n377y
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I dont seem to be able to change it from a jpeg to a pdf. Not the most technically savyy person sorry. Can you not read it. It really only has one line that says. Claim adjourned on terms the Defendants pay the current monthly instalment + £86 per month.
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I have looked back through the thread and I am a little confused to be honest. As it looked like I had two arguments for not paying the charges and I didnt really know which way to go. 1) was the N24. A ttached is the N24 which clearly says the Defendants pay the current monthjly instalment + £86 per month and makes no reference to the Charges and Interest that were made PRIOR to this. The £86 per month was for the arrears and would have taken me to the end of the loan period, however I managed to settle this in full in 2010. Maybe another point worth mentioning is that when I discussed the charges and interest at the time of settling the arrears in 2010 they said that I didnt need to pay them at that time and they could be settled at the end of the loan term. [ATTACH=CONFIG]53481[/ATTACH] The other argument seems to be whether the charges and interest are lawful. There seems to be alot of information about reclaiming unfair charges, but as I have not paid them this is not a reclaim. The next argument is that it could be statute barred. I also think I could have a case for irresponsible lending as we were both self employed at the time and we were definately coerced into the second loan, just before Christmas etc. I think last year I found it all too stressful to look at, but as I am now seeking closure by way of a divorce, and I have finally repaired my credit history this is something that I must sort out. I just wish I was a bit more savvy with stuff like this, I find the legal jargon hard to get my head round, but will do my best. So are you able to advise on the N24 by any chance please? As the charges and interest are not included - do I have a case ? also if I do how do I get the charge removed from my property? Is this the simplest route? Netty
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Thanks Brigadier. I can do that but will this cause me problems in remortgaging as they say they "This means that we have been unable to settle the loan and remove our charge over your property with the land registry". Im going through a divorce and will need to remortgage. Im seeing this as a spanner in the works.
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Please excuse my ignorance but what is a CC claim. I understand what you are saying, but I also received a letter off them yesterday asking me to contact them and arrangement payment of the oustanding balance. If it was SB are they allowed to do this?
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I was wondering whether the fees and charges may be statute barred because they dont seem to be exorcising any powers to collect them which has made me suspicious. However I cannot understand if this is the case why they refused to reduced the debt. I was looking for a 50% reduction in view of the fact that they had charged me on both accounts. Why would they not accept this?
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I took out 2 secured loans on my property with CT in 2006. Both loans were taken out within 14 days of each other. We had decided to increase the loan and unfortunately this resulted in 2 separate loan agreements with CT. I did query this at the time as I did not want two separate agreements and was told that it was due to administration and credit checks etc etc and could not be changed. 12 months later Nov 2007 my marriage broke up and my business collapsed and the secured loan fell into arrears. This resulted in additional charges entitled "collection fees" and additional interest being added to the loan account. It was some 18 months later inJuly 2009 that I was able to start repaying the loans (no fees were added when I went into an arrangement) and the arrears and it took me until April 2010 to clear the arrears and the loans were finally repaid at the end of 2013. However the collection fees and interest that were added to the accounts (both accounts) from Nov 2007 to July 2009 are still outstanding on the account. There is currently just over £4k outstanding. I have raised two complaints with CT one in 2010 and one in 2013 asking them to halve the charges, as it seems unfair to double charge on both loans. Following my last complaint in 2013, they refuse to give me a detailed response as they say that as the inception of the loans took place more than six years ago the matter is in fact time barred and outside the jurisdiction of the FOS. Their Legal Charge remains on the property until such a time as the full debt has been satisified. They have stated that they have no intention of taking legal action or going to court to repossess my property for payment of this charge. I get the odd letter probably about twice a year asking me to ring and discuss this which I ignore. My own feeling is that there is something not quite right about this. Any insight or advice would be much appreciated Netty
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Many thanks
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I've used this site some time ago but I just cannot find my way around it. I'm wanting to post a thread to get some advice about substantial charges I incurred on a secured loan. Where is the best place to post this and how do I do it. If someone could help I'd be so grateful
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Hi sorry Brigadier2jcs I missed your post. Would the judgement order normally include costs if I was to pay them too. As I have been passed on the costs too. Dx I do not have a scanner but will have ask a friend this week if I can borrow hers.
