The Fat Man Vs The Funding Corporation

[Thefatman]

Hi guys,

 

Been reading the forum for a while now and have CCA'd all my cards etc, also this forum helped me to reclaim my bank charges back a while ago. Of course i tickled the scales for that.

 

However I have a new one now and am after some advice.

 

In April 2005 I took out a Car Loan Agreement With the funding corporation. I defaulted on teh agreement in 2007 and in Oct 2007 they have issued a CCJ. In Deceember 2007 they applied a charging order to my house for £3500. Since then they have added an additional £1000 in interest to the account. Hence the charging order now stands at £4500.

 

I have not had chance to do much about this before now due to clinical depression. However now looking at the case there seems to be a few issues.

 

The Credit agreement is barely legible, there is no mention in the agreement about penalty charges. However £1000 + of the original £3500 is penalty charges for phone calls letters etc. I have letters and a summons from them before mine was issued for some one elses car.

 

Do you think I would have a case for a set aside of the CCJ and then for the agreement not being correctly issued ?

 

I have attached a scan below, thanks for your help guys and girls of course.

 

[Thefatman]

fundingcorporation.jpg picture by partyworlduk - Photobucket

[postggj]

i might be barking up the wrong tree

 

after a ccj has been granted, surly they cant start adding interest as the agreement has been terminated to go to court

 

 

i would like an answer to this question as its important

[Thefatman]

Thats something else I am thinking too. If they can legally add interest then this amount will end up costing more than my mortgage.

 

The total on the CCJ is £3797.88

 

Yet the current balance is now £4839.77

[I've got no money]

I think that we need to go back to basics

 

Can you post a copy of the original claim form, the CCJ, Charging Order and copies of the Default Notice and the Termination Notice together with statements showing how the sum claimed had arisen.

 

Once we've got the info we should be able to work out a way forward

[postggj]

the thing ime looking at is there can be only one ccj

one poc

account terminated

one debt to pay as to ccj

 

i hope this is not some ****** dca you are making payments to

[I've got no money]

Thats something else I am thinking too. If they can legally add interest then this amount will end up costing more than my mortgage.

 

The total on the CCJ is £3797.88

 

Yet the current balance is now £4839.77

 

Subject to what the agreement says interest can be charged post judgment

[I've got no money]

i might be barking up the wrong tree

 

after a ccj has been granted, surly they cant start adding interest as the agreement has been terminated to go to court

 

 

i would like an answer to this question as its important

 

Just because an agreement has been terminated it does not cease to exist and interest can still be charged

[postggj]

Realy Into This Now

 

Ive Got No Money

 

The Whole Point Of A Ccj Is The Agreement Is Terminated

Sorry To Keep Going Over This But Never Come Accross That Clause In A Cca

 

Just Because Its In The T&c, Does Not Make It Legal

 

 

Can You Provide A Link To Confirm Your Statement Please

 

I Still Say You Cant Charge Interest Post Ccj

[I've got no money]

Have a look at the Consumer Credit Act 2006

 

You'll see that the Act expressly accepts that post judgment interest can be charged

[I've got no money]

Realy Into This Now

 

Ive Got No Money

 

The Whole Point Of A Ccj Is The Agreement Is Terminated

Sorry To Keep Going Over This But Never Come Accross That Clause In A Cca

 

Just Because Its In The T&c, Does Not Make It Legal

 

 

Can You Provide A Link To Confirm Your Statement Please

 

I Still Say You Cant Charge Interest Post Ccj

 

http://www.opsi.gov.uk/acts/acts2006/pdf/ukpga_20060014_en.pdf

 

Look at Section 17 onwards

[postggj]

Meny Thanks For The Link

 

Like I Said, Never Come Across This Before

Still Getting My Head Around It

 

Ill Be The First To Put My Hands Up If Ime Incorrect But Just Does Not Seem Right

 

Is Surface Gent About Or Pt

[postggj]

THE FAT MAN

 

HAVE A NOSE

 

MENY THANKS IVE GOT NO MONEY

 

http://www.consumeractiongroup.co.uk/forum/legal-issues/201970-interest-charged-after-judgment.html

[Bill Shidding]

Hi

 

IGNM is absolutely correct. Section 17 CCA2006 is the one the op needs.

 

A commencement schedule/order of the CCA 2006, would define the date at which agreements become affected by this new regulation.

The commencement schedule/order may also define a date which agreements entered into BEFORE a certain date, would not be affected.

