Cap1 & CCA return

[Peterbard]

Hi Mo

The amoumt you should have been payng was the total amount payable /the number of payments. The rest of the interest calculations iare derived from tihs.

Basically the program you are using is crap it uses an algorithym that takes the APR and calculates backwards to the payment .

The only correct way to calculate APR is to start with the amount of credit the repayments the othe charges that make up the tcc and then calculate the interest rate the APR etc

 

Peter

[Peterbard]

Hi Mo

The amoumt you should have been payng was the total amount payable /the number of payments. The rest of the interest calculations iare derived from tihs.

Basically the program you are using is crap it uses an algorithym that takes the APR and calculates backwards to the payment .

The only correct way to calculate APR is to start with the amount of credit the repayments the othe charges that make up the tcc and then calculate the interest rate the APR etc

 

Peter

[monopoly23]

Uniboy- why do you suggest I get it ruled unenforceable? What is actually unenforceable about it?

[patch666]

Hi guys, can you advise me on this

new to the site, but posted this thread a few weeks ago.

 

Arrow/CBS Default!! Who do I contact to get it removed.

Hi there, I've just registered and feel quite enlightened about the info by you members, thank you.

 

My question is this, i recieved a letter from CBS transcom, saying they were acting on behalf of Arrow Global, who had purchased the debt from paragon, in Oct/Nov 2006. The debt is from 1994!!! (which I was defaulted for circa 1995)

They have threatened me with court action and a charge on my house etc.. etc if I didnt up my payment agreement up from £30 month with paragon to £89.11 with them.

 

I agreed to do this as I am getting on top of my finances and then when I checked my experian file they (ARROW) had defaulted me!! £7300

I rang them and asked why had they defaulted me and there reply was you defaulted in 2004/2005 when I was with Paragon (no default notice issued, i think), i know i missed a few payments but the debt wasnt with Arrow/CBS then, and the default date is 28/02/2007!!

I am now in a position to offer them a full and final settlement and when I rang them to remove this default when I paid it, all I got was "it will show as satisfied, not removed"

I asked when I recieved the default notice from ARROW/CBS (I havent recieved one from CBS/Arrow) and there reply was you will have recieved it from Paragon (which I didnt, as I had a payment plan with them) but cant remember if I got one from universal credit (it was 1995!!) Who actually owns the debt??, is it now null and void having been more than 6 years even though i've been paying money to somebody, incidentally i wasnt contacted about this debt till early 2002 so should it be statute barred?? are they taknig the P**** for defaulting me and what letters might I need to send.

I am applying for a mortgage soon, so I need this sorting out.

Where do I go from here, I am willing to pay what I owe, but surely the default can be removed,(or the debt) at the moment I have been defaulted twice (although the 1995/6 one has fell off my Experian credit file), but how can I sort this out.

 

regards, feeling stressed

 

patch.................... ............

 

UPDATE "lookinforinfo" told me to CCA CBS, i have done that, also pointed out that you could be only defaulted once for one debt and if they didnt remove the default I would report them to TS etc. got 1 phone call, told them I was only taking written correspondance, havent heard anything since, but default still showing on Experian, no CCA nothing, 12 days has passed, what happens now???????

 

PLEASE HELP..............VERY CONFUSED

 

 

patch.......................

[Pliny the Penuriosus]

I don't know but have you paid the debt? because unless it was by deed, which is like a mortgage and allows 12 years the debt was time barred after 6 years & should you have refused to pay it they would have been not only be breaching the OFT guidelines but also possibly guilty of criminal harassment. and yes they are taking the ( ) That's my closing the stable door comment - Now report them to TS as has already been advised it would appear

[kfdh1962]

heres one i received from capquest. clearly titled short application, There is no information regarding amount of credit, no APR, no T&C's, no info regarding cancellation. am i correct in saying this is un-enforceable

and signature from cap one(??) is not dated

cq1.pdf

[un1boy]

Uniboy- why do you suggest I get it ruled unenforceable? What is actually unenforceable about it?

 

It was said to get rendered unenforcable if you were sent a doc that you signed.

 

They hav sent you something different so report them to TS.

[un1boy]

heres one i received from capquest. clearly titled short application, There is no information regarding amount of credit, no APR, no T&C's, no info regarding cancellation. am i correct in saying this is un-enforceable

and signature from cap one(??) is not dated

 

 

Yep, it is.

 

Accept it as satisfying their obligation under sec 78 and advise them that you will not be paying anything else towards it.

 

Also, report them to TS!

[maybelline]

BBC NEWS | Business | Customers win back bank charges

 

just had to pop this in here, pinched from another post! thanks to crfx250.

[dpick]

BBC NEWS | Business | Customers win back bank charges

 

just had to pop this in here, pinched from another post! thanks to crfx250.

 

Hi all I bet the banks wont be touting these cases when replying to prelim letters

 

dpick:p

[Josie8]

warms the cockles of my heart........... :D

[BLADES65]

Received a lovely letter from 1st Credit regarding MBNA Credit Card.

 

The letter received was in response to this letter I sent:

 

Dear Sir/Madam

 

Re: Account/Reference Number xxxxxxxxxxxxxxxxxxxxxxx

 

Thank you for the information you sent following my request under the CCA 1974.

 

The request was made to you on 4th May 2007 for a copy of the executed agreement held by yourselves applicable to the alleged debt. Under the CCA s77/78, you are obliged to send a legible true copy of the executed agreement.

