMG link from Photobucket in to a new reply to your thread
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.
Hitachi Finance
added on but there is no mention of this on the agreement.
Reply With Quote
Originally Posted by pilla99
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