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Equifinance Secured Loan


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Hi, I hope you can advise?

We took out a secured loan 3 years ago, and unfortunately fell behind with our payments and have always been trying to play catch up since.

 

Today I received a statement from the company and on it it states £8000 in charges.

I am shocked, is there anything we can do about these charges or claiming some of it back?

 

Thank you

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yes they are unlawful and reclaimable at their int rate

 

 

name names please

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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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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How much was the initial secured loan for and when did you take it out mizzbabyjess ?

 

Regards

 

Andy

We could do with some help from you.

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Hi, the initial loan was for 10,000

It was taken out in 2012.

The statement states:

Total Amount of Charges ( in relation to shortfall) £8,133.93

It also states that whilst the account remains in arrears, a management fee of £40.00 plus interest will be charged each month.

I have brought the arrears down to £1728

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Then its covered by the CCA1974 and is a regulated agreement.

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Depends...have you ever requested a copy of the agreement using section 77 of the CCA1974 ?

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Lets leave the claiming to one side for a moment...do you already have a copy of the agreement?

 

If not then as above I would advocate sending one...this puts them on notice that you are looking at the position and how you stand legally.

 

If they do not respond...that will put you on the higher ground...if they do respond we can look at the agreement and the terms and conditions of said agreement in conjunction with your DSAR (which you should also be sending) with view to a possible reclaim.

 

Are you still paying the monthly contractual amount....and how long left to run?

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

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Well if you do the section 77 request as advised we will have all the information to hand and then be in a position to look at options...as it is you have nothing so you cant formalise a plan to do anything.

 

Come back when they/if they respond...template is in the Debt Collection Library ...the fee is £1 all the instructions are included in the PDF.

 

Template for the DSAR is in the DATA Protection Library...fee is £10 all the instructions are included in the PDF

 

Regards

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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:thumb: when you start to get responses..post back here and we will formulate a plan

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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  • 1 year later...

hows this one going?

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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Hi, because of personal circumstances I have only just been able o start looking at everything again,

 

over the last year this went quite badly and was threatened with eviction,

I managed to lend the money to pay off some of the arrears and enter into a payment plan, but the charges are excessive, so I need to get on to this.

 

My only concern is they have a suspended possession order, could they turn nasty with me if I start asking questions?

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no they are not allowed to take retaliatory action

 

CCA and SAR are legal rights.

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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Share on other sites
  • 1 year later...

Hi,

I hope someone can give me a bit of advice.

 

I have a secured Loan with Equifinance the total which currently stands at £19k

I have had the loan since 2013 the original loan was for £11k

I have over the years fallen into difficulties, but have always managed to repay my payments.

 

However I was looking to refinance last year as I had financial problems,

I found someone who said they could complete the refinancing clearing my debts including Equifinance, 

 

to cut along story short I was completely duped and taken in and after paying out over £4000 to the company no refinancing came about,

to be perfectly honest money was taken from me under extreme circumstances and I foolishly believed this person.

 

because of the awful circumstances I found myself in,

Equifinance had an eviction order which was for last October 19’

my parents lent me a lump sum of £3800  and the eviction got cancelled, and I have just paid another lump sum of £3000. 


I have requested a redemption statement.

i was really shocked.

 

Equifinance have charged Accrued Interest of £11, 906

A total charge for credit £10,341

Fees & disbursements £7,382

 

I have paid back so far £22,524

can I claim anything back from Equifinance as the fees & interest seems high.

 

Thank you

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got all the statement from day 1?

if not SAR

 

yes you can claimback all the fixed sum penalty fees letter/arrears/debt collection/missed DD/late etc etc

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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Share on other sites

you will need the statements to workout if anything reclaimable caused additional interest.

if they did then we have spreadsheets to calculate that.

but regardless eitherway, you are entitled to the statutory [email protected] 8%

 

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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Share on other sites

pers i wouldnt use email

you have no papertrail should this need to be escalated to say the FOS or whomever.

 

 

 

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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Share on other sites
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