Have just started claim, is this right?

[hepburn]

Hi, I have read lots of these threads, it's heartwarming to see these leaches having to pay back the money they conned people out of

 

I have sent my first letter and received a response of 'we are looking into it it' after 3 days. I am not expecting to have this resolved quickly.

 

I keep coming up with 2 figures that the repayment should be could someone help please?

 

loan 1,220.65

refinancing 19,389.35

ppi (optional!) 7,541.26

other charges (!) 400

total 28,551.26

 

the interest is 15.7 and first payment was in January 2003. 240 payments!!!!!

 

I would like to make this unenforcable becaus ethe length of the loan was a total con.

 

Thanks.

[dx100uk]

ring ring

alarmbells here.

refinancing.......i bet that had ppi already which has now been charged twice..

 

anyhow

what was your payments per month please?

and does it list ppi per month.

 

dx

[hepburn]

Thanks for the quick response, on a bank hol!

 

The refinancing was for other loans and cc's, this loan seemes like a good idea.

 

It doesn't list ppi per month it was an up front one, we pay £329 a month. (it's a killer)

[dx100uk]

what!

329x240=£78,960!

 

does it give you any interest costs in £'s

 

dx

[hepburn]

what!

329x240=£78,960!

 

does it give you any interest costs in £'s

 

dx

 

 

I know we only realised when we asked for a settlement figure what was going on. I know we were desperate and stupid. We were told on the phone it was for 7 years - actually seven years to pay off the loan and the rest of our lives the interest!

 

No figure indicating how much interest only APR. And amount of credit.

[dx100uk]

by law it must clearly state the amount of £'s the int is costing you per annum. or in total.

do you have the agreement?

 

if so , blot out any pers details & barcodes etc and scan it and post it up please.

you can use photobucket site and post the link here or scan it edit it and turn it into a PDF and post that.

 

dx

[hepburn]

Thanks for all your help, much appreciated.

 

Here is the link, hope it is ok loanagreement.jpg picture by hepburn_01 - Photobucket

[hepburn]

Any thoughts DX, does it look enforcable.

 

I make the ppi repayment about £22,000 does this seem right or way too high. Thanks.

[dx100uk]

not sure on the agreement, but i'm sure it must sate cost for credit

 

any how i make the ppi reclaim £7,190.85

 

to you in cash

 

i did that by working out that the ppi is 26.4% of the initial sum £28,551

so thus is must be 26.4% of the £PCM = £86.86

 

then its 8% stat int from each payment date toll today.

 

i'll post upi the spreadsheet in a mo.

 

this does not take into Account what you have yet to pay and that needs to be taken off the loan total.

 

 

 

dx

[hepburn]

Thanks For That, Not Sure How I Managed 22,000!!!:?

[dx100uk]

try this

 

new pdf 9/4/10

 

dx

Edited April 9, 2010 by dx100uk
new pdf

[hepburn]

WOW that looks fantastic, thanks again.

 

Just want to sort out the agreement, it does state the amount of credit but only the purs cash amount, not the interest on it. But does provide a schedule of payment.

[dx100uk]

i'm sure it needs to say something like cost of credit £XXXXXX

 

not sure

 

i look and see who is around

pompeyfaith or postggj

would be nice to pop in

 

dx

[hepburn]

It would be good for some advice, my partner is still sure it is a mistake because it is so different from what we were told!

[citizenB]

I think you are right dx there should be a "charge for credit".

[citizenB]

This might help.

 

http://www.consumeractiongroup.co.uk/forum/show-post/post-1005260.html

 

xx

 

 

IS MY AGREEMENT ENFORCEABLE( Via section 127(3) CCA1974)

PRESCRIBED TERMS FOR THE PURPOSES OF SECTIONS 61(1)(0) AND 127(3) OF THE

CONSUMER CREDIT ACT 1974 Taken from sced.6(1983/1553) regulations

(If you just want to find out, skip the bits in between the stars it’s just some extra information)

 

**What do we mean by unenforceable?

In the Consumer Credit Act section 127 there is a provision for making an agreement unenforceable if it does not contain certain pieces of information.

Subsections 1,2,3,4 state which pieces of information these are, and everything mentioned there must be included within the body of the agreement, if one is missing the agreement is unenforceable.

 

How does unenforceable differ from enforceable with a court order only?

When an agreement is unenforceable it means that the court or the judge cannot make a ruling on it. The court cannot make it enforceable.

When an agreement is enforceable only by ruling of the court it means that the agreement can be stopped by the debtor but the court has the power to re-instate it and allow the credit to continue to enforce.**

 

The Pescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

B Repayments

A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following-

(a) Number of repayments;

(b) Amount of repayments;

© Frequency and timing of repayments;

(d) Dates of repayments;

(e) The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

 

C Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement

D Credit limit

This may be a term or the manner in which it will be determined or that there is no credit limit.

--------------------------

 

Which of these applies to you depends on the type of agreement you have?

 

For a Running Account (credit card) agreement

 

BC and D Apply

 

 

 

 

For a Restricted Use Debtor Creditor Supplier

• Where the dealer is the supplier and the creditor is the one providing the finance.
  
• The money can only be used for the purpose it is given.
  
• There is no interest on the purchase (the cash price is the same as the total price)
  
• And there is no advance payment
  

A is applicable

 

For a fixed Sum Credit Agreement

A conventional credit agreement with none of the above restrictions

 

A and B apply

 

For a Hire Agreement

 

B is Applicable

 

This paper only covers section 127(3) of the Act agreements can also be unenforceable by contravention of sections 1 and4 this will be the subject of the next paper.

Please note that these Prescribed terms where not changed in any way by the 2004/1482 Ammendments although the form in which they appear on the agreement was. Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3) will only apply to agreemens executed before that date.

[dx100uk]

thanks CB

 

dx

[hepburn]

Thanks for posting that, so if my agreement only states the amount borrowed and not the amount including interest it could be unenforcable?

 

Sorry to be acting a bit stupid I am just trying to be clear. What are my next steps then, bearing in mind it is secured

 

Thanks again.

[hepburn]

not sure on the agreement, but i'm sure it must sate cost for credit

 

any how i make the ppi reclaim £7,190.85

 

to you in cash

 

i did that by working out that the ppi is 26.4% of the initial sum £28,551

so thus is must be 26.4% of the £PCM = £86.86

 

then its 8% stat int from each payment date toll today.

 

i'll post upi the spreadsheet in a mo.

 

this does not take into Account what you have yet to pay and that needs to be taken off the loan total.

 

 

 

dx

 

Would I not be adding the interest I have paid onto this -15.7 %? PPI+ interest + 8%

 

Yet again thanks for the time that you take to look at this.

[dx100uk]

this is true - silly me

 

i'll redo the spreadsheet and my brain......

 

dx

[hepburn]

thanks, you are a superstar.

[hepburn]

I used the single payment calc sticky at the top and it's showing that I have paid 8,004 in ppi interest , I can't quite get my head around adding the 8% to each payment.

[dx100uk]

Loan Repayment Calculators – Free APR & Loan Repayment Calculators

 

the agreement figures do not match

 

now 13.7 almost works

is it?

our scaned copy is very pixelated

 

dx

[hepburn]

On the loan agreement it states the APR as 15.7! I couldn't get it to match either, what is what made wonder if it was actually enforcable.

[hepburn]

not enforcable, unenforcable!! I should try and only do one thing at once, it might help.