SPPL help

[johannab]

Hello again,

 

I need some help.I have a secured loan with SPPL (although I only ever get correspondance from CAPSTONE now).

 

The loan is approx 19k secured on my flat.I took it out approx 5 years ago. All my statements say 'capital and interest' loan....Does that mean the amount should be dropping? Its still roughly what it was 5 years ago (19k). Which is what I would expect with an 'interest only' loan.

 

I also upload the CCA .They are actually the only company that gave me one of these from day one. I see nothing wrong with it but would appreciate someone looking over it for me, just to be sure.

 

Again,this could all be in order,but I just don't know anymore. Thanking you in advance.

 

http://i733.photobucket.com/albums/ww340/johannabridge/SPPL2.jpg

 

[kurvaface]

Its still roughly what it was 5 years ago (19k).

 

HAs it come down at all?

[johannab]

Not really ,it seems to fluctuate from statement to statement but is always in region of 19k. I will try and upload a copy of my april 09 quarterly statement.

[johannab]

http://i733.photobucket.com/albums/ww340/johannabridge/spplstate1-1.jpg

 

http://i733.photobucket.com/albums/ww340/johannabridge/spplstat2.jpg

 

http://i733.photobucket.com/albums/ww340/johannabridge/spplstat3.jpg

 

this is a complete statement from last year. I get these quarterly. does capital and interest mean it should be going down?

[johannab]

Hello again, (posted this earlier in wrong forum)

 

I need some help.I have a secured loan with SPPL (although I only ever get correspondance from CAPSTONE now).

 

The loan is approx 19k secured on my flat.I took it out 6 years ago. All my statements say 'capital and interest' loan....Does that mean the amount should be dropping? Its still roughly what it was 6 years ago (19k). Which is what I would expect with an 'interest only' loan.

 

I also upload the CCA .They are actually the only company that gave me one of these from day one. I see nothing wrong with it but would appreciate someone looking over it for me, just to be sure.

 

Again,this could all be in order,but I just don't know anymore. Thanking you in advance.

 

http://i733.photobucket.com/albums/w...idge/SPPL2.jpg

 

Image hosting, free photo sharing & video sharing at Photobucket

 

http://i733.photobucket.com/albums/w.../spplstat2.jpg

 

http://i733.photobucket.com/albums/w.../spplstat3.jpg

 

The last 3 links are a Spring statement from last year. I get these quarterly. Does capital and interest mean it should be going down? (Had a few probs with bouncing direct debits hence the charges,some of which I managed to get refunded as were unfair.)

[johannab]

http://i733.photobucket.com/albums/ww340/johannabridge/SPPL2-1.jpg

 

http://i733.photobucket.com/albums/ww340/johannabridge/spplstate1-1.jpg

 

http://i733.photobucket.com/albums/ww340/johannabridge/spplstat2.jpg

 

http://i733.photobucket.com/albums/ww340/johannabridge/spplstat3.jpg

[littledotty27]

Why have they added ERC on till 2012? if you took the loan out in 2003.

[johannab]

Hi Littledotty,

I dont know, its a long term loan.I just assumed that penalties were normal for the first ten years!?! it all seems a bit strange to me now that i am looking at it.

I haven't even made a dent in the balance and yet my statements say 'loan type- capital and interest'.

 

Do you think the cca is ok? thanks,Jo

[johannab]

http://i591.photobucket.com/albums/ss355/DAZZAJOJO/spplccaagre.jpg

 

 

Hello, Can anyone tell me if this CCA is ok?

 

It states the rate etc,on the back in standard t+c's.

 

Its a secured loan and I am 6 years into a 25 year stint. The balance is the same as when I started but I have read somewhere that no dent is made in a mortgage or big loan in the first few years.

 

I am under educated in all things financial but trying to get to grips.

[johannab]

Hello, Can anyone tell me if this CCA is ok?

 

It states the rate etc,on the back in standard t+c's.

 

Its a secured loan and I am 6 years into a 25 year stint. The balance is the same as when I started but I have read somewhere that no dent is made in a mortgage or big loan in the first few years.

 

I am under educated in all things financial but trying to get to grips.

 

http://i591.photobucket.com/albums/ss355/DAZZAJOJO/spplccaagre.jpg

[davey77]

hmmm sorry but at a quick glance looks ok to me.. both signatures and monthly payments, total amount payable showing etc

 

As it says at the bottom right.."the lender shoud have given you a copy 7 days before signing it etc', although even if they didn't i don't see how you could prove that conclusively.

 

All i can suggest is that you check the APR amounts/figures for major discrepancies.

 

Others may have further thoughts..

