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    • You say that you had some communication with Blue Motor Finance. Did you do this on the telephone or in writing? You should read our customer services guide. It's extremely important. You should try to do everything in writing that way you do do things on the telephone then you should make sure that you make detailed notes of your call and then confirm them in writing. So for instance if you are discussion with Blue Motor Finance was on the phone, you should make a note of everything that was said – including the fact that they said that the matter would have to be investigated because the dealer was prepared to carry out repair – and you should send this to be motor Finance with a note confirming that this was the conversation they had with you. It is very important to develop a paper trail. Otherwise everything becomes deniable. The situation is that if a defect occurs within the first 30 days of ownership of the vehicle then you are entitled to reject the vehicle under the consumer rights act. You have to assert this right by contacting the dealer – and in this case Blue Motor Finance – in writing and point out that you are asserting a right under the consumer rights act 2015 and you are rejecting the vehicle. Tell them that you want arrangements to be made to give you a refund of all costs including any costs or interest which has been levied by the finance company. Don't forget that in this case because you have purchased the vehicle through hire purchase, it is Blue Motor Finance which is the responsible party. That is going to be helpful because if you had had to deal only with Chobham, you would have had very serious difficulties. In addition to writing to Blue Motor Finance to assert your rights, I suggest that you send them a copy of the article from the daily mail which has been linked above and you can draw their attention in your letter to the fact that this is the company that they are dealing with. You can send these messages to Blue Motor Finance by email. You should do this urgently. This weekend. You should also tell Blue Motor Finance that you have now taken advice and that you now understand that the initial statement that the matter needed investigation and that the dealer was going to carry out repair, is unacceptable and actually unlawful and contrary to the short-term right to reject contained in the consumer rights act. Tell Blue Motor Finance that if they will not cooperate immediately in returning all of your money that you will consider legal action against them for breach of contract and also for treating you unfairly country to their statutory duty under regulations developed by the Financial Conduct Authority. You should stop driving the car immediately. How far away from you is the dealer? Frankly you want to get rid of the car as quickly as possible. If you had not had finance in place then we would have cautioned you about this because you could end up losing possession of the car and also not having your refund. However, as you are dealing with a regulated finance company, and of course as the money has been loaned to you and you have not paid a great deal of it back it, your best interests would be in getting rid of the car so that it is no longer your responsibility to maintain, to insure or to generally worry about. If you're confident then you should drive the car carefully to the dealer and leave it with them on their forecourt. Do not leave in the streets. You should photograph the car inside and out so that there is no argument later on as to the condition of the car when you returned it. If you are worried about trying the car then you should tell Blue Motor Finance that you want them to make immediate arrangements for the removal of the vehicle. I was given seven days to organise this at the end of which you will charge in storage at £10 per day. This is assuming that you are keeping on your own property and not on the road. As soon as you have got rid of the car, you should take immediate steps to inform the authorities that you are not the owner of the vehicle. Make sure that when you return the car it is returned with all its paperwork but you should use whatever portion of the V5 is necessary to transfer ownership away from you. Take copies of all the documentation before you hand them back. If you fail to do this and if the dealer does not change the ownership – then you are at risk of some other person driving it in your name and incurring penalties for road traffic offences or parking offences. That will then give you more complicated problems to deal with as you have to try and convince people that you are not the owner and not the driver of the car at the time. You should calculate exactly what this whole thing has cost you. This means all of your out-of-pocket expenses including the cost of going to see the car, going to fetch it, driving it back, any expense of insuring it or anything else because later on we will help you claim all of this back. Of course you will claim all expenses and fees et cetera associated with the finance agreement. As a matter of interest, how recent is the MOT on this vehicle? Who MOT'd it?  
    • Brexit = United Ireland within 20 years.  Arguable possibility.    
    • Please can you tell us about the car you bought - make/model/mileage/price.   What are the surnames of Nathan and of Alex?   What address are Chobham Central Motors using?   As you will see from this website and from the Daily Mail article -  Downfall of car dealer who sold death traps: Chancer forged court papers and refused to pay refunds | Daily Mail Online WWW.DAILYMAIL.CO.UK Ahmed Alwaheeb's firms sold cars riddled with faults - and which sometimes had government recall notices that required manufacturers to fix safety issues - but refused to refund customers.     You have bought your car from a bunch of dealers who don't seem to be very scrupulous about the way that they operate.  However, you have saved yourself by using a finance company.  I think that you may be the first people we have come across who have not paid cash to this company.   Citizens Advice are right that if your arrangement is a hire purchase arrangement then your action will be against Blue Motor Finance -  Home Page - Blue Motor Finance BLUE.CO.UK     Chobham used to be registered with the Motoring Ombudsman but they withdrew after some decisions against them.   The so called Motorcomplaints service which is apparently run by someone called Alex, is in fact part of the Chobham/EMC etc bunch and seems to have been setup to make customers think that their complaint has been reviewed by an independent arbiter - when in fact it hasn't.   The motor complaints service to which you been referred by Chobham and which is apparently run by Alex should not be confused with the Motor Ombudsman scheme which is a legitimate organisation although frankly it's probably not very useful anyway.   All of this has been reported to Citizen's Advice and Trading Standards many times and nothing has ever been done about them.  Even the Daily Mail article failed to prompt any authorities to take any action   Blue Motor Finance are wrong to tell you that they have to investigate first.  The dealer has no right to insist upon a repair as you have reacted and asserted your rights within 30 days of purchase.   You will have to get tough with Blue Motor and we will help you.  
    • Singapore sees its traditional rag and bone collectors as key to its sustainability plans. View the full article
    • its an if not they def will.   then snotty letter time
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New Lloyds overdraft charges


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Starting from 2nd Nov, Lloyds are changing their overdraft fees and rates.

