Halifax Loan Cca

[maybelate]

Hi, would someone please be kind enough to check out this Halifax loan CCA for me and let me know if it's enforceable or not. If you click on the pics a couple of times they get bigger.

 

Thanks

[Spamalot]

Hi,

 

Sadly I am no expert on these things but I have found this thread to be really good.

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements-guide.html

 

I think a lot depends on whether the prescribed terms are on the same document as the signature...

 

Anyway, If this doesn't help, hit the triangle and ask a mod to take a peek.

 

Good luck,

 

Spam.

Edited June 24, 2009 by Spamalot
Using laptop with sticky orange juice keys. Makes me spell bad!

[silverfox1961]

Hi

While I am no expert, it seems all the prescribed terms are there therefore in my opinion, enforceable.

hold fire for others to comment before making any decisions though.

 

fox

[maybelate]

Thanks Spam and Fox. I have taken a look at the thread Spam but I'm feeling a bit dim today and can't seem to take the info. in, so I'm hopeing that an expert will take a look for me!:DPleeease

[Spamalot]

Hiya,

 

The only thing I can suggest is if you post up the document with the amount of loan , repayments ,apr etc With the figures showing and just remove personal details so that it can be checked if its properly executed.

 

Most companies give an APR etc but sometimes they under or overquote on the exact figures and you could actually end up paying more than you should.

 

If the figures aren't accurate then it could be 'improperly executed' so it's worth a look.

 

Spam.

[maybelate]

Sorry hit wrong button - DER!!!!

 

Amount of credit = 3,500

Duration of the agreement = 62 months

Total amount you pay = 4,845

Amount of monthly payments = 80.75

APR = 13.4%

Total charge for credit = 1,345

Annual interest rate = 13.45%

 

The annual interest rate stated above is the annual equivalent of our monthly interest rate of 1.057% calculated on a compound basis.

 

Thanks

[Spamalot]

Are you sure it's over 62 months? Cause that makes it over 5.16 years and a tad difficult to calculate on here

 

Loan calculator : FSA money made clear

 

Spam.

[maybelate]

Hi Spam, yes definately 62 months.

 

Maybe

[Spamalot]

just found another calculater, I'll try this one.

 

http://www.mercerhole.co.uk/calc/loan/

[Spamalot]

Loan Calculation, Thu, 09 Jul 2009

 

 

 

Number of Monthly Repayments:62 Monthly Loan Repayment (£):£77.17 Total amount to repay (£):£4,784.29 Total Interest charged (£):£1,284.29

 

The figures you have quoted gives the above result. It depends now whether there was an arrangement fee etc. which would have increased the monthly payments etc. If not, there seems to be a bit of a problem in their calculations. 8-)

 

You may want to play around with the calculater yourself and see what you come up with.

 

Spam.

[maybelate]

Hi Spam, No there was no arrangement fee. Sorry to sound thick but what are the implications of these figures being wrong? Do you have any advice on what I should do about it? and I will put the figures in the calculator again myself.

 

Thanks again

[maybelate]

I tried the calculator at APR 13.4 and 13.45 (Annual interest rate) and both come out different to what is on my loan agreement.

[Spamalot]

Loan Calculation, Thu, 09 Jul 2009

 

 

 

 

Number of Monthly Repayments:62 Monthly Loan Repayment (£):£80.53 Total amount to repay (£):£4,993.03 Total Interest charged (£):£1,493.03

 

 

Yes, It is very strange.. in order to come close to the monthly payments quoted you would have to have an APR of around 15.5%

 

Your monthly payment of £80.75 x 62 (months) actually works out to £5006.50..

 

They have quoted total credit to be £4845 therefore they are charging you an extra £161.50 i.e an extra 2 months payments spread over the 62 months... am I making sense?

 

Spam.

[maybelate]

Hi Spam, yes I understand what you're saying. Would an error like this make the agreement unenforceable? or am I just wishful thinking?

[Spamalot]

I think the closest APR they have used is about 14%. that almost matches the figures.. but they've definitely been creative with the repayment figures

[maybelate]

Looks like they just rounded the APR up to suit themselves. I know the difference isn't that much but surely they shouldn't have done it?

[Spamalot]

Looks like they just rounded the APR up to suit themselves. I know the difference isn't that much but surely they shouldn't have done it?

 

I really am not 100% sure, but there is the possibilty that the agreement could be 'Improperly executed' as for those repayment figures the APR would be incorrect by more than 1% and the credit charges don't match the APR, and falls short by more than 0.1 (at least as far as I can make out) but you really do need an expert on that one.

 

I have a similar situation with my Halifax loan

 

http://www.consumeractiongroup.co.uk/forum/legal-issues/204302-spam-getting-grips-halifax.html#post2225533

 

Spam.

[maybelate]

Thanks for your help in pointing it out Spam. Hopefully someone will advise what I can do about it now:)

[maybelate]

Does anybody think I should SAR Halifax ? Makes you wonder how many time's they get the figures wrong:mad:

[Spamalot]

Hiya,

I think a SAR is always a good idea. I've recently received the statements from my loan and discovered they've added some nasty charges on it when I defaulted.. I've just got to get round to looking at that.. so IMHO it wouldn't do any harm if you can spare the tenner.

 

Just make sure... if you send them a postal order make sure you make it out to HBOS Plc as if you leave it blank they will send it back to you, as I found to my great cost and annoyance!!

 

Spam.

[r&b]

think spam is rite. u can find the regstd address here:

 

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/31052-contact-details-banks-j.html

 

palomino has a gd suggestion for SAR, post 14 here:

 

http://consumeractiongroup.co.uk/forum/legal-issues/192486-court-claim-o-draft.html

[maybelate]

Hi sent off the SAR today. I have made 20/30 payments on this loan never missing or making a late payment but moved so did'nt use the account much and some t!!t at HBOS contacted me and stated that THEY have noticed:mad: that I have not been making all my repayments(with other companies and in dispute).That I can not afford to live and as a (what for it ) !!! Responsible lender they have reduced my overdraft. Can they just look at my credit file without my permission and for no reason

[r&b]

if u have an o/draft with them, id suggest they do have a reason really. i think most financial institutions will be doing the same on a regular basis in this economic environment in all honesty

[Spamalot]

Hi sent off the SAR today. I have made 20/30 payments on this loan never missing or making a late payment but moved so did'nt use the account much and some t!!t at HBOS contacted me and stated that THEY have noticed:mad: that I have not been making all my repayments(with other companies and in dispute).That I can not afford to live and as a (what for it ) !!! Responsible lender they have reduced my overdraft. Can they just look at my credit file without my permission and for no reason

 

Agreeing with R&B here, if you have a bank account/loan etc. then these companies regularly update your credit file with the information as to whether you are conducting your account(s) satisfactorily or whether you are in default or late with payments and they can check to see how you are behaving with other companies. I have been checking my credit file recently and all but one bad marker on my file is from the Halifax... they're right b**gers and can destroy your credit rating at the drop of a hat.

 

Still, they're part of LLoyds now so what can you expect!

 

Spam.

[maybelate]

Thanks Spam r&b got a letter saying they are going to do a home visit this sunday!! Not really sure where to go with this figures slightly wrong, should I just start paying again or is there anything else I can do:confused: