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    • Dear xxxxx   complaint about Logbook Money Limited   The complaint Xxxxxx took out a logbook loan with Logbook Money. Xxxx told us Logbook Money didn’t carry out any affordability checks prior to the loan. Xxx said they have missed information on requesting evidence i.e. payslips and they have conflicting information about a utility bill xxxx provided them.   Xxxxxx told us xxxxx had several large payday loans which all had defaulted including a large guarantor loan to amigo, and Logbook Money should have seen this when carrying out a soft credit checks as told. Xxxxxxxx also told us Logbook Money have applied £884 in charges to an initial loan of £1000.     Details of the agreements (Logbook Loans)   Loan number Start date Capital amount Total repayable Weekly repayment Duration 31 August 2019 £1,000 £2,800.20 £35.90 18months   My understanding is the loan isn’t settled yet. Findings Our approach to considering complaints about unaffordable and irresponsible lending is set out on our website. I’ve had this approach in mind when considering what’s fair and reasonable in the circumstances of this complaint.   Did Logbook Money complete reasonable and proportionate checks to satisfy itself that xxxxxxx would be able to repay the agreement in a sustainable way?   Logbook Money have provided us with the documents they have relied on which includes customer information, income, and outgoings, driving licence, copy of the agreement and bill of sale. They told us they used xxxxxx bank statement to complete the income and expenditure at the time, however due to the lapse of time they don’t hold the statement any longer.   The income and expenditure from the time of sale shows net income was around £2,300, this includes private rent, child tax credit and DWP and her monthly expenditure was £764. This left xxxxx with a disposable income of £1,536 of which she would be expected to make a weekly payment of £35.90.     Considering everything, I think Logbook Money completed reasonable and proportionate checks based on the size of the loan, the interest charged, the monthly repayments and length of the agreement.   Did Logbook Money make a fair lending decision?   As I think Logbook Money carried out a reasonable and proportionate checks, I have gone onto consider whether it made a fair lending decision based on the information it obtained about xxxxxxx circumstances at the time.   Since Logbook Money said they don’t hold the bank statements any longer, I asked xxxxxxx to provide me with the statements. From what I’ve seen, xxxx monthly income across the xxxxx and xxxxxxx account appear to broadly support her income of £2,333 which reflects in the income and expenditure from the time. However, the bank statement I received from xxxxxxx shows outgoings were higher at around £1,344, which indicated a monthly disposal income of around £937 from which xxxxxxx would be expected to make the £35.90 weekly loan repayment. This indicates xxxx still had enough disposable income to be able to sustainably afford the monthly payments towards the agreement.   The screen shot of the credit report xxxxxxxxx sent to me shows Vodaphone, Three and Vanquis account has worsened in August 2019, however this information isn’t enough for me to understand what the credit report reflected at the time -  for e.g. if there were any large balances outstanding, defaults, CCJ’s, accounts in arrears, or missed payments   I asked for further information on 17 November 2021 – a full credit report from the time, including the statement of the account number xxxxxx and statements for all other active account +/-3months the loan start date. Since I haven’t receive the information, I can’t say what this would’ve looked like.   I don’t think there was anything in the information Logbook Money gathered that ought to have highlighted any concerns about xxxxxxx being able to sustainably afford the agreement. I therefore don’t think Logbook Money acted unfairly in approving the finance.   Did business act unfairly in any other way   Xxxxxx told Logbook Money xxxx is unhappy the way the vehicle was repossessed and how the debt was pursued. Logbook Money told us there were two attempts made to repossess the car prior to the actual repossession on 1 August 2021. The first attempt was made on 10 June and the second one was on 5 July 2021, however both attempts were unsuccessful. This would mean xxxxxxx was aware that the vehicle was at risk of repossession. Logbook Money provided us a copy of the default notice that was sent to xxxxxx in December 2020, which outlines the importance of clearing any arrears outstanding and the risk of repossession.   From the information Logbook Money provided us, it shows the vehicle was released to xxxxxxx after xxxxx made a payment.   Regarding the personal belongings xxxxxx said she had in the car at the time the vehicle was repossessed - Logbook Money told us the recovery agent left a message for xxxxxx to contact them to arrange to collect belongings.   In reviewing this case I’ve thought very carefully about the way the business pursued the outstanding debt and considered whether I felt that business fell short of its obligations in responding to xxxxxxx situation.   While I’m sure that this situation may have caused distress and/or inconvenience, I don’t think that this stemmed from Logbook Money making a mistake or acting unfairly or unreasonably. So, I haven’t made any recommendation in relation to this.  Next steps I think this is a fair outcome in the circumstances, for the reasons I’ve explained. But if xxxxxx decides that xxx doesn't accept what I’ve said, then please let me know by 10 December 2021. If I can’t resolve things then an ombudsman here can look at everything again and make a final decision. If I don’t hear from you by that date we might not be able to look at xxxxxxxxx 
    • god this is frustrating for you.   i'll ping @Andyorch p'haps he has an idea, not one of our past history strengths that i can find.   dx  
    • In 2015 I invested £45,200 in a SIPP operated by Guinness Mahon, which is linked to Dolphin, later German Property Group. GPG went into administration to Feb 2020. My SIPP was due to mature in April 2020.   I first took my claim to FSCS. They rejected my claim, I appealed and still got rejected. Their reason was that Wellington CFS signatures were involved in my pension transfer into the SIPP. This was a surprise to me.    I then emailed and called Wellington, several times, eventually receiving an email stating I did not exist in their records.   I then opened a case with FOS. My case has not yet been assigned a case handler.  From what I learned from others caught up in GPG. Wellington are stating their signatures were used fraudulently. Yet there is evidence of them taking fees.    If you want to read more there is a GPG creditors association Facebook site. You will find others on there in the same position. I did write to Wellington CFS and never got a reply.   If you call their Ireland number you get an answer machine. Their office in Devon, does pick up but this is just a receptionist, takes a message and alas no one gets back to you.   I also heard Wellington CFS is linked to Spain. I think the best outcome is that Wellington go into administration, at this point FSCS will be the last resort. 
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Shoe Em vs Argos Store Card