 

However, I have to point out that the debtor still needs to be served the appropriate notice to be liable for the interest accrued since "Judgment day", if the creditor is trying to claim interest under section 17. Any interest accrued before that notice is given, is unrecoverable.

 

I dare say some creditors may issue notices trying to backdate interest:eek:

Trying to capitalise on debtors poor knowledge of the "new" regs, no doubt.

 

As previously stated, if the original agreement included a clause that allowed the creditor to claim contractual interest after judgment, the above won't apply.

If the CCJ included a claim for post judgment interest under the County Courts act, the above won't apply.

 

Bill

[Thefatman]

Thanks all for your input. Could anyone clarify for me though that if in their opinion the original CCA is valid and enforcable.

 

I have added the T&Cs below too. Section 6 refers to the claimant being permitted to recover costs incurred. Yet the fee tarriff shows hugly inflated charges.

 

FEE TARRIFF

T & Cs

Original Summons

P O C

CCJ

Charging Order

 

And if the CCA is not valid could I apply for a set aside ?

[pt2537]

Just because an agreement has been terminated it does not cease to exist and interest can still be charged

No

 

not unless the agreement expressly provides for interest post judgment

 

this is clear from the 1974 Act and the 2006 act is not retrospective in its application

 

 

so unless the agreement states interest after judgment they can whistle

[I've got no money]

No

 

not unless the agreement expressly provides for interest post judgment

 

this is clear from the 1974 Act and the 2006 act is not retrospective in its application

 

 

so unless the agreement states interest after judgment they can whistle

 

I hate to be pedantic PT but whilst I would agree that the terms and conditions need to include a provision for post judgment interest - in that regard see my post immediately before the one you have quoted I do not agree that the agreement ceases to exist on termination. Your post appears to imply that it does.

 

If that is your assertion then I am afraid PT then you are wrong. I thought that was one of the major points of dispute with Rankine.

 

Incidentally PT in my experience many CCA's provide for post judgment interest - certainly the OP's agreement appears to

Edited June 1, 2009 by I've got no money

[I've got no money]

OP have you got a copy of the original CCA that you signed...or the Default Notice or Termination notice or any statements

 

The default charges are in my view excessive and unfair terms - and also likely to be imposed under a penalty clause at common law - if they were in the DN then its' almost certainly invalid

 

The terms and conditions don't appear to contain the prescribed terms however they refer to the agreement - we need to see the rest of it - including the page that you signed

Edited June 1, 2009 by I've got no money

[I've got no money]

Thats something else I am thinking too. If they can legally add interest then this amount will end up costing more than my mortgage.

 

The total on the CCJ is £3797.88

 

Yet the current balance is now £4839.77

 

Although the agreement was April 2005 the Procs were commenced in 2007 with the CCJ being obtained in November 2007. The agreement appears to allow them to charge post judgment interest and they have pleaded it in the claim.

 

Subject to the terms and conditions being valid - something doesn't feel right about the terms and conditions that you've posted - are you sure that they were part of the agreement that you signed

 

I've had a look at the Act and I think that S17 applies to this agreement (see schedule 3 - section 13 of the 2006 Act) - the important date is that of the date of the judgment not the date of the original agreement

[Thefatman]

fundingcorporation.jpg picture by partyworlduk - Photobucket

 

This is the agreement I signed.

 

Just to clarify the way it worked was that I was sat in the car showroom they faxed through the agreement to the showroom then I signed it.

[tinkerbell20]

Although the agreement was April 2005 the Procs were commenced in 2007 with the CCJ being obtained in November 2007. The agreement appears to allow them to charge post judgment interest and they have pleaded it in the claim.

 

 

 

If they hadn't pleaded it on the POC would that make a difference ?

[Thefatman]

Im just uploading the statements to photo bucket now. But is the orignal agreement enforceable prescribed terms etc.

[Thefatman]

Here is the statement. I do not recall ever receiving a default notice.

 

Page 1

Page 2

Page 3

Page 4

Page 5

 

Thanks again folks for all your help

[I've got no money]

fundingcorporation.jpg picture by partyworlduk - Photobucket

 

This is the agreement I signed.

 

Just to clarify the way it worked was that I was sat in the car showroom they faxed through the agreement to the showroom then I signed it.

 

Were you given a copy of the agreement at the time, together with the terms and conditions

[Thefatman]

terms and conditions yes, agreement no