Cap1 & CCA return

[Peterbard]

Hi Patrick

 

I must admit to my inexperiance with the implied terms scenario and usually consult my friend who specialises in this sort of thing.Unfortunaltely he is away hurricane dodgeing in the bahamas at the moment.

What does occur to me is the fairly recent ruling about applied terms in assosiation with bank charge reclaims and the ruling that they do not apply for the function of recipricating the compounded charges on these accounts.

The reason for this if i read the transcript correctly and i have only scanned it. is that the implied terms can only apply if the help the main function of the agreement.

If this is correct then any implied terms in regards to the secondarry function of permiting credit sharing would not be allowed.

I may have this all wrong and if so i appologise in advance but i am sure that John or yourself will put me right if that is the case.

 

Best regrds

Peter

[patrickq1]

perhaps its the goverment way into sharing data for the proposed ID CARDS by allowing DATA SHARING with the three main bodies and eventually amalgamate all this into a new DEPT OF ID CARDS...just me being so suspicious of all this data sharing that even the ICO is now turning the corner and allowing this practice to continue and expand,When you consider the ICO top dogs are all ex banking backgrounds ,so surely their is a possibility of question of conflict of intrest

[maybelline]

Hi

 

I did one of these for someone recentey it was a credit card account with Cap One, agreement a joke.

So far so good i have had no further contact from them or from their collection agents Lowells.

I compouned the interest paid and then deducted it from the total borrowed together with all other payments. Turned out they owed the debtor £350 and of course their should be no issue of their still being a debt remaining.

 

 

Best regards

Peter

 

compound interest! - crikey, I just added up all the payments made from the statements I rec'd under sar, all the rest was interest, fees, insurances, I have paid off the amounts borrowed.

[Peterbard]

Hi Patrick

 

Given the rate at which the people of this country are loosing their rights to privacy and self determination nothing would supprise me.

Don't get me started

 

Best regards

peter

[Peterbard]

compound interest! - crikey, I just added up all the payments made from the statements I rec'd under S.A.R - (Subject Access Request), all the rest was interest, fees, insurances, I have paid off the amounts borrowed.

 

Hi

Sure compund it.

It should have come off your initial borrowing when you paid, instead it was credited to a none existant interest charge, so you would have been paying compund interest on that amount.

I believe Tam calls it repricity recipre repr,oh whats good for the goose is good for the gander.

 

Regards

Peter

[noomill060]

I can see lots of gooses and ganderers adding up all their compounded interest this afternoon and evening...

 

Marc Ganderer?

[maybelline]

Hi

Sure compund it.

It should have come off your initial borrowing when you paid, instead it was credited to a none existant interest charge, so you would have been paying compund interest on that amount.

I believe Tam calls it repricity recipre repr,oh whats good for the goose is good for the gander.

 

Regards

Peter

 

how?

 

if I take all those payments made over the years by DD and cheques, put them into the compound int spready will that do it?

[the main man]

perhaps its the goverment way into sharing data for the proposed ID CARDS by allowing DATA SHARING with the three main bodies and eventually amalgamate all this into a new DEPT OF ID CARDS...just me being so suspicious of all this data sharing that even the Information Commissioners Office is now turning the corner and allowing this practice to continue and expand,When you consider the Information Commissioners Office top dogs are all ex banking backgrounds ,so surely their is a possibility of question of conflict of intrest

 

 

Hi,

 

You have every right to be suspicious, look at what is happening in America, and the way data is manipulated and shared there to suit CCP.

 

Capital One Harms Credit Scores by Withholding Data, Suits Charge

 

You go for a Job and you get credit checked, and now they use it in insurance!!

 

Consumers Dispute FTC Report on Insurance Credit Scoring

[patrickq1]

my wife and i applied for a loan some six weeks ago we got the loan at an extortinate rate 22.9% because of adverse credit reports on my file...but ever since then we have had about 30 e mails from lending companies and insurance companies...this information can only have come from the CRAs and this is why i am very angry that they even have access to your borrowing requirements...and like the previous writer says it will be insurance companies with access to all your medical data...this is one of the reasons i ask for some sort of enquiry into the complex relationship of banks finance and insurance ind and dca...i also distrust the ICO and the FSA it seems they have some sort of agenda and are witholding information concerning their secret meetings with the Bank for what purpose no one knows yet

[maybelline]

Hi,

 

You have every right to be suspicious, look at what is happening in America, and the way data is manipulated and shared there to suit CCP.

 

Capital One Harms Credit Scores by Withholding Data, Suits Charge

 

You go for a Job and you get credit checked, and now they use it in insurance!!

 

Consumers Dispute FTC Report on Insurance Credit Scoring

 

thanks mainman, startling, but well said Shana - psychobabble rubbish indeed!

 

and we already have insurance based on postcodes, am I right?

[maybelline]

patrick, that fund is a good idea, if we chipped in even one pound, we surely would have a starting point?

 

oh yeah, we have 159,000 plus members dont we.

