I have started drafting a letter can you advise on this please
Dear Sir or Madam,
Thank you for your letter dated 28th March.
It is noted you have totally disregarded my letters dated 8th November and 26th January and have failed to answer the questions put to you.
My letter on 8th November asked for following information in regards to the outstanding balance
• How you’ve reached this figure
• Payment schedule
• Monthly repayment
• Months remaining
• End date of loan
Until you can provide some clarity on the above then my dispute remains ongoing, and had been added to by my letters of complaint in respect of unlawful fees and charges making up a chunk of the account balance.
I once again outline my own position in respect of the current balance, the unlawful penalty fees being applied and the correct monthly repayment obligations going forward.
The current balance, before deducting unlawful fees and interest:
• Balance when you purchased the debt was: £ 26,152.32
• Minus PPI Refund + interest adjustment: £ 8,163.29
• Minus mis-sold PPI remaining within the current loan balance: £2,002.24
• New balance: £15,986.79
In your recent letter, dated 28th March you refer to the monthly repayments being £231.49. However, this figure is wrong as it includes interest and a payment for PPI for both of which need deducting.
Therefore the repayments, calculated as £26,152.32 split over 212 remaining months from January 2016, equals £123.36 - minus £17.51 PPI, equals £105.85 per month. PPI was refunded up to December 2016, with the award made in January 2017. This is paid back to the account balance as follows: 12 x £17.51 / 212 = £1.00 per month to add on. £106.85 is the rightful monthly payment from January 2016 onwards.
39 months have passed since January 2016, which equates to £ 4,167.15 With the PPI refund of £8,163.29 (inc. interest), the account is currently in credit by the amount of £ 3996.14 This is the equivalent of just over 37 monthly payments, based on the above.
After these 37 months is up which will be Feb 2022 the 1st payment of £ 106.85 becomes due.
Balance when you purchased the debt was: £ 26,152.32
Minus PPI Refund + interest adjustment: £ 8,163.29
Minus mis-sold PPI remaining within the current loan balance: £2,002.24
New balance: £15,986.79 divided by 176 months (Jan 19 to Aug 33) = £ 90.83 a month
You have been made very aware that my account balance is the result of a series of rewrites, originating with loan no 624851 which commenced in October 2001
Also Loan 2320257 which commenced in Oct 2006 was secured by a legal charge on my property, which was registered at the same time and remains in place.
To complete the picture, the other loan numbers are:
Loan 51 - commenced 11/10/2001
Loan 69 - commenced 10/03/2003
Loan 78 - commenced 31/03/2005
Loan 16 - commenced 14/07/2005
Loan 57 - commenced 31/10/2006
Loan 03 - commenced 03/04/2007
Loan 61 - commenced 05/10/2007
Loan 84 - commenced 30/08/2008
The conduct of Welcome Finance is what has incurred any balance in the last loan. The result being an ongoing Unfair Relationship and the unjust enrichment on their behalf.
You have access to the historical transaction activity that has created the current account balance, which means that you can verify that there has been many fees and charges applied (and their respective amounts), which currently make up part of the balance. All of which need to be deducted from the loan balance.
In view of the above, when you respond to this letter and when all historical fees and charges are corrected and the above factors agreed on. I will pay the amount due if any for 29th December to you immediately, followed by regular payments of the same on 29th of each month thereafter. Despite the fact that my serious dispute with Welcome Finance, and subsequently with yourselves as the assignee, remains ongoing.
Any charges you take it upon yourselves to apply will be recognised by me, as they have no basis in law. Note that, historically, it has been possible to overpay each month, with the excess allocated as a positive arrears balance that could be used to satisfy future minimum repayments when due. I reserve the right to utilise this option in the future too, and may do so from time to time.
As for the time limits regarding the complaint I am am not out of time as this complaint started with Welcome Finance after receiving a Subject Access Request In 2016 and as they sold the debt to you in September 2016 mid complaint and this remains ongoing with yourselves. You should be investigating my claims inside or outside of 6 years.
I am requesting you remove the charge, write the bogus debt off or give this debt back to the original owners. My evidence regarding the resultant balance has been clearly submitted many times.
I trust this provides you with a clear outline of my position. If you require further clarity on anything, do not hesitate to write to me and request it.
I look forward to hearing from you in 14 days.