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I had a fixed term loan between 2010 and 2012 which I paid off when I moved house. I sent a SAR as i wanted to check on the charges levied during this loan and have received all the documents back. The annual statement summary received during the loan only stated - Date of agreement - Duration of agreement - Amount of credit - Gross loan - Payment protection premium - Staement period They did not show the interest rate, balance of the loan or any payements made. Reading Section 77a of the consumer credit act. As they haven't shown those details then my understanding is that I didn't have to pay any interest during the period which the statements weren't compliant. Is my understanding correct and if so am I able to claim back the interest when I claim other charges frrom them? Thanks
Could some expert on here have a look at the attached Secured Loan Agreement and kindly assist in the following questions. APR clearly states 20.10% but Monthly interest is 1.35 %. Surely it should be 16.20% ? If incorrect would this affect the enforceability of the agreement ? Mortgage Indemnity fee charged on a secured loan below £25k - Is that correct ? The loan is secured on my property by way of a charge, not by a mortgage / 2nd mortgage ? Also Welcome have not provided a signed agreement that was dated by them. When would the 7 day cooling off period start from ? I have been reviewing various old Welcome posts but most seem to have no conclusion, so just wanted some clarity. Cheers Further to my earlier post I have located comment made by Welcome in a previous correspondence regarding the APR% query by me as follows. "On your agreement the APR is detailed at 20.1% and the monthly interest is 1.35%. Therefore multiplied by 12 gives an annual rate of 16.20%. This is the same as the annual interest rate showing on your latest statement, there has been no amendment." So on the above statement therefore would my monthly payment of £232.74 over 180 months be variable ? How can I calculate with the figures on my agreement, what interest I have been charged to-date ? Should I have received a Statement of Price Payment Breakdown ?