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Tembo's friend v. Hurstanger


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I haven't been able to find anything on here about Hurstanger Limited. They are a loan company based in Coventry.

 

My friend took out a secured loan with them (through a broker) in October 2003. It was a smallish loan (£3500) and for some unknown reason was taken over 25 years. There was a brokers fee of £450 added to the loan. Unfortunately he hasn't kept up the payments very well and has fallen into arrears.

 

We are planning to claim back charges from the account. I don't believe I can claim anything back for solicitors costs, court fees etc. (correct me someone if I am wrong) but there are a large number of arrears charges at £30 a time. I have prepared a prelim letter based on the standard template requesting repayment of £1170 plus contractual interest of £353.57.

 

Before I send this off I wanted to find out if anyone here had any extra advice on the following:

  • This 25 year loan was made to someone who was 59 years old at the time. He will be 84 when it ends. Is this normal, or legal?
  • The redemption figure is astronomical, even taking into account the arrears and interest. I have calculated that even if all payments were up to date, they would be asking for over £4700 to redeem the loan at this time, a figure substantially more than he borrowed.

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  • 4 weeks later...

We have sent a letter reclaiming arrears charges and contractual interest. Waiting to see what the response is.

 

Leaving the redemption cost for the time being.

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:(

 

Letter was posted on Monday, today (Wednesday) my friend has received a letter basically telling him to sod off.

 

I haven't seen it myself yet, but what they are saying is that the laws quoted in the letter only apply to banks and credit card companies, and that their charges are agreed as part of the loan conditions. Not really sure what to do next.

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  • 3 weeks later...

Received a reply from Hurstanger, not what I hoped for. I would have attached the letter but it seems that the forum does not allow me to post attachments.

 

Are they correct to say that the OFT report does not apply to mortgage accounts?

 

Is there any point in pursuing this claim with the test case in progress?

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The OFT report only applies to credit cards. The test case only applies to bank current accounts.

 

I think you are right that you cannot reclaim solicitors' costs, court fees, etc but you can certainly claim back the £30 arrears charges - they are (clearly) contract penalties and therefore unlawful.

 

On the last two points, unfortunately, yes it is legal (immoral yes, illegal no) and, again unfortunately, redemption figures like this are not unusual.

 

Personally, I would go for everything you can from these people. i would put something stronger but my friends the mods would 'edit' it.

Steven

 

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  • 2 years later...

I know this was along time ago but how did you get on? Reason for asking I was well and truly shafted by these Hurstanger clowns in 2006. It always upset me how much money they robbed over the years of the loan. If there was any chance of getting any back it would make my day!!!! It was only a small loan in the first place but became a nightmare when I had a bit of a financial struggle due to relationship breakdown!

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Just came across that judgement while doing a google search to find Hurstanger. There was a broker involved when we took out loan but would have to find all old info to check this out. My interest to be fair is whether I can reclaim any of the charges levied during term of loan:mad:. I will dig out all the relevant info asap. If there are grounds to do them for anything else then that can only be termed a bonus:D

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