Loan 'Late Payment' Fees

[adamc6671]

Hi All

 

I've just seen a TV advert, that strongly implies that late payment fees charged to a loan account may be recoverable.

 

Does anyone know if this is just 'pie in the sky', or if there really is a genuine way of recovering excessive late payment fees charged on loans.

 

I ask this as my 'other half' has had a loan, originally for £8,000, from Intelligent Finance, taken out about 8 years ago, that she defaulted (made payments late) on many occasions, being charged £30 a time for this, and running up a total well in excess of £1,000 in late payment fees. IF eventually turned the account over to 'Blair, Oliver, and Scott' who are their debt recovery people, who, it has to be said, have behaved very well in managing the debt, and Tish is now close to paying off the whole debt.

 

It would be very good to know, though, if there is any realistic way of recovering any or all of those late payment fees, and huge thanks, in advance, to anyone on The Consumer Forums who may be able to offer advice, whether positive or negative!

[dx100uk]

yes all unlawful fees on everything bar bank accounts are reclaimable as is mis-sold PPI + the interest thay have charged in relation to them too.

 

dx

[maroondevo52]

I'm sure Intelligent Finance is a division of Bank of Scotland plc which is part of Lloyds Banking Group. It was established as a division of Halifax plc in 2000 and Blair, Oliver, and Scott are the 'In house' collections department at HBOS so looks like the debts still with the OC.

[adamc6671]

yes all unlawful fees on everything bar bank accounts are reclaimable as is mis-sold PPI + the interest thay have charged in relation to them too.

 

dx

 

Huge thanks for that, dx.

 

The next big question is how does one go about the reclaim process? Is it the same as the process many of us went through for bank charges?

 

The big problem is that Tish has not kept her statements from IF, so working out the exact ammount charged in Late Payment fees is nigh on impossible. Are IF obliged to provide copies of all the statements upon request?

 

Finally how far is it possible to go back in time with the claim, as many of these charges were levied up to 8 years ago?

 

Once again, any advice will be greatly appreciated, and many thanks.

[ims21]

Hi there

 

Process is

 

1 Prepare schedule of Claim

2 Preliminary Letter

3 Letter Before Action

4 Court

 

No time limit....mis -sold ppi all comes back and fees are covered by section 32 Limitations Act 1980 paid under a mistake

 

SAR will be needed to lender to yield statements/transaction history. That's your first move.

 

ims

[adamc6671]

Hi there

 

Process is

 

1 Prepare schedule of Claim

2 Preliminary Letter

3 Letter Before Action

4 Court

 

No time limit....mis -sold ppi all comes back and fees are covered by section 32 Limitations Act 1980 paid under a mistake

 

SAR will be needed to lender to yield statements/transaction history. That's your first move.

 

ims

 

Huge thanks ims. Just to clarify, there was no PPI attached to this loan, so the claim will be for late payment fees, and interest (presumably at 8%) thereon.

 

I'll start work on the Subject Access Request shortly, and let you know how it goes!

 

Does anyone know if this is likely to be settled before Court action starts, or are IF likely to push it all the way?

 

Once again, many thanks

 

Adam.

[ims21]

Hi Adam

 

Regarding them settling before court I think the answer has to be "Who Knows?" But I would be prepared and ready for any eventuality.

 

Sorry, don't know where I got ppi from. Interest is at the rate they charged you on these fees or, in the unlikely event they didn't charge interest it would be at 8%.

 

ims

[adamc6671]

Hi Adam

 

Regarding them settling before court I think the answer has to be "Who Knows?" But I would be prepared and ready for any eventuality.

 

Sorry, don't know where I got ppi from. Interest is at the rate they charged you on these fees or, in the unlikely event they didn't charge interest it would be at 8%.

 

ims

 

Thanks again, ims.

 

Do you happen to know how to copy and paste the SAR template letter? I have tried, but I'm not able to copy the text!

 

Adam.

[ims21]

Thanks again, ims.

 

Do you happen to know how to copy and paste the SAR template letter? I have tried, but I'm not able to copy the text!

 

Adam.

 

Highlight all the text in the template

 

hold downt Ctrl key and hit C key. This will copy it to the clipboard

 

Go to your word processor, position the cursor. Hold down Ctrl key and hit the V key. This will paste it into your document. (or should do)

 

ims

[adamc6671]

Thanks ims.

 

Sadly I tried to do exactly that, but it wouldn't allow me to highlight the required text!

 

Thankfully maroondevo has sorted me out by pm'ing me a copy!

 

Adam.