Hitachi Finance

[pilla99]

My husband purchased a hot tub in 2006 and the finance was arranged through Hitachi Capital.

 

After requestung a copy of the loan agreement and details of any insurance added to the account. I recieved a coopy of the fixed sum loan agreement which shows the payments of £156.09 for 60 months.

 

We have been paying £177.00 a month so there is obviously ppi added on but there is no mention of this on the agreement.

 

And I have also noticed that it has not been signed by the supplier on behalf of Hitachi Capital Consumer Finance.

 

Does this make the loan unenforceable. If so whats the next step?

 

Any help will be appreciated

[reallymadwoman]

Is it possible to post up a copy of the agreement with personal details and any account number or bar code obscured?

 

Are the payments by direct debit? I.e. are they taking £177 pm or are you paying £177 pm.

[pilla99]

Hi,

 

They are taking £177.00 by direct debit, sorry I am new to this how do I post a copy of the agreement, I do not have a scanner.

 

Thks x

[reallymadwoman]

Pretty much impossible without a scanner. You could type up the financial section, i.e. amount borrowed, interest etc.

 

First, I know absolutely nothing about PPI so please bear that in mind when considering any suggestions. I do know a bit about CCAs though.

 

1. The lack of a signature by or on behalf of the creditor will not make the agreement irredeemably unenforceable, however inaccurate figures in the prescribed terms could.

 

2. As the payments they are taking are in excess of the amount they should be, you need to query this. It could be that you are paying for PPI, but it could be something else. Either way, you need to know. I wouldn't normally suggest doing anything over the phone, but in this case a quick call might be the easiest way to get an answer. Phone customer services (when they are open again) and ask why the payments are more than they should be. It's possible that it's a simple error, no matter how unlikely that seems.

[pilla99]

I have found a letter that we sent in oct 06, Saying I am pleased to confirm that Payment Protection Insurance has been added to the agreement and monthly instalments have been amended to £177.94.

 

Key Financial Information

Amount of credit £7500.00

Under this agreement you will pay 60 consecutive monthly payments of £156.09.

 

Cash price £8750.00

Advance payment: £1250.00

Total charge for credit £1865.40

interest rate 5.0% per annum variable

 

thx

 

x

[reallymadwoman]

I'm asking for help with this on another thread.

 

Did you ask for the PPI or sign anything? Is there any reason why PPI would be unsuitable - self-employed, unemployed, previous medical history?

[car2403]

I have found a letter that we sent in oct 06, Saying I am pleased to confirm that Payment Protection Insurance has been added to the agreement and monthly instalments have been amended to £177.94.

 

Key Financial Information

Amount of credit £7500.00

Under this agreement you will pay 60 consecutive monthly payments of £156.09.

 

Cash price £8750.00

Advance payment: £1250.00

Total charge for credit £1865.40

interest rate 5.0% per annum variable

 

thx

 

x

 

A loan of £8750 over 60 months at 5% APR would give payments of £164.67, totalling £9,880.70, and a total charge for credit of £1,130.70.

 

Based on their monthly payment, the actual APR charged (if the payments shown are right) would be 8.435%.

 

Does the agreement set out the PPI separately, or was the original agreement modified by a new one? If the PPI is separate, but there's no modification of the original, they will struggle to enforce as the APR is way out. Remember, though, that APR isn't a prescribed term under the agreement regulations, so this isn't irredeemably unenforceable as it can be enforced under s.65, but you would have a decent defence of prejudice under s.127(1)(i) should you get that far, based on these figures, IMHO.

[Goldlady]

An extra £1311 has been added to the loan total which is presumably PPI and interest, assuming that the PPI was added near to the start of the loan. You need to send them a SAR to find out if the PPI was actually applied for.

[steven4064]

£7500 repaid in 60 installments of £156.09 gives a total cost of credit of £1865.40 (which is what is says above) and an APR of 9.5% so the 5% is clearly wrong.

 

Can you post a scan of the agreement with you personal details removed. I would like to see if the agreement is enforceable.

[pilla99]

sorry I do not have a scanner can I fax it to you. As far as I am aware ppi was not asked for and nothing was signed.

 

thx x

[steven4064]

Can someone else scan it for you?

[pilla99]

I am getting someone to scan it for me, how do I add to a message?

[car2403]

I am getting someone to scan it for me, how do I add to a message?

 

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html#post1151870

 

Use the photobucket option

[pilla99]

Hi I have scanned the document, but I am having trouble sending it as I do not have an attachment option when I reply, is there something that needs to be set up?

 

thx x

[steven4064]

As car says, use photobucket (see the guide) and ten post a link here using the icon

[pilla99]

I uploaded onto photobucket,hopefully it is attached.

 

[/img]

[pilla99]

[/img]

[steven4064]

Bring up the image in photobucket and right click on it and "copy image location" or whatever the equivalent is in Internet Explorer

 

In the 'Post Quick reply' here click the icon and paste the image location there - that will do it.

[car2403]

In the 'Post Quick reply' here click the icon and paste the image location there - that will do it.

 

Or...

 

Just post the IMG link from Photobucket in to a new reply to your thread

[pilla99]

[/img][/img] Edited January 7, 2009 by pilla99

[car2403]

Please remove your personal details from the post

[pilla99]

sorry how do I do that, I am new to all this stuff. I think i have removed it?

[car2403]

sorry how do I do that, I am new to all this stuff. I think i have removed it?

 

You'll need to replace the picture on photobucket (after editing it with, say, paint, to remove your details) and then post the link again

[steven4064]

I think you can actually do the editing in photobucket - have a look a huggy's video tutorial about photobucket http://www.consumeractiongroup.co.uk/forum/bear-garden/165941-photobucket-video-tutorial.html?highlight=photobucket+video

[pilla99]

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