[johannab]

Hi Davey,

Thanks for that.

I want to ask for my statements but they seem to want £35 per statement. The amount I owe seems slightly more than it was 6 years ago,the only thing I can do now is try to look at the figures etc.

[davey77]

They want £35 per statement?! No way.. Do you have that in writing? If so i would make complaints about that to TS/OFT.

 

If you want the statements and everything else they have on you i would send a SAR. That's £10 and you will (should) get everything they hold on you.. including statements for the life of the account.

[johannab]

yes its on their tariff sheet and also somewhere within the members area of the website after I logged in. I will do the sar this week and see what they come up with.

Thanks for your help and suggestions

[Suetonius]

http://i591.photobucket.com/albums/ss355/DAZZAJOJO/spplccaagre.jpg

 

 

Hello, Can anyone tell me if this CCA is ok?

 

It states the rate etc,on the back in standard t+c's.

 

Its a secured loan and I am 6 years into a 25 year stint. The balance is the same as when I started but I have read somewhere that no dent is made in a mortgage or big loan in the first few years.

 

I am under educated in all things financial but trying to get to grips.

 

I know given the above, this may sound like a very stupid question. I will ask anyway..

 

Are you saying that the balance at the moment is still £19,965 ?

 

 

Subject to the t&c's and changes to interest rate. I would have expected the balance after six years to have dipped into the high £18,000's...

[enoughisenough]

Hi Suetonious I have mentioned this before as just another example of their odious and unlawful conduct.

 

They have no intention of fulfilling the term. They just grab what they can when they can, before they come knocking. I know you wanted specifics but I didn't want to give you the exact figures as it would have been too easy to identify me. Notwithstanding that we still did have an interseting exchange on this issue...I can't quite recall but it may have been on the CB House of Commons thread..

 

In just 4 years the gap between the interest due and the amount payable each month totals in excess of £4000 but the principal never amortises.

 

I've put this down to the following:

 

1. It is likely top of the very high interest rates to make default more likely and quicker into the loan.

2. It is instead used to build up cash balances and cover expenses (Definite Fraud).

3. Such a 'policy' would increase the likelihood of them also being able to apply there charge regimes to a wider customer base an earlier than might be expected.

4. Who cares anyway because they'll repossess 5 years into the term, get that lovely erc and hopefully the consumer won't even notice.

[Suetonius]

Hi Suetonious I have mentioned this before as just another example of their odious and unlawful conduct.

 

They have no intention of fulfilling the term. They just grab what they can when they can, before they come knocking. I know you wanted specifics but I didn't want to give you the exact figures as it would have been too easy to identify me. Notwithstanding that we still did have an interseting exchange on this issue...I can't quite recall but it may have been on the CB House of Commons thread..

 

In just 4 years the gap between the interest due and the amount payable each month totals in excess of £4000 but the principal never amortises.

 

I've put this down to the following:

 

1. It is likely top of the very high interest rates to make default more likely and quicker into the loan.

2. It is instead used to build up cash balances and cover expenses (Definite Fraud).

3. Such a 'policy' would increase the likelihood of them also being able to apply there charge regimes to a wider customer base an earlier than might be expected.

4. Who cares anyway because they'll repossess 5 years into the term, get that lovely erc and hopefully the consumer won't even notice.

 

I remember our previous discussions very well. As I said last time without figures it is not possible to determine what is going on. However, in this particular instance the OP has kindly posted the figures, so it is possible to see what should be happening.

 

For example with regard to this agreement:

 

Starting Balance £19,965

Interest per annum @ 10.7% = £2,136.25

Monthly Payment £191.36 = £2,296.32

 

*Therefore the balance over a 12 month period increases by £2,136.25 (interest applied to account) but decreases by £2,296.32 (payments made to the account).

 

Therefore at the end of the first 12 months the balance of the loan should have reduced by £160.07 (starting balance + interest - payments made)

 

Providing that the payments made to the account are in excess of the interest applied to the account, mathematics dictate that the balance has to reduce.

 

If the monthly contractual payment is insuffficent to repay the interest applied to the account, I would strongly recommend that you make a complaint to the Financial Ombudsman Service.

 

*The above is a very crude calculation based on a number of assumptions with regard to interest rate and charges applied to the account. These figures are for illustrative purposes only

[Suetonius]

It would be very straight forward to determine if your account is operating incorrectly.

 

Check your annual statement.

 

1) Ensure that all the payments you have made are detailed and included within the statement

 

2) Check the interest has been calculated correctly (bear in mind if daily, monthly or annual)

 

3) Take your starting balance add the interest applied (once you hace checked it) to your account then minus the payments made to your account.