 

I am pleased that you confirm this is a true copy of the original executed agreement.

 

As I am sure you are aware a regulated credit agreement contains all of the prescribed terms, other required information and statements of statutory rights. Any separate terms and conditions (which should have been referred to in the original agreement) should also be provided and must be those applicable at the time that an agreement is signed.

 

You must therefore realise the document you have supplied does not correspond in form and content to the requirements of the Consumer Credit Act 1974 and is therefore completely unenforceable.

 

As a consequence I do not acknowledge any debt to your company and no further payments will be made towards this alleged debt.

 

Any court action you may take will be vigorously defended using Sections 61 and 127 of the CCA 1974, which will preclude a judge from making an enforcement order in this instance.

 

Any earlier actions relating to sharing of data with credit reference agencies or defaults should be immediately removed. Confirmation and acknowledgement of this letter should be received within the next 14 days.

 

 

Mr xxxxxxxxxxxx

 

This letter was sent after receiving this after a CCA Request:

 

 

The letter from 1st Credit:

 

 

 

It was dated 13th July 2007 !!!

 

They will have commited an offence under CCA on 25th June 2007.

 

Looks like game on.

 

Should I bypass 1st Credit now and deal direct with MBNA

 

Thoughts please.

[rory32]

1st credit are just the monkey, you need to speak to the organ grinder (MBNA).

[BLADES65]

Hi all,

 

Another Application form received after CCA request. This time from HFC for a GM Card. This is the original leaflet I picked up in the Vauxhall garage.

 

Single sided A4 sheet with last 6 statements in envelope.

 

This is the A4 sheet:

 

 

 

Thoughts please

 

Thanks

 

Got a reply after sending 'thank you for executed agreement but it's not enforceable' letter.

 

They apologised for not including the terms and conditions and enclosed a Notice of Variation to the Terms and Conditions of your Credit Card.

They are dated June 2006.

 

Clearly they are not the T&C's applicable the documnet above was signed in 1995.

 

Thoughts please.

[BLADES65]

1st credit are just the monkey, you need to speak to the organ grinder (MBNA).

 

Should I send all the correspondence I have sent/received to MBNA and ignore 1st Credit or should I tell 1st Credit I am dealing with MBNA direct.

[angry cat]

 

They hav sent you something different so report them to TS.

 

It is really important to go through Consumer Direct when registering ones CCA 1974 S77/78 non compliance complaint re: enforcement. I am given to understand that if one takes this avenue, then the complaint is fully logged, thus the OFT should be provided with the stats.

 

My advice though will be that you must be fully PREPARED! because it is likely that you could be fobbed off...do not be fobbed off. Again, once your complaint is passed to your local Trading Standards, pleased be fully empowered with all your letters and docs., for reference; thus you can then put the pressure on TS by providing them with all your concerns and proof, don't forget to state that you are not the only consumer in the UK that is in this predicament!

 

Love AC

[Josie8]

https://www.financialagreementsolutions.co.uk/usr/basicchecker.aspx

 

I think Tanz HAS just posted this.

 

Paul

 

I've tried filling it in for 2 credit card applications - oops sorry agreements and I can't get past page 1 as I can't fill in the required parameters regarding term of loan etc. Am I doing something wrong ??

[Josie8]

Should I send all the correspondence I have sent/received to MBNA and ignore 1st Credit or should I tell 1st Credit I am dealing with MBNA direct.

I'd deal with MBNA but copy 1st credit with all correspondance

[monopoly23]

I've tried filling it in for 2 credit card applications - oops sorry agreements and I can't get past page 1 as I can't fill in the required parameters regarding term of loan etc. Am I doing something wrong ??

 

Hi Josie. The checker is just for loan 'agreements' not credit cards.

Peter has already suggested that it's quite crap anyway.... something to do with an algorythm??

[Josie8]

Thanks - at least its not me going nuts lol!

[patch666]

Hi BLADES65

 

On nightshift tonight, so will be around for a while. In reply to you, I havent recieved any paperwork from CBS, their 12 days is up today, so do you suggest I S.A.R Arrow Global (who have placed the second default), or send the letter about CBS now being in default??? what do you suggest.

 

patch666

[noomill060]

172 Statements by creditor or owner to be binding

(1) A statement by a creditor or owner is binding on him if given under—

section 77(1),

section 78(1),

and other sections.

In other words, it would appear to demonstrate bad faith if they now try to add other bits which should have been included in the alleged agreement they have provided.

[BLADES65]

172 Statements by creditor or owner to be binding

 

(1) A statement by a creditor or owner is binding on him if given under—

 

section 77(1),

 

section 78(1),

 

 

and other sections.

 

In other words, it would appear to demonstrate bad faith if they now try to add other bits which should have been included in the alleged agreement they have provided.

 

 

 

 

 

Thanks for that.

 

The letter from 1st Credit smacks of sour grapes and a little immature. Note the lines 'I am pleased to say' and 'I trust that in view of the above you will now be making suitable arrangements to ensure funds are available to clear this long outstanding debt.' and the reference to bankruptcy.

 

What a bunch of clowns.

[noomill060]

Errrrrrrrr- where is the APR on that photocopy of a photycopy of a fax??

[BLADES65]

Errrrrrrrr- where is the APR on that photocopy of a photycopy of a fax??

 

Precisely