Loan Maker Broker/Advantage/ADV2/Paragon/MARS - Secured 2nd charge debt consolidation Loan May 2007 - still owe more than i borrowed!!

[dx100uk]

Well we see how they react first 

 

Dx

[dx100uk]

open

 

[morgan8080]

Hi iam half way through my CIS sheet , its right its just charges isn't it?

Do i need to work out too what i have paid in total over the years - not just charges

and what is the interest rate i need to use to calculate interest.

 

 

[dx100uk]

int rate is the avg they charged over all the years.

penalty charges and any other fixed sum fees 

 

[morgan8080]

Dont really understand everything, but am on it and ready finally. Not an excuse but diagnosed with ADHD earlier this year and finally on medication so it goes someway to explain why ive struggled over the years, i am thankful of your help.

Ive added nearly all my charges on the sheet but havent added interest rate yet , ill report back and see what you think.

Do i also need to add up how much i have paid towards the balance eg my loan was 35k and paid 112k back ( this isn't figures just example)

do i need to say ive paid such and such back , and paid X amount in charges too.

I think initial loan was 35K but with interest over the term i pay back £143,000 . Ill add credit agreement again. It says 300 payments (25 years). Loan taken out in 2007.

16 years 1 month of payments 

total balance £62,224

total sum of payment shortfall £35,782.36

balance is now £20,132.07 overdue payments

interest on overdue payments £15,170.29

 

also - says on paperwork i get each month suspended possession order granted

i had this back in 2018 , will it still be applicable ? can i ask to have it removed or just leave for now? also it was granted to Paragon and it was sold straight after 

2007-06-14 Advantage Signed Agreement.pdf

[dx100uk]

they would not now be able to enforce the SPO? they'd have to get a new one as its outside 12mts now?

just get the CISHEET done and enter their avg int rate or the highest one you can see quoted during all the years, in call D15.

 

[morgan8080]

I thought SPO lasted 6 years?

ill get the CIS sheet for the charges done but i am asking do i need to add up all my payments to the different companies too?

[dx100uk]

poss i might be thinking about an actual eviction order , 

i dont think knowing what you paid makes any odds to a reclaim, though its an interesting exercise if you wish, but somewhat disheartening..but that how these mortgage prisoner accounts were designed to work.

[AndyOrch]

2 hours ago, morgan8080 said:

I thought SPO lasted 6 years?

 

A Possession Order is valid for  6 years...a Suspended Possession Order is valid forever (until the arrears are clear) providing you maintain the agreed payments.

Defaulting then lets the Possession Order proceed.

 

 

.

[morgan8080]

1 hour ago, dx100uk said:

poss i might be thinking about an actual eviction order , 

i dont think knowing what you paid makes any odds to a reclaim, though its an interesting exercise if you wish, but somewhat disheartening..but that how these mortgage prisoner accounts were designed to work.

didnt know if it was good to be able to say - have paid this much , have had charges of this much.. etc 

[morgan8080]

nearly finished my CIS sheet its been a long slog and lots to go through. I have a statement from the newest owners but charges are vague - only mentions charges on the monthly statement 

on the reference abbreviations at bottom it says FEE - Total outstanding fees

so is the monthly figure a separate charge for each month? sounds silly but just checking

 

mars 2019-2020 statement (1).pdf

[dx100uk]

enter every one of those fees on the date levied.

if it was an accumulative listing each month would go up.

that column is the fixed unlawful fees for that month.

would be nice if you could workout what they are for.?

its worthy to note i suspect their std FEE sum is £40, as all those can be divided by 40. so some months they charged you 6 separate £40 fees...what hell for??

[morgan8080]

I am just adding all fees to the sheet and hoping to have finished soon so can hit them with it all.

Ill need some help soon to word a letter to them and work out how to handle it all.

I am so grateful to you for your patience and help so far. 

[dx100uk]

in the SAR ...have you a Comms log whereby they have entered comments about the account?

dx

 

[morgan8080]

No i havent seen one for any of the previous owners of the account / debt

[honeybee13]

Thread reopened.

HB

[morgan8080]

HI

still on with the sheet , all very complicated and have had some time off it.

With regard to a suspended possession order ( they expire after 6 years and they must get permission and file to renew it ) Well , does a SPO carry over when the company sells the debt on? i cant find any information anywhere.

Also paid my mortgage payment on the 31st dec at 11:56 but they sent a letter last week saying i was in breach of the order and hadnt made a payment in december.

I sent them proof and time of payment and asked them to update their records accordingly was this right?

[dx100uk]

let 'em get on with it just spiteful children really 

an SPO carries over AFAIK.

[morgan8080]

On the CI sheet,

ive added on my list of fee "interest on fees" - which was a monthly fee taken from beginning

( i assumed it was interest of their fees .. admin fees i was charged monthly etc)

it then changes after a few years to wording "Interest on arrears "  i assume i am not to add this charge on here?

sorry it looks like the interest on arrears is an extra fee - is this to be included? i assumed not

[dx100uk]

the int on fees is what the CI sheet calculates FOR YOU.

you simply input EVERY fixed sum fee on its own line.

Date, reason, £sum.

then put their AVG int rate in cell D15.

dx

 

[morgan8080]

yes sorry - i am finishing this and i wondered if " Interest on Arrears" is an unlawful cost to me that i need to add to the sheet.

I am being charged interest , interest on arrears , interest on fees and an admin fee too

ive added all but the interest on arrears to the sheet but i thought maybe this should go on , unless they are allowed to charge interest on my arrears 

[dx100uk]

look at the running total on their statements.

you shouldn't see the running total figure increase following an 'int on xxxx' entry.

its just listed for ref as fees SHOULD be a separate account from the main loan. 

[morgan8080]

ILL add photo to show what i mean and how its laid out

 

2016-18 statement.pdf

[dx100uk]

its a ledger statement.

which lists everything that happened.

there is a sep figure for interest for that month for each sub account within the loan BALANCE:ARREARS:FEES

so you are not being charged extra int on anything,

what your outstanding balance cost you in int = interest

what the FEES cost you in int  = Interest on FEES

what your arrears cost you = interest on ARREARS

 

you do NOT enter ANYTHING that says interest on the CI sheet charges list section

IT DOES IT FOR YOU.

just input their AVG int rate for the date range of all the fixed sum fees in cell D15.

i notice i cant see the Fixed £sum FEES themselves listed? though i see a home visit fee - put that in.

 

[morgan8080]

ok , ill take the interest on fees off the sheet. Ive had home visit fees , unpaid item fees , admin fees so added these all in

 

as well as this sheet , do i add all my payments made , and all the interest payments? ( is this needed)

so i can say right , ive paid back £x amount , ive paid £X in interest , and ive paid £X in unlawful fees