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Posts posted by matthewluck1

  1. Just found out that I have gone over my overdraft this weekend and that I will be charged tomorrow for it.


    Very angry about this, I have claimed back their charges before and want to do so again. :mad:


    I have spoke to them tonight, several times, but they will not refund or cancel the charge due to be applied.


    Any advice please?



  2. The lender called me today to discuss my borrowing.


    I explained that I had contacted TS who said I should refuse to pay the £100 they added.


    I argued the case using the information and arguments given in this thread.


    They agreed to reduce the £100 fee to £15 which I accepted. I will now be making my final payment next month which clears my balance with them.


    Thanks very much for all the help in this thread, I'm sure someone else in a similar situation with these sort of lenders will find it useful.


    Matthew :)

  3. Thanks again, I have cancelled the bank card now, and rang the lender to ask to pay by standing order.


    They said they are sending me a form out.


    Maybe they are sending me a DD mandate? I always thought it was at my end the SO was set up


    I have PM'ed you for your email address so I can email you my credit agreement





  4. Thank you very much lookinforinfo for your helpful reply.


    Yes that is the case if i wanted to reduce the debt it had to be done in multiples of £100.

    They are no longer using my cheques as I cancelled the cheque book with my bank. They have changed the rules to get me to pay £40 per month, but have slapped £100 onto the amount I owe for this.


    I have been paying £40 per month on my payday using my bank card. Despite me asking them not to keep my card details they keep them and take £40 on my payday. Last payday they took £60 because I could only afford £20 the month before.


    I have spoke to my bank and can cancel the the bank card whenever I like. They also made me sign a direct debit mandate so they could collect payment if all else fails, but apparently I can cancel DD under the DD guarantee.


    At the moment they are not adding interest onto the amount.

    I have just noticed where it says about the % interest

    INTEREST will be charged at a rate of %on the credit provided, calculated at 20.00%ofthe face value of the cheque payable in advance. The Interest Rate may be varied when any change is made to the Bank Rate and notice will be given to the customer in writing.

    In the paragraph above (from the credit agreement) there is a blank next to the first % sign, they did not write anything there. (I was emailed the credit agreement by the way)

    It then says THE APR in respect of this service is 1413.1

    They do not use a % sign in the line above.

    Also the credit agreement is not signed by them before I signed it. The creditors name is in a computer font that looks like handwriting.

  5. Just got a couple of questions...


    When I break the news to them that they're not getting £100 of the money I think there's a high chance they could get a debt collection agency to do their dirty work.


    Where do I stand In refusing to pay the DCA?

    If they get a DCA should I take the lender to court?


    Also, I will soon be moving address and intend on not keeping them updated, will this be frowned upon by any courts, or will it be seen as reasonable given the circumstances?


    Any advice would be greatly appreciated :)



  6. Matthew, no wonder you got into difficulties paying that sort of interest.

    I guess your credit rating must have been pretty poor before that for you to

    even contemplate such a rate.

    The first thing I noticed was that this is more like an application form rather than the executed agreement itself.

    Do you have a copy of the actual agreement signed by both yourself and the company?

    You see that one, apart from being unsigned does not have the length of time of the loan, nor the monthly payments.

    I confess that I am unfamiliar with the way these loans work. You took out a loan of £400 and paid them £40 a month in interest, without reducing the loan amount?

    I also cannot tie in the two APR rates. First it states that you pay 20% of the face value of the cheque, then it says it is 1413.1 without a percentage sign. Can you explain that please?




    I made a mistake in my earlier post! The interest per month (to extend the loan) was £80 not £40. It was £20 per £100 lent.


    The way the loan works is...



    On each payday you can either:


    Pay back part of the loan in multiples of at least £100


    Pay £20 per £100 to extend the lot to the next payday

    Therefore for my £400 loan they wanted me to pay £80 p/m just to carry the loan over to the next month!


    Do you know of any consumer body I can speak to in relation to this being extortionate





  7. They are not going to present the cheques as I have cancelled the cheque book.


    I am paying £40 a month comfortably and have paid half of the £500 back.


    My gripe is they added £100 on top of the £400 I owed when I cancelled the cheque book and told them I could only pay £40 p/m


    Is there anybody I can speak to for advice like oft?



