Jump to content


  • Tweets

  • Posts

    • This is to put a closure on this thread, and I hope that it helps anyone unfortunate enough to have had any dealings with Gregory Pennington. As you can see from my postings I have been trying to reclaim PPI from these guys, but to no avail. My problem was in identifying the actual underwriters, I tried chasing Direct Group and a couple of others connected with this particular insurance group without any success. The answer was right in front of me.   Luckily I had managed to find the original monthly statements from GP, or at least most of them. And there was the name of Sterling Insurance. Once again I sent off my spreadsheet plus my claim and in reply received a letter from COVEA INSURANCE. It was the standard " we're sorry you're not happy etc " reply and promising an investigation. That was on 14 Feb', on the 17 April they sent me a cheque which was for about 60% of my claim and a letter explaining their decision part of which states...…...………. " Whilst COVEA INSURANCE plc ( formerly STERLING INSURANCE GROUP LIMITED ) was the underwriter of your insurance policy, we had no involvement in the selling of it. The finance was arranged by Gregory Pennington who also arranged the sale of the policy. We have been attempting to address your complaint with Think Money and obtain the point of sale documents to investigate your issues further, however, we have struggled to get the information, and consequently we have decided to accept your complaint, and on an ex-gratia basis refund the premiums with interest. "   So that's it my friends, Another door closed. I hope that this proves helpful...……….If you've had dealings with GP the chances are that it was STIRLING INSURANCE who underwrote the policy. Here is the address that I wrote to initially.   Stirling Insurance Group 50 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JX.
    • N245 time did you not do that? or cant afford the fee?  
    • as you have appealed you have lost certain protections in law but that doesnt change the law of contract.   if you live close to the site or visit there can you please take some pictures of the car park entrance, any signs there and any signs inside the car park plus more importantly pictures of the offending payment machine.   You can pretend to enter something to show what you can and cant see to highlight the problem and use this stick of their to beat them with.   They dont have a hope in hell in enforcing this but being a buch of litigious and greedy cowboys they will, unjfortunately not see reason.   what did their rejecton letter say? No IPC member ever accepts an appeal and nor do the IAS, they are not honest brokers so dont be put off by this.   Please redact any personal information and that will include car reg and any reference numbers, bar codes QR codes etc   If you still have the ticket even better as it show that you paid and then any other demand they make as a condition of parking is of no real consequence
    • Have had phone contact from the court. Judge has sent a court date of mid August, as he wants to see how to proceed in light of the "mystery" discontinuation form. As far as I'm aware, he requires all to attend on the date. I do need to double check the attendance requirements though, as I'm not at home to see the actual letter notification.
  • Our picks

    • Future Comms issues. Read more at https://www.consumeractiongroup.co.uk/topic/416504-future-comms-issues/
      • 3 replies
    • This is a bit of a lengthy one but I’ll summerise best as possible.
       
      THIS IS HOW THE PHONECALL WENT 
       
      I was contacted by future comms by phone, they stated that they could beat any phone contract I have , (I am a limited company but just myself that needs a business phone and I am the only worker) 
      I told future comms my deal, £110 per month with a phone and a virtual landline, they confirmed that they could beat that, £90 per month with a phone , virtual landline  they also confirmed they would pay Vodafone (previous provider) the termination fee. As I am in business, naturally I was open to making a deal. So we proceeded. 
      Future comms then revealed that the contract would be with PLAN.COM and the airtime would be provided by 02, I instantly told them that this would break the deal as I have poor 02 signal in the house where I live as my partner is on 02 and constantly complaining about bad signal
      the salesman assured me he would send a signal booster box out with the phone so I would have perfect signal.
      so far so good.....
      i then explained this is the only mobile phone I use for business and pleasure, so therefore I didn’t want any disconnection time in the slightest between the switchover from Vodafone to 02
      the salesman then confirmed that the existing phone would only be disconnected once the new phone was switched on.
      so far so good....
      • 14 replies
    • A shocking story of domestic and economic abuse compounded by @BarclaysUKHelp ‏ bank complicity – coming soon @A_Gentle_Woman. Read more at https://www.consumeractiongroup.co.uk/topic/415737-a-shocking-story-of-domestic-and-economic-abuse-compounded-by-barclaysukhelp-%E2%80%8F-bank-complicity-%E2%80%93-coming-soon-a_gentle_woman/
      • 0 replies
    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
      It is now completely clear that any arrears charges which exceed actual administrative costs are unfair and therefore unlawful.
      Furthemore, irresponsible lending practices are also unfair and unlawful.
      Additionally there are other unfair practices including unarranged counsellor visits - even if they have been attempted.
      You are entitled to refuse counsellor visits and not incur any charges.
      Any charges for counsellor visits must not seek to make profits. The cost of the visits must be passed on to you at cost price.
      We are hearing stories of people being charged for counsellor visits for which there is no evidence that they were even attempted.
      It is clear that some mortgage lenders are trying to cheat you out of your money.
      You should ascertain how much has been taken from you and claim it back. The chances of winning are better than 90%. It is highly likely that the lender will attempt to avoid court action and offer you back your money.
      However, you should ensure that you receive a proper rate of interest and this means that you should be seeking at least restitutionary damages - which would be much higher than the statutory 8%.
      Furthermore, you should assess whether the paying of demands for unlawful excessive charges has also out you further into arrears and if this has caused you further penalties in terms of extra interest or any other prejudice. This should be claimed as well.
      If excessive unlawful charges have resulted in your credit file being affected, then you should take this into account also when working out exactly what you want by way of remedy from the lender.
      You should consult others on these forums when considering any offer.
      You must not make any complaint through the Ombudsman. your time will be wasted, you will wait up to 2 yrs and there will be a minimal 8% award of interest and no account will be taken of any other damage you have suffered.
      You must make your complaint through the County Court for a rapid and effective remedy.