There will be no charge for unauthorised overdrafts, as I understand it,

but their rates will be charged at 1p for every £7 you are overdrawn, everyday.

 

I will be switching banks, so it won't bother me.

However, today I worked out the EAR that the new rates would be equivalent to.

 

If x is your current overdraft,

after 1 day you will be charged (x/7)×0.01=x/700.

 

 

So your overdrawn balance will be x+x/700 after one day, assuming you spend nothing else.

 

 

Factorize the x out, and this is the same as x(1+1/700).

 

 

After 365 days that will be x(1+1/700)^365 = 1.68x.

Therefore, the effective percentage increase over the year is 100*(1.68x-x)/x=100*0.68=68%!!!!!!

Have I made a mistake?

 

That is an obscene rate of interest!!!

They say in the literature they sent me that this is to make it easier to understand the charges and control your overdraft, which I find extremely disingenuous.

 

 

I would argue that it is nothing more than a greedy, profiteering, cynical ploy to profit from people, many of whom (including me) may already be struggling to keep their overdraft under control, and may not realize exactly how much more it will cost them.

 

Moreover,

I have not seen anywhere in their literature a statement of the EAR or APR.

I even phoned them this afternoon and asked what the EAR of the new charges is, and she could not give a figure.

 

 

They may be calculating their rates daily, but it does not mean the EAR cannot be calculated, as I have done above.

 

 

I'm not sure about this, so maybe someone who is well versed in credit law can clarify,

but I think that may even be illegal from the quick research I did. I

 

 

think it is a requirement that lenders provide a percentage EAR or APR rate so that consumers can make meaningful comparisons between lenders.

Is this correct? If so, can you give a reference to the appropriate piece of legislation?

 

Apart from my specific questions about the legality of this, I just wanted to warn people.

I'm surprised it hasn't been mentioned yet.

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  • 4 weeks later...

I'm trapped by this at the minute too :(

 

I have quite a sizeable overdraft with Lloyds and every time i think i'll try and reduce it, something else comes up and the money i was going to use has to be used on something else.

These new overdraft fees really do me over.

 

Apparently if you're in a large overdraft the advice was to consider a personal loan instead. All well and good if they would offer one..

 

I looked at other banks but i think unfortunately i wouldn't get accepted with the overdraft elsewhere - so my options at the minute are pay a ridiculous overdraft fee, or get a high interest loan :/

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Is that the charges for an authorized overdraft or just unauthorized

 

So you have a £700 overdraft, The charges would be £1 a day, £365 a year

 

Sounds pretty over the top to me

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This was for authorised. If I recall the letter correctly they have removed things like unpaid item fees,unauthorised overdraft fees or the general monthly fee to try and make this horrific idea look better...

 

If you go into unauthorised you get charged at your authorised limit. E.g if your auth is 700 and you are 800 you still only pay the 700 fees.

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  • 1 month later...

I have a large planned overdraft with Lloyds and now instead of it costing me £60-£80 a month, its going to cost me £190 a month! There's no way i can afford this and they won't give me a loan! How can this be allowed? And right before xmas too! Ive no idea what to do!!!

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Amy_Elizabeth, i was in the exact same boat and had a very large unplanned overdraft. I also had a high (ish) APR loan with someone. Luckily LBG suddenly changed their minds on offering me a loan and now i have cleared my overdraft and the higher APR loan and pay overall about £80-100 per month less due to fees, interest etc.

 

It's worth keeping an eye on. On the LBG banking app if you go to the loans section it will usually say there what they think they can offer you - for ages mine was we wont offer anything, then out of the blue it changed and they could.

 

I know that doesnt help much but worth just keeping an eye on it

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I already have 2 loans with them that i've been paying for 2 years. Ive never missed a payment but they point blank refuse to help out in any way. All i can think of doing is opening another basic account with someone, having my money paid into there and asking lloyds to freeze the account and let me pay them a set amount each month for the loans and OD.

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  • 3 months later...

I have a £3k planned overdaft with Lloyds and just worked out their charges equate to over 52%pa uncompounded! does anyone have an idea what Lloyds attitude is to changing this to a personal loan - I too don't think I will get an overdarft elsewhere just now!

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  • 4 weeks later...

I have what was an agreed Lloyds Current Account overdraft of £7000 and yes its on the high side and has remained that way for many years following a redundancy.

 

The new charges mean that instead of me paying £90 per month as I was up until Summer 2017, I now pay over £280 per month. That an increase of £2300 in charges per year totalling over £3400 per annum.

 

Does anyone have any information on whether my situation is actually lawful or not and whether it is worth taking to the ombudsman? I would guess a bank switch is unlikely to be accepted.

 

Feeling particularly aggrieved as I have only ever banked with Lloyds and have done for 40+ years.

I'd appreciate anyone's help or comment.

Thank you.

Edited by dx100uk
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get out of there

open a parachute account and get your income paid into that.

its YOUR MONEY take control

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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