thank you caro

thank you for getting back to me previously i jumped in head 1st without reading the step by step instructions etc i now think that i have a better understanding of recaliming theses bank charges. as stated previously i hold all my statments with YB so i can claim the charges that total YB to £348 i can send a prelim letter (14 days) if no reply a LBA and then proceed to court (at this point i can add 8% int under S69) at this point either the bvank will apply 4 a stay so i will be on hold until outcome of test case or it will proceed. Now when i rang up my local county court they said that all cases 4 bank charges will have a blanket stay, however the chap i spoke to said that i did not have to have the hearing in my local court i caould have it heard anywhere in the country. So i checked out the list for which courts are proceeding etc and figured that teh closest court to me was Northampton County Court, i then rang up and the lady i spoke to confirmed that i could have the hearing in Northampton & it didnt have to be my local CC, she also advised me that i could file on-line( will post address later) now this might be of interest 2 sme 1. anyway getting back to my initial question in terms of contractual interest i would like to pursue this however there are sme points that i need clairified. I knw u can claim bak overdraft interst and knw how that works but not intersted in this 1. i knw you can reclaim contractual int (principle that they charge this rate when you borrow money off of them and theses charges can be classed as "borrowed" as they did not have the right to take in the 1st place so under the principle in mutuality repreocity they shud give the charges bk plus C. Int anyway in terms of contractual interest: a) The interst rate (contarctual rate) applied is the APR rate? b) obviously the APr rate can change on a yearly basis so as my charges go back to 2001 how do i knw what the rate was then? c) i have looked at YB's website & knew that the current extortionate is 29.99% d) would i apply this rate to ALL the charges i have incurred? or would i need to knw the rate for that particular year? e) if i need a diff rate 4 each year will i input this on a different spreadshhet each time as you can only input 1 int rate on the spreadsheet? I think that is all 4 now, i do not hold any of my T's & C's as this was an old acct infact it was closed in approx 2004. Would really appreciate a reply as YB has taking me 4 a fool and i feel V. sad:mad:

that does reassure me some what chris, i will go ahead & proceed to get back these charges "fees" hellhasnofury: i am waiting for your response in terms of the draft letter for the SAR for the breakdown of the loan, interest etc... will you get back to me as soon as you can pls:p

