Marc Gander - The Consumer Survival Handbook

A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.


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.

£19.99 + £1.50 (P&P)

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  1. #1
    Basic Account Holder
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    You'll regret it if you don't.
    avfc2012 Novitiate

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    Cagger since : Mar 2012
    Posts : 139 (0.06 post per day)

    Default Cathedral Motor Company / Barclays Loan

    Hi all,

    My father has held a credit agreement between himself & Barclays since October 2014 (Credit intermediary is Cathedral Motor Co).

    He's already had a phone callicon from the dealer about refinance / settlement for a newer model & he asked me to take a look at his agreement and see if I could work out a rough settlement figure.

    However I've read the agreement a couple of times now, I dont know if its late and I'm tired but I dont think it's been worked out correctly.

    On the Pre-Contract Credit Information it shows that the cars cash price is 10,145.00, of which my father traded in a car for 1000 as a deposit. This shows that the total amount of Credit is 9,145.00.
    It then lays out the Repayments as "First Monthly repayment 259.67, followed by 46 monthly payments of 160.67 and a final repayment of 4,049.00".
    The total amount you will have to pay states "12,860.16 (This includes any deposit you have already paid)"

    Now the conditional sale agreement shows figures as follows:

    Cash Price: 10,145.00
    Advance Payment: 1,000
    Credit Amount (less Advance Payment): 9415.00 -- There is a line of text saying "We use the amount of credit to by the vehicle from the dealer"
    Total Charge for credit: Credit Facility Fee: 99.00; Completion Fee: 199.00; Interest: 2,417.16 . Total 2715.16
    Total Amount Payable: 12,860.16

    First Payment: 259.67
    Monthly Repayments: 47 repayments of 160.67
    Final Repayment: 4049.00

    Interest Rate: 4.65% per year Fixed; APR 10.4% fixed

    This is where both of us are confused....
    Pre Credit agreement: 259.67 + (46 x 160.67) + 4049.00 = 11,699.49
    Conditional Sale Agreement: 9415.00 + 99.00 + 199.00 + 2417.16 = 11,860.16
    Conditional Sale Agreement Repayments: 259.67 + (47 x 160.67) + 4049.00 = 11,860.16

    The statement from Barclays each year shows at the top right:
    Total Amount of Credit: 9,145.00
    Total Interest Amount: 2,417.16

    This of course gives the total of 11,860.16 - so why does the agreement state the 12,860.16 is payable, where has the 1,000 difference gone, plus is it 47 or 46 payments?

    If anyone knows how to work out approx settlement on the above info it would also be greatly appreciated.

  2. #2
    Basic Account Holder
    Do you record your calls?
    You'll regret it if you don't.
    blackknight Novitiate

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    Cagger since : Dec 2009
    Posts : 216 (0.07 post per day)

    Default Re: Cathedral Motor Company / Barclays Loan

    The 12,860 includes the Deposit of 1000 already paid.

Reclaim the Right Ltd. - reg.05783665 in the UK reg. office:- 923 Finchley Road London NW11 7PE
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