default interest charges on automoney lbl

[Hopeful15]

How does a lbl company justify its actions

when a loan with a 17 month payment term that had 600.00 ( 3 payments) remainding due until cleared in full .

*(when completed 3360.00 would be paid back on 1000.00 loan)

 

all of a sudden still have a 1600.00 balance outstanding

apparently due default interest.

 

Never sent letter stating the default interest charged and on what its charged.

 

Requests for a breakdown ignored,

simply stating unable to give breakdown give any written response

 

but will however discuss account with you face to face at the office ???,

 

What should be received from a lbl company if they are charging default interests on late payments??

 

If a default is sent out with an incorrect arrears balance on and no correction by date on

or the date to rectify is less than 14 days

 

can it still be acted upon if you have informed them of their error?

 

Can a statement if account requests along with a breakdown of charges added be ignored or refused by youd lbl company?

[dx100uk]

whos the LBL company?

was your credit file stuffed when you got the loan?

 

 

dx

[Hopeful15]

yes was only option for a loan at the credit file was and is mess although im beginning to work through if alot of things not recognised ??

 

automoney defo got my fingers burnt here

[theoldrouge]

first check that your bos was correctly registered

 

second if they have issued a dn be very careful, its your only protection under cca1974, and your car can be taken after expiry if not remedied

 

send a written Formal Complaint to automoney, with proof of receipt/posting to which they must respond

 

also sending a full SAR will be useful here

[Hopeful15]

ive been paying them weekly payments,

i did receive a default notice back in october but like every letter they have sent

it made no sense what they stated as owing to rectify !!

 

 

plus they printed the default dated 21/10/15 but never posted it until 3.30pm on 24/10/15

never gave any extra time to rectify still required by 5/11/15.

arrears due 392.25 but the account balance was £ 1643.74 ???

 

Ive askex for a breakdown of the account, and to know how my payments are allocated ,

the BOS states unless the borrower informs the lender otherwise,

payments less than due will be appropriated first to interest then principal and as I pay weekly it worries me ,

 

 

I think the principal hasnt been reduced but they refuse to send anything.

They have never even informed me I had default interest applied.

 

I thought I had a loan with 17 payments

was never explained how they calculated the account.

 

 

Feel ill

all that money

ive been very stupid

and a well and truly burnt.

 

 

CARS ONLY A KA WORTH 1600 Max.

 

I have paid to date £3134.75

the last payment was supposed to on 9/11/15

the loan balance overall was £3369.75 (1000.00 plus interest 2344.75 plus £25 BOS)

based on that I had £109.78 outstanding or I thought.

 

 

I have been looking how they do calculate simple interest on a daily basis

and trying to understand the agreement,

but the figure they've charged is higher than I reach.

 

eg principal 1000

interest 187.08%

term 61 days

 

187.08/100 = 1.8708

61 days / 365 = 0.17 years

 

I get £312.65 interest unless im doing it wrong

they have £336.90 on a statement from the beginning

if they're wrong then the whole account bal is.

 

 

I also knew the 60 days grace prior to your 1st payment due is still charged simple interest.

 

Regarding the BOS

mine is only a copy they gave me.

 

 

It was never witnessed as far as I can see - that part still blank.

 

 

Does it have to have same payment and amount due as the fixed sum agreement and pre-contract credit state.

 

The BOS states 16 payments of 196.76 and a final payment of 196.75.

 

The agreement states 17 payments 16 of 196.75 plus a final payment of 221.75.

 

My postcode is also incorrect.

 

Any advice appreciated

Edited January 11, 2016 by Hopeful15

[dx100uk]

scan it up as a pdf please

 

 

follow the opload guide

[theoldrouge]

First as said you need to check whether your bos was correctly registered

 

Second get a written Formal Complaint posted

With proof of delivery on your complaints to date

this can be taken to the fos if rejected, and can also

be added to as other items come to light

 

Third send a full SAR to auto money

 

But as advised be very careful

as you have already received a dn

all be it faulty, they may try to take

The car, that is the way lbl cos operate

 

so you need constant dialogue with them

 

To check read here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?452164-Log-Book-Loan-Guidance&p=4791345#post4791345

[Hopeful15]

Thank you will have a read

will upload the docs from work tomorrow having a few problems getting a good copy

[Hopeful15]

hi

I ve decided to apply to the court for a time order N440 as I do not see an ending,

 

Ive been paying 55.00 weekly

yet i received an email today telling me the balance is now at 2048.00 (increased again)

and as they wont give me a breakdown,

 

it has never stated enough info on any default letters,

(such as charges or interest occurred as a result,

how many payments are in default)

I am in shock as to how this is legally allowable.

 

In my eyes ive repaid the loan

the only explanation I can see is they must add default interest on top of the default interest already applied

- is that allowed.?

 

I presumed you should be notified of any additional fees incurred and be given the info how and where it became chargeable.

 

would the court look at the loan, its terms etc once i apply for a time order.

[dx100uk]

did you get hat sar running?

 

 

the default notice MUST give [in a date format DD/MM/YYYY]

14 cal days to rectify the stated default.

 

 

if it doesn't the DN is defective and they cant enforce the DN.

 

 

did you check the BOS is registered correctly?

 

 

we need to SEE all the statements

the DN

the BOS

and

the agreement

 

 

you might be jumping too quick with the Time Order here.

 

 

dx

[Hopeful15]

ok can you inform me where your upload guide is please as im having difficulty uploading

[dx100uk]

click the word upload

[Hopeful15]

Bos uploaded

[dx100uk]

where?

 

 

dx

[Hopeful15]

Docs attached

[dx100uk]

rotate them and pop them all in a word doc

then file save as .pdf

 

 

dx

[Hopeful15]

ok

[theoldrouge]

Can't read your upload

 

Get the advice already given acted upon

[Hopeful15]

Finally managed to upload hopefully correctly !!

 

Received an unprompted email from AM with an alarming reduced figure on as a goodwill offer?

So if I pay a further 400 over the next month they will clear loan in full.

 

Is that a practice anyone is familiar with?

lbl docs.docx.pdf

[dx100uk]

Urm..then they are hiding something

 

Sri but a creditor suddenly offers £1500 discount... Urm...

[dx100uk]

Why can't you simply put one image per page in that PDF?

 

I can't read it can you?

[Hopeful15]

That's what I'm concerned about and especially as they have kept on refusing to discuss my account (alledged default charges). I'm not sure how I should reply to this ?? Any suggestions??

[dx100uk]

Not sure if the old rouge is around but my thoughts are to ask for a breakdown of the offer

[Hopeful15]

Sorry about the PDF I'm hopeless will try again

[theoldrouge]

Yes ask for full breakdown of their offer

 

You really need to act on the advice already given

Have you sent the SAR that narrative is going to be very interesting

 

Have you checked the bos , let's see the dn and agreement

There may well be something amiss here