hiya hellhasnofury: anyway in terms of what i have done with WF, i requested a copy of my statements about a month or so ago , when i took a closer look at the staements i noticed that the loan at the beginning was approx 22K but the catual loan was approx £25 i noticed in under the description coulum "insurance premium advanced" 4 the amt of £3,705.80, anyway i started looking in2 misselling of ppi's and felt that as i was told that i needed to take out the ppi 4 the loan i was mis sold also i am a contractual worker so i am fully covered, so i sent them a letter; Dear Sir/Madam: I am writing to inform you that i am formally complaining about the sale of payment protection sold by your comapny. As this ppi was mis-sold i have suffered a financial loss as i was told to take out the ppi in order to receive the loan amount of £20,442.33. At the point of sale i was (and still am) a contractual worker therefore i have adequate cover with my employer. I am now looking to recover the single payment premium of £3,476.59 along with the interest at the rate of 17.9%. I am now informally instructing you to cancel the Life Care 24 and the payment protection immediantly. In order for me to pursue this mis-selling complaint i will require the original file yur organization holds in respect of the above mentioned account. Please ensure you include details of the initial sale, Terms and Conditions at the time of teh purchase and any subsequent changes. Failure to provide thsi information within 40 days under the Data Protection Act 1998 will result in me reporting you to the Information Commisioner for review. I must remind you of your obligation under the terms and conditions you entered into when the account opened. It is an implied term of the contract that you would conduct yourselves lawfully and in a manner which complies with UK law. FSA guidelines clearly state although selling of a policy does not breach guidelines: a borrower should not be refused a loan if they choose not to buy a insurance policy. Failure to uphold this complaint and deal in a fair and reasonable manner will result in me esculating the matter to the Finance and Leasing Association and to the Financial Ombudsman Service for review. If you fail to repay the full premuim plus interest i will issue a claim under teh smalls claim court, however i do hope this will not be necessary. I look forward to receiving the information by 26th of October 2007. Yours Sincerly this was sent on 10/09 rec 11/09 RESP: With reference to your letter dated 10/09 please find enclosed the following documents for your legally binding Secured Laon Credit Agreement. Application from Legal Agreement Demands ANd needs insurance statement Finance quote (office copy) Customers wage slip Completion letter As you will see from the enclosed documentation, WFS have fully adhered to the guidelines set out by the FSA in the ay that we have fully documneted, (and provided customer with documents,) on several occasions explaining that the insurance are optional and that if you were not happy with any part of the deal you were advised to contact our office immediantly to discuss the matter further (LIE) May i point out that you signed for the optional insurance on 3 sepearte occasions when you took out the loan, and received a completion letter shortly after the deal was paid out again explaining the insurance which you purchased along with the loan itself, at this point you would have alos received leaflets expalining the benefits, clauses and cancellation processes for all of teh purchased insurances. I am prepared to cancel the PPI with immediate effecr, however you will only receive a part rebate as you have benefitted from the insurance for 18 months, this will be deducted from your balance, butwill not reduce the full contractual monthly payments. A full cancellation can only take place within the first 30 days of the agreement. With regards to teh Lifecare24 policy, this is non refundable insurance policy. The leaflet which you received shortly after the loan was completed would have stated taht if you were not happy with this policy then you should cancel the policy within 30 days for a full refund. I hope this satusfies your requirement and would request taht you write back to me confirming that the matter of "mis-selling" has now been closed. Yours Sincerly Branch Manager now the problem is i really cannot remeber then forwarding any leaflets in terms of the policy, i do not even hold any policy documents. so this is how far i have cum 2 with WF they r waiting 4 me 2 respond & he even called me 2 confirm that i would be dropping the compalint, then on Friday i got a call asking me if i would like to re-finace this loan with another on WF loans but with a lowerint rate!!! culdnt beleive my ears. also i have not forwarded a SAR On another subject in terms of these "fees" that they have been charging me am i right in thinking i can recalim these like bank charges, so would i list these charges and send a preliminary letter asking for a reund, if no reply send them a LBA and then if no reply issue court proceedin i anticipate your reply!

hiya; i would just like to say thank you for giving it a bash!! what i am going to do now is take ur advise. ok so now i have a plan8-) 1) i will write to them and ask them what the amount of interest i have paid 4 the ppi over the past 2 years 2) should i give them 14 days to release this info or shud it be the 40days?? i think 14 will do 3) the i will senf them a LBA(is that right letter b4 action???) & give them another 14 days and if not ui will say i will issue a smalls claim court "ordering them to release the requested info" like when a bank fails to fwd ur DSAr req ( i've read on a thread smewhere that u can threaten & then take them 2 court if they dont release ur personal info??) does this sound like a plan of action or what??? (feeling brave now)

hi hellhasnofury; i have read through & think that i understand the figures, but how do i actually calculate what amt in interest i have paid on the ppi & lifecare?? i have absolutely no idea on how to calculate this now, also feel quite stupid as i may be asking a really easy question but i am non the wiser:x

hi hellhasnofury can i just ask a question?/ when i initially started to look into this what i did is wrote to WF i asked them for "my original file" at the point of sale i asked for details of the initial sale, the terms and conditions at the time of purchase and any subsequent changes. i did say that they are obliged to give me these details under the DPA. BUT; reading a few threads should i have forwarded a SAR, FEEL SLIGHTLY UNSURE also when they fwd this info they sent me 1) WF loan app 2)fixed-sum loan agreement,30 a legal charge form should i submit a SAR or do i have enuf doc's 2 start a mis-selling complaint? feeling v. unsure:(

ohhhh i'm getting really confused now with all thees numbers my brain just gets fried when it comes to all theses figures!!!:o

yes that is correct clearly says monthly pymnt £358.12 & no of mnths 180. also the interest charged is £40,308.15 so does this mean that they loan amt was £23,918.92 and then charged me interest @ 17.7%/17.5% 4 the amount of £16,389.23