  8. Some advice would be much appreciated :)


    Stupidly I took out a £400 loan with a cheque cashing company.

    I was paying £80 interest per month as an extension fee, or my cheques went to the bank.


    I could not keep on paying £80 per month and not reducing the debt so I cancelled my cheque book with the bank and phoned the creditor to say I could afford to pay £40 per month.


    I also informed them I was in financial difficulties. Their response was to add £100 onto the amount outstanding, meaning I am now repaying £500.


    Please can someone tell me if any of the terms in the credit agreement could be deemed unfair, and what action I can take, or what agencies could take action for me.

    (The text of the credit agreement below...)



    Agreement No ******

    Creditor: ****************************************

    Tel: **** *** ***



    The Consumer Credit Act 1974 covers this Agreement and lays down certain requirements for your protection

    which must be satisfied when the Agreement is made. If they are not, the creditor cannot enforce this agreement

    against you without a court order.

    The Act also gives you a number of rights. You have the right to settle this Agreement at any time by giving

    notice in writing and paying off all amounts payable under this Agreement.

    If you would like to know more about the protection and remedies provided under the Act, you should contact

    either your local Trading Standards Department or your nearest Citizens’ Advice Bureau.



    THE CREDIT LIMIT OF £100.00 may be varied to such sum as may be determined by the

    Creditor and notice of it will be given to the customer.

    INTEREST will be charged at a rate of %on the credit provided, calculated at 20.00%of

    the face value of the cheque payable in advance. The Interest Rate may be varied when any change is

    made to the Bank Rate and notice will be given to the customer in writing.

    REPAYMENT is by presentation of each cheque 30 days from the date of the cheque

    AMOUNT OF EACH REPAYMENT is equal to the value of each cheque

    THE APR in respect of this service is 1413.1

    Signature for (or on behalf of) Creditor




    You may during the currency of the agreement:

    · receive advances on your cheques providing the total value not yet repaid is less than the Credit Limit.

    · within the terms set out in the Financial Information, select a different date for presentation of a cheque.

    You agree

    · that signature to this agreement acknowledges receipt of a true copy of the agreement

    · if your cheque is not honoured we may share information about you and your account with other


    · to a creditor making a credit reference and fraud prevention Agency search which may be recorded

    by the Agency concerned and shared with other creditors


    · the creditor may disclose to such agencies how you conduct your account

    · if you default or are suspected of fraud that other lenders may use this information

    about you and others with whom you are financially linked for credit assessment,

    debt tracing, and fraud and money laundering prevention.

    You have a right to be told which Agency we use to obtain from the Agency a copy of your file.

    You must tell us within 14 days if you change your name or address.


    We will require you to pay all our expenses and legal costs as follows:

    · if a direct debit or cheque is not honoured

    · the amount of any other losses or reasonable costs we incur (but are not limited to) for tracing you,

    notifying you of the breach, communicating with you about the breach and enforcing payment due

    under this Agreement.

    We may

    · end this agreement after giving you proper notice in writing if:

    o You fail materially to fulfil your obligations set out in any part of the agreement

    o You have given false information in connection with this agreement

    o You commit an act of bankruptcy (such as failing to pay a debt as ordered by a Court)

    · allow another person to take over our part of the agreement, that person will then take over

    all rights and responsibilities under the agreement

    · charge default interest on arrears as long as they are in arrears at the rate set out above.


    By signing this agreement you agree:

    · That the details you have given are true and complete;

    · To pay the Creditor the instalment as set out in the Financial Information;

    · To the Terms and Conditions below.

    We may use the details we have about you to provide you with information about other products or services

    offered by us or other persons. If you do not wish to receive this information please write to us at the above

    address or tick this box.

    This is a credit agreement regulated by the Consumer Credit Act 1974.

    Sign it only if you want to be legally bound by its terms.

    Signature of Customer

    Date of Signature

    Creditors copy (copy must be given to Customer) 73.1v3 Debtor Creditor Unrestricted Use Executed Running Account Non Cancellable (Adv) © CCAUK 2001. This agreement may not be copied or reproduced.

