Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

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  1. #1
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    Default Prestige Finance - Redemption Fees

    Hoping someone can help on something that is out of my area of knowledge.

    Parents took out a secured loan with Prestige Finance in 2006 - regulated under the CCA.

    The repayment period is due to come to an end a couple of months and so they only have a couple of payments left.

    They had a letter in last couple of days informing them that they also owe 900 redemption and the figure has been calculated in accordance with the CCA 1974.

    Can they make this extra charge even though the loan is not being paid off early?

    Am waiting for a copy of the T&C's to see what they say, but can anyone give us an idea in the meantime - as we know not everything in the T&C's is lawfull anyway.

    The Banks lend you Credit that is created out of nothing - FACT.

    Only 3% of the Money in the Uk is in the form of notes and coins - the rest is created by banks as debts - numbers on computers - nothing more.

    Money should be our servant - not our master - Its Time to reform the Banking system

    For more info on how banks create loans from nothing - The problems of our debt based economy - and what the solution is - look here


    Further Reading and articles on our debt based economy found here

    http://prosperityuk.com/

    The campaign for this reform is backed by a group of economists, lawyers, engineers, former civil servants, university academics and business people as well as the public.
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  2. #2
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    Default Re: Prestige Finance - Redemption Fees

    Hi DoH,
    900 for removing the charge seems totally
    unreasonable, you are right to get the Ts andCs,
    have you seen the actual contract for this loan?

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  3. #3
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    Default Re: Prestige Finance - Redemption Fees

    Not yet Brig - have just seen a copy of the letter so far - only heard about this a couple of hours ago. Will hopefully get the agreement and T&C's in next day or so.

    I thought the amount sounded a bit steep too.

    The Banks lend you Credit that is created out of nothing - FACT.

    Only 3% of the Money in the Uk is in the form of notes and coins - the rest is created by banks as debts - numbers on computers - nothing more.

    Money should be our servant - not our master - Its Time to reform the Banking system

    For more info on how banks create loans from nothing - The problems of our debt based economy - and what the solution is - look here


    Further Reading and articles on our debt based economy found here

    http://prosperityuk.com/

    The campaign for this reform is backed by a group of economists, lawyers, engineers, former civil servants, university academics and business people as well as the public.
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  4. #4
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    Default Re: Prestige Finance - Redemption Fees

    Way out imo maybe fees and 100 for adminicon would
    be my idea of fair, unless they are adding a huge penalty
    for the early redemtion, again unfair.

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    Default Re: Prestige Finance - Redemption Fees

    But it is not being settled early - that is why i questioned it - sounds odd. May have expected some charge like at the end of a HP agreement - but not 900.

    Strangley the letter is headed without prejudiceicon?

    The Banks lend you Credit that is created out of nothing - FACT.

    Only 3% of the Money in the Uk is in the form of notes and coins - the rest is created by banks as debts - numbers on computers - nothing more.

    Money should be our servant - not our master - Its Time to reform the Banking system

    For more info on how banks create loans from nothing - The problems of our debt based economy - and what the solution is - look here


    Further Reading and articles on our debt based economy found here

    http://prosperityuk.com/

    The campaign for this reform is backed by a group of economists, lawyers, engineers, former civil servants, university academics and business people as well as the public.
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    Default Re: Prestige Finance - Redemption Fees

    Sorry I missed the NOT in the post in that case it's well out of order.

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  7. #7
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    Default Re: Prestige Finance - Redemption Fees

    Have now managed to get hold of a copy of the agreement - but not the T&C's.

    It states in the agreement that the total charge for credit includes

    interesticon
    Brokers Fee
    Legal & Documentation Fee

    and that when these figures are added together with the loan amount, and divided by the months payable = equals the total repayable.

    So i am asuming this indicates that there is nothing left to pay - there is no mention in the agreement of redemption fees - would i be correct in thinking that these would be included in the legal & doc fees?

    The Banks lend you Credit that is created out of nothing - FACT.

    Only 3% of the Money in the Uk is in the form of notes and coins - the rest is created by banks as debts - numbers on computers - nothing more.

    Money should be our servant - not our master - Its Time to reform the Banking system

    For more info on how banks create loans from nothing - The problems of our debt based economy - and what the solution is - look here


    Further Reading and articles on our debt based economy found here

    http://prosperityuk.com/

    The campaign for this reform is backed by a group of economists, lawyers, engineers, former civil servants, university academics and business people as well as the public.
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