Has anyone been "sold" a loan by the Coop to cover unlawful charges (overdraft) and then been successful in getting their money back?

[phatram]

[phatram]

 

[phatram]

This loan was taken out after numerous phone calls from the Coop to myself stating how good it would be to take the loan out as it would enable us to pay off our OD and consolidate a couple of other things.

I only "applied" for and took outthis loan after the salesman persuaded me it would be the best thing to do.

I still have no problem paying back what I owe but still feel it was mis-sold and the interest connected to the bank charges part needs to be recalculated.

Any advice please ?

[phatram]

Bump

[phatram]

Need some help here folks. If I'm correct it makes a difference of about 3k in repayments. I would only have to make about 11 more repayments to clear this loan as opposed to the number they say.

[Ibsys]

Serve on the Co-op a "section 77/78" from the Consumer Credit Act 1974. If they don't give you the information you require within 30 days, they commit an offence and cannot enforce the loan. Section 77/78 below;

 

77.—(1) The creditor under a regulated agreement for fixed sum credit, within the prescribed period after receiving a request in writing to that effect from the debtor and payment of a fee of 15 new pence, shall give the debtor a copy of the executed agreement (if any) and of any other document referred to in it, together with a statement signed by or on behalf of the creditor showing, according to the information to which it is practicable for him to refer,—

(a) The total sum paid under the agreement by the debtor;

(b) The total sum which has become payable under the agreement by the debtor but remains unpaid, and the various amounts comprised in that total sum, with the date when each became due: and

© The total sum which is to became payable under the agreement by the debtor, and the various amounts comprised in that total sum, with the date, or mode of determining the date, when each becomes due.

(2) If the creditor possesses insufficient information to enable him to ascertain the amounts and dates mentioned in subsection (l)©, he shall be taken to comply with that paragraph if his statement under subsection (1) gives the basis on which, under the regulated agreement, they would fall to be ascertained.

(4) If the creditor under an agreement fails to comply with subsection (1)—

(a) He is not entitled, while the default continues, to enforce the agreement; and

(b) If the default continues for one month he commits an offence.

 

Also see the judgement by Lord Justice Clark;

 

"Failure by a lender to observe strictly, the intricate requirements of the Act can lead to a loan being completely unenforceable with no right of restitution or other form of relief"

 

- Lord Justice Clarke, 2002

I did this with Lloyds and they have committed an offence and the Trading Standards said the loan could become unenforceable so I reported it to the OFT

[Ibsys]

Dont forget, the Ombudsman Service is paid for by the banks and it costs the bank £495 for a simple case (as the adjudicator told me) but this is far cheaper than going to court and the banks like the Ombudsman because he mostly finds in the banks favor-its a fix!

[phatram]

The FOS agree with the Coop as shown in the letter in post 77

[phatram]

Need some help here folks. If I'm correct it makes a difference of about 3k in repayments. I would only have to make about 11 more repayments to clear this loan as opposed to the number they say.

Bump

[phatram]

Serve on the Co-op a "section 77/78" from the Consumer Credit Act 1974. If they don't give you the information you require within 30 days, they commit an offence and cannot enforce the loan. Section 77/78 below;

 

77.—(1) The creditor under a regulated agreement for fixed sum credit, within the prescribed period after receiving a request in writing to that effect from the debtor and payment of a fee of 15 new pence, shall give the debtor a copy of the executed agreement (if any) and of any other document referred to in it, together with a statement signed by or on behalf of the creditor showing, according to the information to which it is practicable for him to refer,—

 

(a) The total sum paid under the agreement by the debtor;

(b) The total sum which has become payable under the agreement by the debtor but remains unpaid, and the various amounts comprised in that total sum, with the date when each became due: and

© The total sum which is to became payable under the agreement by the debtor, and the various amounts comprised in that total sum, with the date, or mode of determining the date, when each becomes due.

 

(2) If the creditor possesses insufficient information to enable him to ascertain the amounts and dates mentioned in subsection (l)©, he shall be taken to comply with that paragraph if his statement under subsection (1) gives the basis on which, under the regulated agreement, they would fall to be ascertained.

 

(4) If the creditor under an agreement fails to comply with subsection (1)—

(a) He is not entitled, while the default continues, to enforce the agreement; and

(b) If the default continues for one month he commits an offence.

 

Also see the judgement by Lord Justice Clark;

 

"Failure by a lender to observe strictly, the intricate requirements of the Act can lead to a loan being completely unenforceable with no right of restitution or other form of relief"

 

- Lord Justice Clarke, 2002

 

I did this with Lloyds and they have committed an offence and the Trading Standards said the loan could become unenforceable so I reported it to the OFT

How would I word this letter?

