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.
I recently asked for an early settlement figure from the RBOS on an exsisting loan. And yes you guessed it, they have worked out my settlement figure using the dreaded Rule of 78.
I have checked my T&Cs of the loan and it does not mention the Rule of 78 anywhere.
I have wrote to them to complain and stated that they have breached the Banking Code and CAP regulations by not stating clearly and without any ambiguity any added charges concerning my loan.
Has anyone any experience with this or am I living a pipe dream thinking that they will change their minds and give me a pro rata rebate.
HiDB, sorry you didn't get a reply 'til now. I just stumbled in on this one. I'm not sure if I read you correctly, but I don't think you will find a direct reference to the Rule of 78 (as such) in your contract. This is because it is a mathematical "rule" and not a term in your contract.
It is basically a formula used in calculate settlement figures. MSE explains it here:-
Rule of 78
and CAP regulations by not stating clearly and without any ambiguity any added charges concerning my loan.
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