ok then have i confused everybody?; so 1st there is a section which reads: KEY FINANCIAL INFORMATION TOTAL AMT OF CREDIT (B+C) £23918.92 A Amt of monthly pymet 358.12 Amt of cr 4 cash adv £20442.33 B No of monthly pymts 180 Amt of credit 4 ins £3476.59 C the 1st to be paid 1 mnth after the date of this agreement then on the same date evry mnth after that (2payment date) APR variable 17.70% OTHER FINANCIAL INFORMATION Insurances lifecare 24 cash price £180 PPI £3296.59 Total cash price £3476.59 Total charge 4 cr consisting of (M+N+O) £40534.15 = L acceptance fee £235=M Mortgage indemity fee £0 = N Interest chg £40,308.15 = O i think thios is evrything it then goes on to talk bout KEY INFORMATION about payung the loan off early, and the reates they charge for a returned DD etc... i hope this helps:p

i still have no reply i would really appreciate a bit of clarification & direction, help !

loan amt= 20,442.33 Insurance : Lifecare £180 PPI £3296.59 Total = £3476.59 Total cost of credit= £40543.15 (which consisits of £235 acceptance fee & £40,308.15 Int chg) Term = 180 months, 15 yrs now in terms of the int applied i am slighty confused :? as on my greement there are 2 rates 1) APR (variable) 17.70% 2) Rate of int per annum 17.5% the 1st rate of 17.70 is is displayed just under the monthly payment and the no of monthly payments(180m) the 2nd rate is displayed just under the acceptance fee & the interest charged. i think its 17.7 moving on:- i have all my statements frm WF & the chgs r under 'transaction type' as FEES made up of £20 & £5.00 chgs the int rate is 17.7% hope this answs evrything:p

hi everyone, i just wanted some advice. I sent a DSAR to YB for a closed current acct back around 20th April received my request on 7th june (like getting blood out of a stone) anyway i went away on holiday so it was on hold. Anyway i wrote to YB and req they forward me the int rate applied to each charge( i enclosed summary table), i then looked up on the net threre tariff of charges for this years whcih is 29.99% ( i think) i told them if they did not fwd the interst rate for unauthorised overdrawn balances i would use the reate of 29.99% so i could calc contractual interest, and to date they have not replied only to give me an update in terms of test case. I have taken a look at the spreadsheet (mona's vampiress) but dont know which sheet to use. currently are very confused and very lost. help!!!!!!!!!!!

hi i have lots of questions in regwrads to welcome finance and there dodgy dealings!! Just a bit of background i took out a loan with WF in march 2006 for approx £20.000, for the past few months i have had great difficulty keeping up with repayments and thay have really been on my case, letters, telephone calls coming to my house they were even ringiong me at work! anyway i stumbled accross this site and really want to take on WF and get back a missold single payment ppi, and charges listed as "fees". first of all i requested my statements and shock horror on the same day i took the laon out it reads "insurance premiunms advanced" for the amt of £3,470.80!!!, so i want to reclaim this whopping ppi premium with interest so that it will reduce the loan and therefore my repayments. i know it was missold as i am a contractual worker and have a adequte cover for up to a year if i am off sick, they also told me that i had to take out the ppi so i could get the loan. I would like to ask that the APR rate is 17.9% but i really dont know how to calculate how much interest they owe me, really very slow at maths just dont really do figures!!! Secondly on my statements i have alot of debits ad "fees" what i would like to know are thers reclaimable as it is cuming to about £400. After reading thru some posts i understand taht you can only claim "penalty charegs" not the fees tahy add for a telephone call or letter- i also would not know how to calculate interst on these charges. i bet i have put every 1 to sleep but i have tried to work it out by myself and failed miserably!!!!!!!!!!!!!! would really appreciate a reply

hi i am currently reclaiming my charges from mbna and i want to now how didi you calculate contractual interst i had saved a calculator on my desktop from a link some 1 had given in there thread but my hardrive went bust now i cnt find it- been looking 4 hours!!! pls help