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Masterloan APR - maybe incorrect?


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I'm being hounded by DLC for an old ( 5 1/2 years since last payment or acknowledgment). I requested a CCA and they've sent me the usual rubbish. Quite an odd document, it seems to have been made up by a lad in their post room, who is quite handly with the scissors and tape.

 

Anyway, can someone have a look at the apr calculation and let me know if it's correct? :confused:

 

amount of loan £7000

total charge for credit £4734.8

total amount payable £11734.80

monthly repayment £195.58

number of repayments 60

apr 24.9%

 

Thanks

 

Lapchien

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I'll scan it up. In the meantime another snippet that might be useful - I signed the contract in January 2004, I never made any payments to the account, they did try to pull 1 DD which was rejected in June 2004. Does thie mean that it is SB'd now?

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As I understand it Stat Barred runs from when payments stopped.

 

Your 1st payment would have fallen due at some point in Feb 2004 - so Stat Barred kicks in on the same date Feb 2010.

 

Which is why they are desperately trying to get a payment out of you NOW.

 

I would let it run it's course.

 

David

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Well, I actually never paid them - they did apply for a DD, in April 2004 - only for it to be rejected. Since then I've had my head in the sand, received a 'statement' from DLC just before Christmas, so I thought I'd bait them a little with a CCA. This is what they sent - any opinion as to its enforceability? I am fighting this on 3 fronts - SB, incorrect APR, dodgy CCA...

cca_dlc2 001.pdf

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DD due in April????

 

Was there a 3 month deffered period at the start of the agreement? If that is the case then I am pretty sure that Stat Barred would run from that date.

 

The agreement (apart from the APR) looks ok to me but look for a 2nd opinion.

 

David

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Thinking about it I am pretty certain that there was no deffered period - they defaulted me in June 04, they seem like they would have jumped the gun by issuing a default only 2 months later!

 

They sent me a print out of the computer screen from loan start to 'write off' - all 7 entries, including DD received and DD returned right next to each other.

 

The covering letter they sent me said basically, 'here is your CCA, we'll now start to recover in 14 days.. blah'. I'll probably just drag this out and hit them with the SB at the latest possible moment, just in case.

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I'll probably just drag this out and hit them with the SB at the latest possible moment, just in case.

 

Think that's your best bet.

 

Barclays obviously didn't fancy their chances, or they would have brought a long time ago.

 

David

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