[phatram]

Sent to FOS today,

Dear Ms xxxxxx

I do intend to pursue this complaint further as I believe one important factor is being ignored totally. This being the fact that the overdraft was made up completely of unlawful charges. If the charges had not been present, the loan would have been approximately £2000 less than the £xxxxx borrowed. I have forwarded it to a Solicitor to act on my behalf, and am awaiting instruction. I will be back in touch with you as soon as possible.

Yours sincerely,

[phatram]

Honest opinions wanted please.

Am I flogging a dead horse with this one?

[Ibsys]

There are firms who get back charges on a no win-no fee basis and their commission is 20% of the amount they get back. Would this be cheaper than a solicitor. I know solicitors charge, win or lose and they are around £250 per hour

[phatram]

Today,

[Ibsys]

Standard sort of letter. I had the same type of letter from the Ombudsmand. They are not on the bank customer's side but I feel the service is a device to appease the poeple who don't know better. What I did with Lloyds was to block the account untill the account was put right. That way then puts the bank "in a box" and every correspondence they send I rebuff with the discrepancies. It perhaps is not right but it allows me to carry on with the business.

[phatram]

Need some help here folks. If I'm correct it makes a difference of about 3k in repayments. I would only have to make about 11 more repayments to clear this loan as opposed to the number they say.

 

bump

[phatram]

Anyone pls?

[phatram]

bump

[steven4064]

Phatram

 

Your original claim was for 3910.50 plus CCI of 5429.76.

 

1. Does the CCI represent what you believe the bank charged you in interest on the charges?

 

2. The loan for 4000 presumably was to cover what was left of the 3910.50 plus interest that you had not paid off previously, so it was made up in its entirety of charges plus interest-on-charges - yes?

 

3. The loan agreement will have a total cost of credit on it - this is the interest the bank have charged you for the priviledge of borrowing money to pay off charges plus interest-on-charges, and that is what you could reclaim.

 

4. If the CCI represents restitution (as in Sempra) then you have effectively already claimed back the interest the bank charged you for this priviledge.

[phatram]

Thanks Steven, I will get back to you. Work in a few mins.

[phatram]

Phatram

 

Your original claim was for 3910.50 plus CCI of 5429.76.

This is our second claim , which is now stayed.They've already paid out the first claim.

 

1. Does the CCI represent what you believe the bank charged you in interest on the charges?

We think so

 

2. The loan for 4000 presumably was to cover what was left of the 3910.50 plus interest that you had not paid off previously, so it was made up in its entirety of charges plus interest-on-charges - yes?

This loan(£4000) was to consolidate previous OD and other debt. 2nd loan was to consolidate loan 1 and new OD made up of charges and other CC debt.

 

3. The loan agreement will have a total cost of credit on it - this is the interest the bank have charged you for the priviledge of borrowing money to pay off charges plus interest-on-charges, and that is what you could reclaim.

 

 

 

4. If the CCI represents restitution (as in Sempra) then you have effectively already claimed back the interest the bank charged you for this priviledge. This one just confuses me!

 

They contacted us with the "offer of help"," take the loans and pay off your debts"! They really were just conning us and they are the ethical bank eh?

Thanks for your help.

[steven4064]

Forget point 4. I think point 3 is the answer to your question about interest

[phatram]

Forget point 4. I think point 3 is the answer to your question about interest

We have claimed back charges and charged them interest on that, but not claimed the interest part of the loan which was partly made up of charges. We have paid 2 lots of interest(CHARGES & LOAN), but only claimed back 1(CHARGES)?

[phatram]

Phatram

 

Your original claim was for 3910.50 plus CCI of 5429.76.

 

1. Does the CCI represent what you believe the bank charged you in interest on the charges?

 

2. The loan for 4000 presumably was to cover what was left of the 3910.50 plus interest that you had not paid off previously, so it was made up in its entirety of charges plus interest-on-charges - yes?

 

3. The loan agreement will have a total cost of credit on it - this is the interest the bank have charged you for the priviledge of borrowing money to pay off charges plus interest-on-charges, and that is what you could reclaim.

 

4. If the CCI represents restitution (as in Sempra) then you have effectively already claimed back the interest the bank charged you for this priviledge.

 

 

Are you saying the total amount for credit is incorrect 'cos of the charges/interest part?

[steven4064]

I don't think I'm saying that. I was just pointing out how you could estimate interest paid on the PPI