Natwest Loan CCa return.

[gaz2006]

Please can someone look asap to see if enclosed attachments are enforceable agreement my comments are

C is continuation of A but at top of B is another signature 

some other document is missing

this loan has interest rate shown and amount and repayments but doesnt have an example

am I right in thinking it should have some example on it ?

IS THERE ANYTHING ELSE MISSING

If its bad news please tell me if you cant read them as there small let me know if i can pm you with them as i dont know how to make them bigger as im useless on computers

 

Regards G

[42man]

Gaz....moving to Debt Collection Forums for you...

[silverfox1961]

Gaz,

Yup, they're too small. Go to photobucket, sign up (it's free) and you can upload through there. Use the IMG link and it will post the agreement much larger than what you have put up.

 

fox

[silverfox1961]

If you're not sure how to do it follow this.(I borrowed it off someone else but forget who, Think it was Fuzzybobble))

 

It seems tricky at first, but is fairly simple really.

 

1, Scan your DCA letter/whatever you want to show on the forum.

Ideal setting is 100dpi as it's closest to computer monitor display resolution.

 

2, Save the scanned image as a jpeg

Step 2.5 Edit out any personal information, barcodes or any other comments, notes or markings around the edge of the document. Never change the original document you received

2.5, Load the saved image into MS Paint. (comes free with Windows.) Use the pain brush or spray can to remove/paint over any personal info, such as name, account number, address, etc. Also remove any barcodes, as some DCAs may be able to identify you from these.

 

3, Create an account on Photobucket.

 

4, Once you have a Photobucket account, you'll find on the main webpage little box where you can upload photos. Click the "upload image" box and then tell it where on your hard disk you saved your scanned jpeg. It will then upload the image to Photobucket and it will show you thumbnails of the images you have uploaded. Under each image there are links that you can copy and paste.

 

5, Copy the IMG link below the image you want to put on the forum. Then reply to thread on CAG. Right click with the mouse and select "paste" from the little menu that pops up.

 

6, You'll then get some text appear in your message that looks a bit like this.

 

www.%20photobucket.com/fuzzybobbe/imagename.jpg%7B%5CIMG

 

When you submit the reply, the text will change into the image you uploaded onto photobucket. The text you copied and pasted is just the information the forum needs, so it knows where to find your photo and display it in your message.

 

 

fox

 

[gaz2006]

 

 

[citizenB]

It does say how many payments x £ how much

 

I suspect the page that is missing is probably the direct debit mandate for the repayments to come out of a bank account.

 

What exactly do you mean by you think there should be an example ?.. of what? I think examples of repayments are usually only shown on running credit accounts such as credit cards. This looks to be a straight forward loan amount. Sorry if I have misunderstood anything.

[steven4064]

As CB implies, this is a properly exectured agreement and therefore enforceable.

[gaz2006]

thanks steven & cb

[car2403]

Yup, enforceable...

 

The APR stated is wrong - they've stated 8%, but the agreement actually works out at 8.00236%. This doesn't really help you, as it's within the permissible tolerance;

 

Permissible tolerances in disclosure of the APR

1A. For the purposes of these Regulations, it shall be sufficient compliance with the requirement to show the APR if there is included in the document -

(1) a rate which exceed the APR by not more than one; or

(2) a rate which falls short of the APR by not more than 0.1; or

(3) in a case to which either of paragraphs 2 or 3 below applies, a rate determined in accordance with the paragraph or such of them as apply to that case.".

[gaz2006]

Thanks for that Car every bit helps ha ha regards G

[steven4064]

APR is always rounded to one decimal place, so it is correct. 8.00236% is the Effective Annual Rate (EAR).

[car2403]

It's not correct, because the rate stated on the agreement isn't the rate applicable according to the other financial information on the agreement. It is within the allowed tolerances, though, which is why I referred to the regulations. (I hope I didn't confuse you, Gaz)

EAR is used to illustrate the effect compound interest has on a loan.

I discovered this when Barclays sent me details of the EAR on an overdraft debt - unfortunately for them, (didn't test in Court, as they withdrew ) the EAR isn't the interest rate that is required under the Consumer Credit Act.

Essentially, APR is a measure of interest and EAR includes the compound elements that APR doesn't. (Hence why Barclays withdrew, IMHO)

[gaz2006]

im learning new things here

[steven4064]

Car

 

the agreement in post #5 doesn't have any other financial information that i can see. The figure of 8.0% is the only interest figure I can see. Where are you looking?

 

However, if you put the laon amount, repayment amounts and number of repayments into Dualcalc (the OFT calculator for APR), you get 8.0%, which is what is quoted and is therefore correct.

[car2403]

That's strange, as the APR calculator I used shows the APR rate I quoted above.

It's a web based one, as I don't have Dualcalc, which I can't tell you about as it's on a commercial website.

I wonder if it's just Dualcalc rounding up, though?

We all know that 8.0% actually means 8.4999% (9 recurring) right?

[steven4064]

It's not just that - APR by definition is always rounded to one decimal place. (it used to be truncated to one decimal place but the OFT changed it)