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But it is in their terms and conditions. If I fall into arrears and they have to pursue me for payment are they not entiled to something?
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Yes they are and I have been reading other threads relating to these charges, but cannot seem to find any success relating to secured loans. Mortgages, yes, but second charge loans no success stories. Information I find relates to borrowing regulated by FSA, but second charge loans are regulated by OFT. They say the charges reflect their collection costs.
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Mmmm I think I understand. They made a claim for possession and the hearing date was set. However during the run up to the hearing date they did a U turn and accepted my payment proposal however they wanted this secured by way of a suspended possession order. I argued against this and the judge adjourned it on terms - the terms where that I paid the monthly installment plus £86. There was no mention of additional interest, simple interest or charges on the N24.
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Thanks dx I do appreciate the support.
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Please can someone advise me? Do I need to consult a specific type of solicitor, or should I go through the FOS? I just need pointing in the right direction. Netty
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I queried this and they advised: "In relation to the interest charged each month your payment covers the interest due on the loan, the whole of your monthly instalment does not come off the loan balance each month you pay interest towards the loan, initially you pay more towards the interest on the loan then as the loan progressed through its term more comes off the balance as less towards interest. The "simple interest" payments you see on the statement relate to interest charged on the collection charges, for the first 28 days we are not allowed to charge interest on Collection Charges to give the customer the opportunity to pay the Collection Charge after this time we can charge interest each month on the Collection Charges which remain unpaid." Im afraid I find it all very confusing.
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Is there anyone who could give me some legal advice please. Netty
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I am currently going through all the paperwork - there are reams and reams of it - so that I can arrange to scan the key documents. One document I have come across is the N24 General Form of Order in which is was order that "Claim adjourned on terms the Defendents pay the current monthly instalment + £86 per month", for which I have now completed in December 2012. It does not make any reference to the interest, simple interest or charges - does this mean I do not have to pay them?
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I successfully defended mortgage possesion in 2009 and do have the paperwork. I have made the 72 payments on each loan but at the end of the loan period still have an outstanding balance which is around 25% of the original loan and is made up of charges, interest and simple interest. In terms of paperwork it completely fills a box file do you suggest I scan everything or just key documents.
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I would not know, I know they have been known as CT Captial PLC, Central Capital Loans and Central Lending Service. Ive been treated very badly by this company, and its painful just tackling this now as it reminds me of how insensitive they have treated me. Since paying the arrears up in 2010 I have not had any contact with them until now. It upsets me to recount how they treated me, how they spoke to me, how they threatened me and it unerves me now that they are being so cool, I feel like something is going to my disadvantage is going to happen. I need to deal with this quickly it is causing me alot of anxiety. Netty
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They are Central Trust -
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Thanks DX, can you enligthen me further please. I have a got the original agreement, the paperwork from court and all the statements and letters etc. I also requested a full breakdown a month ago, so they have sent me a statement that gives full month by month summary of what they have charged me. Netty
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Error in dates arrears where from June 2008 - April 2010
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In 2007 my husband and I took out a secured loan for £10k. At the applications stage we were offered a further £6k which we also agreed to. Payments commenced but a year later my husband and I separated, and on the back of this our joint business collapsed. Emotionally I was in a mess, financially I basically had £110 per week to live on. Buisness and personal debts mounted up around me and within a further 12 months I was given 56 days notice of repossession on the house. That was November 2008, ironically my wedding anniversary. Just over four years on and miraculously I am still in the house, I have worked solid for the last four years moving up the career ladder to earn more money to pay off the debts and keep a home for my children. I am straight with the mortgage, and I have just made the final payments on the secured loans. However ..... I still owe £4200 in charges and interest due to the arrears that I was in from June 2008 to April 2010. This is another 25% on top of what I borrowed. I