[patrickq1]

it would may but cag are still sitting on the fence,so much so that one becomes dis heartened by mid oct 07 we will probably see an event where the ICO and FSA and Banks have come to an understanding ,this case will not see the inside of a court room unless someone does something spectacular and calls the banks to account through the high courts ,,then the usual apeal law laords etc..i dont hold out much hope having gone through page by page in the ICO website and following threads from their it leads to the ICO doing things that we would all consider to be against what we thought they were doing,they have sugested in one article they have produced that they do not want TRANSPARENCY as they see this and agree with the financial institutions that this would harms the banks etc competitiveness and undermine the banks ability to atract customers

[patrickq1]

the only way forward now would be an INDEPENDANT INVESTIGATION by a MINISTERIAL COMMITTEE APPOINTED BY THE GOVERMENT in the light of this Information Commissioners Office,it concerns the sharing of dATA pre 1999 and the reason i think reading between the lines was pre 1999 contracts must have had some non negitiable part in the contract that prevents the banks/finance co from processing this data from that period and before, it amounts to 40 millions credit cards pre 1999 but it also states that they will somehow produce a waifer and allow this data to be processed regardless of anyones opinions...this is being done without any legislature and it is what has already happened right under our noses after the 1999 and 2000 acts became acceptable under the FOI..this act has been disected and accepted by the ICO office as acceptable for the BANKS TO HAVE ABSOLUTE RIGHTS TO USE OUR DATA and that is regardless wether you sign their terms and conditions or not...proof is in the pudding defaults as apposed to zeros ines twos and threes on your credit card reference sheet with banks,so it is now the norm to issue defaults first and be dammed later as no one is their to damm the finance industry...i could go on like peter i have to stop myself and say that nothing short of an INDEPENDANT COMMISION AND A GOVERMENT AUDIT into the ICO AND THE FSA AND BANKS who are collectively all peeing in the same POT;;GGRRRR

[patrickq1]

EUR-Lex - Recherche simple

have a read at this peter some intresting points that i never knew existed

(10) It is necessary to ensure that the relationship between this Directive and existing Community law is coherent, particularly where detailed provisions on unfair commercial practices apply to specific sectors. This Directive therefore amends Directive 84/450/EEC, Directive 97/7/EC of the European Parliament and of the Council of 20 May 1997 on the protection of consumers in respect of distance contracts [4], Directive 98/27/EC of the European Parliament and of the Council of 19 May 1998 on injunctions for the protection of consumers' interests [5] and Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services [6]. This Directive accordingly applies only in so far as there are no specific Community law provisions regulating specific aspects of unfair commercial practices, such as information requirements and rules on the way the information is presented to the consumer. It provides protection for consumers where there is no specific sectoral legislation at Community level and prohibits traders from creating a false impression of the nature of products. This is particularly important for complex products with high levels of risk to consumers, such as certain financial services products. This Directive consequently complements the Community acquis, which is applicable to commercial practices harming consumers' economic interests.

(11) The high level of convergence achieved by the approximation of national provisions through this Directive creates a high common level of consumer protection. This Directive establishes a single general prohibition of those unfair commercial practices distorting consumers' economic behaviour. It also sets rules on aggressive commercial practices, which are currently not regulated at Community level.

(12) Harmonisation will considerably increase legal certainty for both consumers and business. Both consumers and business will be able to rely on a single regulatory framework based on clearly defined legal concepts regulating all aspects of unfair commercial practices across the EU. The effect will be to eliminate the barriers stemming from the fragmentation of the rules on unfair commercial practices harming consumer economic interests and to enable the internal market to be achieved in this area.

[maybelline]

still trying to figure out how compound interest works but alarminly found a tool on a website for mortgage and will pay back 116K for a 35K mortgage from GE??? have I got that right eeeek.

[patrickq1]

you wont be far wrong may compound intrest i am the same as you doh lol

our mortgage by the time we have paid it all ofit will be in the region of approx 166,000 this is for 18,000 and a borrow of 25000 so in about 7 years it will all have been paid off ..cant wait but i am now thinking of useing some of my equity now to import some products from china gps

[patrickq1]

Compound interest - Wikipedia, the free encyclopedia

[patrickq1]

and if you can work that lot out may lol enlighten us please

[maybelline]

my brother in law is a maths prof but not in this country - darn it, do we need a boffin - calling all boffins, help please ?*!*?%?

[noomill060]

Compound interest calculator

 

[noomill060]

Compound interest is basically interest on interest on interest on interest on interest.

[noomill060]

...on interest charged on the sum you borrowed in the first place.

 

Or they sum THEY unlawfully deprived you of since the date they did so.

[maybelline]

is that what ad infinitum means?

[noomill060]

not really.

 

Ad infinitum means "and so on, into infinity"

 

With compounding you are charged interest on all the previous interest you havent paid off.

 

The other form is called Simple interest, where you only pay interest on the actual amount borrowed.

 

Money is only ever available to borrow commercially at a compounded rate

[noomill060]

Infinity is well, get a small mirror, hold it in front of a large mirror so the image of the large mirror is reflected in the smaller mirror.

 

You will see an infinate number of reflections which appear to stretch out into infinity - ad infinitum.