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central trust - ppi & charges

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Hi

just looking for some advice... on two things

 

Firstly, 9 years ago, i took out a loan with sothern pacific finance brokered by central trust.

 

The original loan amount was £5k, over a five year term.

I was told that unless i took out ppi, i would not get the the loan.

Reluctantly on my part they added £900 to the loan amount for this.

 

Then, 18 months later, i made a further advance on the loan.

This loan was with central trust themselves.

They paid the earlier loan off which we had taken out, (inc the £900 ppi).

 

So we ended up with a completely new loan, of £10k, over ten years. And this also included ppi.

I actually cancelled the ppi some time later, but i was not told that it was a lump sum, or indeed that it would only cover us for 5 years of the loan term.

 

Also mis sold due to the fact that i receive full pay when off sick.

 

I have tried to reclaim the ppi.

 

Southern pacific no longer exist, and central trust have stated that the loan with them was prior to them being regulated???

 

What i am trying to determind is should i take this to the FOS?

 

Next problem..

. i contacted central trust re coming to the end of my loan term, and asking for a date when i will have finished paying.

We had a period of financial difficulty about six years ago, when my OH lost his job.

We did not pay the loan for three months.

 

Central trust we aware of the issues we have, and we came to an arrangement to pay off the three months arrears.

They were really accomadating, and we apid the arrears off in full within a short period of time.

 

Imagine my horror when yesterday, i received a letter from central trust telling me that there were 10 x £185.53 payments due on the account,

(which i agree with) and also the following...

 

As your loan account has been subject to collection fees and added interest during the term of your loan,

we need to come to an arrangement to clear these.... then i turned the page over to see the following....

 

Current balance - £ 3975.07

Interest asccrued - £47.29

Future charges - £169.05

Total amount payable - £4191.41

 

The following costs are also included in the settlement figure

Collection costs - £1020.00

Legal costs - £543.64

 

Now i am no mastermind, but this just does not add up....

10 x 185.53 = 1855.30

collection costs = 1020.00

legal costs = 543.64

 

TOTAL £3418.94

central trust tell me the balance outstanding, after charges is £3975.07.

 

So, after taking out a loan for £10,000 nine years ago, with ten months left on the term, i have £4191.41 to pay. Thats nearly half of the original loan????

 

What i want to know is..

. does this look like a case to take to the FOS?

 

I just feel so annoyed that they can do this, the apr on the loan was not high,

and we were not advised that these charges would be made on the account.

 

Is there anything i can do, as i just want these cowboys out of my life!!!!

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Hi

 

As far as the SPML loan is concerned you may have trouble getting your money back. Given the dates you mention, this would have been paid off in 2005 sometime and as you say, they are no more.

 

I think Ascenden/Capstone took over their business so it could be worth an approach to them but I wouldn't hold you breath.

 

As far as Central Trust goes, I would contact fos to find out whether they do come under their jurisdiction and see what they say.

 

In respect of the charges, do you have copies of the statements of account because it sounds like the account is littered with unlawful penalty charges which you should claim back (together with the interest on them) and this will mitigate the balance due.


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yep go for it!

 

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Hi

Thanks for your replies. I will write asking for a statement today...

 

as for the ppi, i have looked on the website of the FOS. Over 383 complaints against central trust for ppi, and the FOS have found in the consumers favour in 85% in complaints against them... so i have done my letter to the FOS and it will be posted today!!!

 

I will keep you posted

 

Thanks

 

Nikkio

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