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Exciting summary of the not very much that has happened so far:

 

06.09.07 I send off S.A.R - (Subject Access Request)

10.09.07 A Mr Shafiq Sunni writes for me to phone him for urgent chat

10.09.07 (same date!) we also receive conveniently blurry printouts

 

And so here we are. Questions questions questions...

 

 

Does anyone know what Other D.B or Fin Chgs might be? I'm assuming they are both varieties of charge as they have the usual £17.00 & £7.00 type amounts, but they both also contain a couple of really high numbers (over £100) so I'm a little confused. As much as I'd dearly love to claim all of this back I thought I'd better double check first :-)

 

Since I repayed the majority of my account through the infamous Moorcroft I am wondering where I stand on claiming interest. Would like to claim the 27+% that I understand others have successfully claimed but I don't want to make a mistake. Mysteriously these screen shots list no interest at all!

 

So...

 

1.Is there a link for an interest calculator for the compound interest?

2.Do we know of anywhere I can translate these screenshots?

3.Does anyone know why I would have charges of hundreds of £'s?

4.Could these be the fees of the evil Moorcoft?

 

Would love to hear from anyone with answers, knowledge or happy stories of triumph over Argos. I assume they have charged me interest as a £700 account cost me the best part of £2,000 so I would love to cause them a little twinge of discomfort:p

[sIGPIC][/sIGPIC]Emily x

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hello and thank you for your comments, firstly, lets not run before we can walk with regards to interest. start at the start with the basics (sorry, where else would you start?) anyway, if you are new to the site then as every one else says - read around. the FAQ's and such are a real must read to get a grip of the legal issues involved. you have your SAR and they have replied, just ask yourself - have they answered it in full to your satisfaction? i think not.

I am not a legal expert and my words are my opinion only and do not constitute legal advice.

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1.Is there a link for an interest calculator for the compound interest?

2.Do we know of anywhere I can translate these screenshots?

3.Does anyone know why I would have charges of hundreds of £'s?

4.Could these be the fees of the evil Moorcoft?

 

to answer your questions:

1. yes, there are spreadsheets on this site that will do it but you have other points to consider before worrying over compound interest.

2. no, they are deliberately stalling. they are in breach of the data protection act so you need to pursue this.

3. no but the SAR is suppose to answer this question. continue to be polite but firm to resolve this. by the way im taking them to court about this very point.

4. yes they could be, but you dont know that so that is why you have the SAR.

I am not a legal expert and my words are my opinion only and do not constitute legal advice.

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Well the above was supposed to address your previous question but has arrived at the end of your points so let's deal with that...