      http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/120.shtml
      http://www.fsa.gov.uk/pubs/final/redstone.pdf
      http://www.fsa.gov.uk/pubs/final/db_uk.pdf
       
      http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/db_mortgages.shtml
      Do you have a mortage arears claim to make? Then post your story on the forum here
        • Like
      • 0 replies
wiosna30

TMAdvance loan settlement - are they right - Need help

Recommended Posts

Hello,

I had a Loan with them and after 18 Months paying them 4,230.00 ( borrowing £3.000) to close my account still I had to pay £3,111.00.

They won’t tell you that they 'front load' the interest, meaning you pay all the interest only first

I borrowed 3k 18 months ago,

paid them 4.3k already and still owe them 3.1k?

Essentially this means they are taking the interest for the final 18 months when in reality I want to settle it before then,

plus they charge you interest for a period of time in the future that has not even happened yet!

I attached my signed contract and I can’t see anywhere that I will pay first interest only.

Is this right?

Can they do this not stating anywhere on the Contract?

Can someone read this please and let me know if I am wrong.

I want to complain asking for some refunds,

I paid my loan earlier (just recently) and still was to repay more than I took.

I asked as well for breakdown on the end asking how my instalments have been calculated and final Settlement and Statements but I did not received any details!!!

Only this, please see below:

“We did receive the payment and your account is now closed.

I have attached a copy of your Transaction History.

Below is an explanation of how our settlement figures are calculated.

I have also attached a copy of your signed loan agreement showing the terms of the loan.

We charge the full amount of your interest at the beginning of your loan agreement.

This means that we do not charge interest on a daily or monthly basis.

You owe the total amount payable on day 1 and you are obliged to make payments monthly in line with your agreement.

If, however, you decide to settle your loan early (in full or partially) we are obliged to give you a rebate of some of the interest under UK law.

The consumer Credit act gives a complicated calculation of the minimum rebate of interest we need to apply.

The formula to calculate the rebate can be found at the following link…

http://www.legislation.gov.uk/uksi/2004/1483/regulation/4/made

This rebate is deducted from your current balance to calculate the settlement figure.

The rebate changes daily and you receive less rebate the further you are into your loan term.

If you have any further questions please let me know. “

Can they do this?

It’s any point send Complains to FOS?

Thank you

 

 

scan_2019-03-02-13-26-30.pdf

scan_2019-03-02-13-21-44.pdf

Share this post


Link to post
Share on other sites

The amount owed for the full 48 months is £11,280, you are being charged £7,341 so you have not been charged the full amount of interest due over that period. As you only took the loan out 18 months ago, there were still 30 months left and not 18.

Paragraph 2.2 of the Terms and Conditions also states:

"Unless otherwise provided in this Loan Agreement, all payments will be applied to default charges, interest, then capital."

So any payments which you make offset default charges and interest first before capital. Although as mentioned, the consumer credit act means you cannot be charged the full amount of interest if you settle the loan earlier.

 

Share this post


Link to post
Share on other sites

No this how loans work . I shall attempt to explain.

There will be a repayment sum calculated  to repay principle and interest over a defined period, and at a constant rate.

The interest on the loan is calculated monthly on the reducing balance, so initially this will take up the major part of the repayment and in some cases only pennies are left to off the principle.

This accounts for the interest to appear"front loaded "as you say.

However it is equitable.  It is at the beginning of the term they are lending the most money.

As the loan progresses the principle will reduce ,and therefore so will the interest which is calculated on it.

Leaving more to come off the loan balance.

This is why if you cancel nearer to the onset of the loan, the interest will be greater.

The settlement calculator available on line calculates the sum remaining using the algorithm(accrual) shown in the regs.


DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

Share this post


Link to post
Share on other sites

I've sorted post 1 for you and updated the title too for clarity

 

dx

 


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

Share this post


Link to post
Share on other sites

I find this to be quite accurate

 

http://www.financecalcs.co.uk/Calcs/Settlement.php

 

If you give me your interest rate or preferably the APR and the number of months the loan was over, I will calculate it for you

 

Ahh Just got your agreement to open.

Yes £3116.91 owed I am afraid.

 

149%APR Bloody hell

 

I wouldn't have thought this was not enforceable, I can have a look in the morning, if you like, or I am sure there are others on here.

 


DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

Share this post


Link to post
Share on other sites

as this is a version of a high int short term loan

I've moved the thread to the PDL forum.

 

dx

 


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

Share this post


Link to post
Share on other sites
Please fill in your quit date here

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...