have had my head in the sand the last few years over the charges, because this company took me to court too in 2009, and tried to get a suspended repossession order. Since that time I just wanted to get the loan paid off and move on but to get to the end of the loan term and discover I still have another £4200 to go is heartbreaking. I cant believe that they can capitalise so much out of my misfortune. Also what is strange , is that I cancelled my direct debit in December when the loan term was up and then wrote to them for a statement. They have sent this which is very confusing as it shows interest, simple interest, charges, repayments etc. BUT they have not asked for any money off me. They have not chased me or questioned me about repayments and when I have rang them for information they still have not asked me when and how I am going to pay off the charges etc. It feels like the calm before the storm - but I am wondering if there is something not quite right about these charges and that that is why they are not chasing me. I've read some information on here about unfair mortgage charges, but dont know if this applies to second charge loans and also Im not sure if I have a genuine dispute and if I can dispute them. I tried disputing the back in 2010 but gave up instead of taking it to the FOS. The FOS say that if I show mitigating circumstances as to why I did not pursue it at the time they will look into it, but I read information on here saying the FOS is not very credible. So - I dont really know what to do next. Any advice would be much apprecaited. Netty
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Mortgage Arrears and Simple Interest - Is it fair? Took out a secured loan for £10,000 6 years ago. After initial application was accepted we were offered an extra £6000 which we agreed to. At the time I was concerned that we had been issued with two loan separate loan agreements - I wasnt happy with this and voiced this to the loan advisor and was basically reassured that this was just an administration technicality and would not make any difference. He even sent me argos vouchers as a sweetner. 12 months later my husband left me and our business collapsed leaving myself and 30 of our staff redudant. I was absolutely financially destitute. He financially abandoned me and ever since I have been fighting one legal battle after another, keeping the wolves from the doors. I have single handedly paid off all our joint debts. 5 years later and I have made the necessary 72 repayments but I am left with a balance of just over £4k. This includes interest, charges and simple interest. What I need to establish is it it all fair. Loan payments where late from December 2007 to May 2008 by around 2/3 weeks. I was charged £50.00 collection charges on each loan. From May 2008 - June 2009 I could not make any payments whatsover.House was put on the market as I saw this as my only option. £50 charge on each loan per month was applied. June 2009 agreement was reached, I reinstated payments and started to pay off the arrears. Continued to apply charges, but agreed to reverse them if I maintained the agreement. April 2010, cleared the arrears. Asked about the charges and they advised I could pay them off at the end of the loan. Im now at the end of the loan and still owe just over £4k. They have reinstated the charges made from June 2009 - 2010 but no more. I have several questions: Was it fair to charge me on each loan account - I was paying £100 per month in charges? Surely there is no more work involved in chasing payment for two accounts as oppose to one account? Was the amount that they charged me a fair amount - it seems very high? Also because I have had so much information off them (in one month I had 10 pieces of correspondence) I have overlooked that they have also been charging simple interest on the charges! As a result, I didnt realise that by leaving these charges until the end of the loan period, I was still being charged interest on them. I was treated appauiling by this company, I was never shown any sympathy, in fact I almost felt bullied by their "callers" and felt that they "harrassed" me at an extremely difficult time. I responded to every call they made - I gave them every bit of information I could, but unfortuantely for a long period I could pay them no money and therefore did everything I could to sell the house. When circumstances changed for the better I offered them the maximum I could afford which included paying the full monthly payments plus a further payment towards the arrears . I was advise that it was not enough and that the arrears would have to be paid within in minimum period of 12 months. They therefore took me to court for repossesion. Thankfully it was not granted and was adjourned on the terms I had previously offere them. Despite this however there are legal fees also on my statement, which could have been avoided had they accepted my proposal. Any advice would be greatly appreciated.
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Hi AndyI have received an acknowledgement email saying it will be passed to the relevant section for processing. So I assume at some point, going off what you have advised, they will say it has been processed and forwarded to the Claimant.Claimant has also offered me a "without prejudice" reduced settlement (60%ish) to save on court costs. Offer open until the end of July.Main objective is to not receive a CCJ.I would have to borrow money to take up the settlement and would rather not do this. I've not responded to the settlement letter.NettyN
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