 

I'm not new to the site, I already had success with Abbey, but I needed answers specific to Argos. If you know what the abbreviations mean I would be very grateful if you would share. As long as these are all reclaimable charges I really don't care to get into the minutiae to be honest; my partner is disabled & they were happy to harass him for the charges so I'd just like to know what is reclaimable & turn the tables

 

From their prompt response I think Argos know they've misbehaved so I'd like to dispense with this as quickly as possible.

 

I don't mean that to sound snotty, I just don't want this to turn into another Abbey-style fiasco if I can help it :)

[sIGPIC][/sIGPIC]Emily x

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I'm not new to the site, I already had success with Abbey, but I needed answers specific to Argos. If you know what the abbreviations mean I would be very grateful if you would share.

 

sorry if i offended you in anyway, i can assure you i was trying to be helpful. As i have said, i am taking them to court to get those very answers (hopefully).

 

From their prompt response I think Argos know they've misbehaved so I'd like to dispense with this as quickly as possible..

 

unlikely, i think. just based on my own dealings. they like to drag it out.

 

No, not sure what you mean by this would help if you did not abbreviate:) I have response to my S.A.R - (Subject Access Request) & pretty much just need to know what their abbreviations mean to be honest!

 

My apologies, again. Consumer credit agreements, like your argos card, are governed by the Consumer Credit Act 1974. under sections 77-79 you have the right to request a copy of your agreement.

 

the act places certain conditions on credit agreements and providers, but mainly it sets out what a legally enforceable agreement is (argos are renowned for not having correct agreements) and placing certain limits on how long your creditors have to reply to your request.

 

if they breach these conditions then your agreement can become unenforceable at law. if they do not have a correctly documented, executed agreement then the whole debt can become unenforceable at law.

 

i am being vague deliberately as i believe these points of law require alot of research before any posable action but could provide you with another cause of action.

I am not a legal expert and my words are my opinion only and do not constitute legal advice.

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Thank you SO much nfi247!

 

That was exactly what I needed, a concise clear explanation. I shall write off today for the CCA (!) & also ask them to provide a translator for all those pesky codes :)

 

Shall keep this updated as things progress. I knew those statements came back a little too easily ;)

[sIGPIC][/sIGPIC]Emily x

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Hi I am also claiming against Argos store card. I received rubbish screenshots too. The other DB section was all my late payment fees mixed in with ppi I had not requested. The fees were sometimes £10, then £14 then £17.50. A few were £28 but that was obviously two £14 charges together. The ppi stopped when acc went into default so all left on DB section then was £17.50 late fees which were much clearer then. Keep us posted how you get on. Kelly:)

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  • 1 month later...

Okay they have entirely ignored me, & having waited for the post to catch itself back up I'm going to file with MCOL on monday. Can someone now please point me to where I can find the high rate interest calculator?

 

Have warned them that if I did not hear I would be charging them interest at 28.7% as they have charged me. Now I don't know how to do that :)

 

HELP!!!

[sIGPIC][/sIGPIC]Emily x

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Having just read 90% of a 19 page thread I discovered that none of the links to calculators work :( so I am here to renew my request for help.

 

I really need to find the CCI calculator - or someone mathematically minded who knows their stuff :)

 

I am claiming £228.40 if you include the 8%, but for the purposes of CCI the amount I am working with is £140 taken in four payments from 11.07.05 to 11.10.05 (there is lots more to query more recently but since we are still waiting on the information I'm keeping life simple & sticking with what they have acknowledged). If anyone out there can help I would be eternally grateful.

 

Thanks guys!

[sIGPIC][/sIGPIC]Emily x

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Holy underestimated interest Batman! :(

 

I need help!!!

 

I used the interest calculator above & calculated my interest at a rate of 28.7%. I added this figure to my final letter before court & sent it off recorded as per instruction.

 

BUT...

 

Reviewing the paperwork to claim on MCOL this week I noticed a glaring error. My interest calculation at 8% that I worked out at the beginning of this claim gave me £88.40 interest owed. However, the calculated 28.7% gave me an interest total of £111.61 :confused: I may be missing the principles involved (forgive me if this is glaringly obvious) but surely just the 28% interest by this calculation would stand at £309.40 by now (ie. three lots of 8% + one lot of 4% by my poor addled brain).

 

1. Am I losing my marbles?

2. If I'm correct is it too late to revise my request to them before I file with MCOL?

 

Any tips/advice/clear thinking gratefully received :)

[sIGPIC][/sIGPIC]Emily x

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