 

4) This figure should then match the final balance of your statement.

[enoughisenough]

Thanks Suetonius

 

that's great stuff. I'll do some leg work on that and see what comes out. Before I do though can I operate on the basis of apr divided by 365 daily, 52 weekly and 12 monthly or is that too crude? Iimagine the calculations are more complex than that in the real world of sp mortgage finance !

[enoughisenough]

However...whilst I wouldn't trust them as far as I could throw them they have interestingly given both an intererest charged and payment due figure for each month. This is not as useful as it seems as they have only recently started providing this.

 

Thanks. EiE.

[Suetonius]

Thanks Suetonius

 

that's great stuff. I'll do some leg work on that and see what comes out. Before I do though can I operate on the basis of apr divided by 365 daily, 52 weekly and 12 monthly or is that too crude? Iimagine the calculations are more complex than that in the real world of sp mortgage finance !

 

Sadly it is a little more complex.

 

For example if the interest is calculated daily and applied monhtly, in relation to this agreement, the balance for the first 16 days of the month would be higher than the balance for the remaining days of the month (following the monthly payment on 16th).

 

Then there is the matter of which day the lender applies the interest to the account. Some apply it on the last day of the month and some of the first day of the month. Easiest way to do it would be to use an excel spreadsheet

[Suetonius]

Hi Suetonious I have mentioned this before as just another example of their odious and unlawful conduct.

 

They have no intention of fulfilling the term. They just grab what they can when they can, before they come knocking. I know you wanted specifics but I didn't want to give you the exact figures as it would have been too easy to identify me. Notwithstanding that we still did have an interseting exchange on this issue...I can't quite recall but it may have been on the CB House of Commons thread..

 

In just 4 years the gap between the interest due and the amount payable each month totals in excess of £4000 but the principal never amortises.

 

I've put this down to the following:

 

1. It is likely top of the very high interest rates to make default more likely and quicker into the loan.

2. It is instead used to build up cash balances and cover expenses (Definite Fraud).

3. Such a 'policy' would increase the likelihood of them also being able to apply there charge regimes to a wider customer base an earlier than might be expected.

4. Who cares anyway because they'll repossess 5 years into the term, get that lovely erc and hopefully the consumer won't even notice.

 

Also just to show that the figures quoted on the agreement are correct, enter the details in this

 

Mortgage calculator : FSA money made clear

 

Mortgage Amount = £19,965

Years left 25

Annual Interest Rate (note not APR) 10.7

 

click calculate and the payment is £191.36, as per the agreement

[kegi]

I know given the above, this may sound like a very stupid question. I will ask anyway..

 

Are you saying that the balance at the moment is still £19,965 ?

 

 

Subject to the t&c's and changes to interest rate. I would have expected the balance after six years to have dipped into the high £18,000's...

 

I can concur with what you say sue

if the correct payments are being made the balance will reduce in step with those payments made and the interest charged year on

ie a family member has a loan which is of a slightly higher amount over less yrs at 10% and at the end of 5 yrs his balance is around your estimate

ps to that end his mthly payment is above 200 pounds

 

kegi

[kegi]

Hi Suetonious I have mentioned this before as just another example of their odious and unlawful conduct.

 

They have no intention of fulfilling the term. They just grab what they can when they can, before they come knocking. I know you wanted specifics but I didn't want to give you the exact figures as it would have been too easy to identify me. Notwithstanding that we still did have an interseting exchange on this issue...I can't quite recall but it may have been on the CB House of Commons thread..

 

In just 4 years the gap between the interest due and the amount payable each month totals in excess of £4000 but the principal never amortises.

 

I've put this down to the following:

 

1. It is likely top of the very high interest rates to make default more likely and quicker into the loan.

2. It is instead used to build up cash balances and cover expenses (Definite Fraud).

3. Such a 'policy' would increase the likelihood of them also being able to apply there charge regimes to a wider customer base an earlier than might be expected.

4. Who cares anyway because they'll repossess 5 years into the term, get that lovely erc and hopefully the consumer won't even notice.

 

EIE

i remember that debate believe it was the sec prefered thread and I said then it would have to reduce if correct payments were made but as sue remarked without figures to go on who knows?

 

kegi

[johannab]

I know given the above, this may sound like a very stupid question. I will ask anyway..

 

Are you saying that the balance at the moment is still £19,965 ?

 

 

Subject to the t&c's and changes to interest rate. I would have expected the balance after six years to have dipped into the high £18,000's...

 

 

Hello, yes my start was 19,965 and it is now 18,948.86

 

After reading what everyone has says i now understand why it is at that amount. Thanks the explanations.I realise a few people have experience with sppl.