    THE CONSUMER CREDIT ASSOCIATION Promotes high standards of business and consumer relations in the home credit industry. The Association has over 800 full and associate members who range from large public limited

    companies to small firms providing cash loans or the sale of consumer goods or gift vouchers on credit and cheque encashment. The Association has a Code of Practice to which their members must subscribe. If you would like

    a copy of the Code of Practice or information about your rights as a consumer in relation to this agreement, contact: The Consumer Credit Association, Queens Road, Chester CH13BQ. Tel 01244 312 044 Fax 01244 318035

  9. I am in a similar position to fillim's daughter, Just spoke to rachael at w&h, who refused to refund me as I was offered a loan but declined it due to the ridiculous intrest rate. :mad:


    I am getting them to call me back so I am not paying for the phone call. It takes 20 mins to get through to customer services so they are paying for the call to a mobile :)


    Has anyone had the fee refunded?

  10. Hi,


    Last year I borrowed £400, a cash-til-payday loan secured against guaranteed cheques from paydayexpress.co.uk


    I was unable to pay the £40 per month (10% extension fee, or they bank my cheques for £400).


    I called them to tell them I was in financial difficulties and arranged to pay £40 a month so the loan was paid off within a year. However the next week they had added £100 interest, is there any way I can contest this or am I bound over by the credit agreement i signed. I have already asked them to cancel this lump of interest but they refused.


    A similar situation also applies to a £300 loan from moneyshop



    Any suggestions welcome







    UP to 5,000 bank customers a day are complaining to the Financial Ombudsman over high penalty charges.

    The number has soared from 1,000 daily in recent days as a consumer revolt against fees gathers pace.

    The response to "unlawful" charges - sometimes in excess of £30 for being just pennies overdrawn - is unprecedented, an Ombudsman spokesman said. Martin Lewis, of Moneysavingexpert.com, praised consumers "angry response" to banks' "enormous profits".

  12. Hi,


    I am looking to reclaim £24 from natwest, charges on my credit card with them. It's a lot of money to a poor student like me :)


    The only thing I am worried about is, can they ask me to pay back the £350 I owe on the credit card, and even worse the £1600 I owe on my student account.


    Also is the preliminary letter the same with credit cards as with standard bank accounts?





  13. Just recieved my statement which confirms 2 charges of £25 to be added on the 5th March.


    I will be sending another preliminary letter on the 5th March to claim the £50.


    I withdrew the money from my account, the £37.50 they refunded last week, this cant be viewed as acceptance of this offer as full and final acceptance can it?



  14. Hello


    Has anyone had a chance to look at my previous question? I am wondering whether I can claim for monthly overdraft charges if they were over £5. I would have thought anything above £5 is a bit excessive..


    Thanks, C


    You Should not be claiming for the £5 "Monthly Overdraft Charge"


    You will probably find on the statements that the monthly £5 charge is a fee for the overdraft and added to this is Interest on the actual overdrawn balance (In my case £3.29) on the statement I am now looking at.


    I did not claim for either of these fees as they are legal and it could be argued they are not too excessive.


    Send your preliminary letter claiming for the amount of only the unlawful charges, such as direct debit refusals, exceeding overdraft fees, unauthorised overdraft etc


    Enclose a list of these charges, with the relevant details (Schedule of Charges) when sending the prelim letter good luck :):D

  15. Good news today, just called A&L to check they had recieved my preliminary letter (as Royal Mail didn't get a signature) and was told I have been refunded £37.50 this morning.


    However, the person I spoke to could not confirm that resultant charges which would have been added later have also been cancelled.


    I await my confirmation letter in the post, and if further charges are to be added, if they are not cancelled too I will continue my claim.

  16. I am sending the prelim letter tomorrow.


    Just thinking about the schedule of charges, as I know all my charges mine is rather simple.


    For my schedule of charges would the following be acceptable in terms of wording and layout, any advice would be greatly appreciated...


    Schedule of Charges


    Charges which I am claiming for:


    03 DEC 2006 £12.50 - Unauthorised overdraft charge (originally £25, £12.50 refunded on 04 DEC 06)

    06FEB 2007 £25.00 - Paid Item Charge

    TOTAL £37.50


    I also require that all forthcoming and/or related charges are not applied to my account.

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