Change of stated APR from CCA to Loan summary statement on fixed rate loan.

[D4ncer]

I just wanted to clarify something. I have a defaulted Cahoot loan which at the time was 9.7% APR fixed. I regularly receive Loan Summary Statement from Santander and the interest rate is listed as 9.29% and the APR as 11.9%!

Could someone also point me in the right direction with regards to PPI listings on CCA - Mine is separate and does not form part of the listed monthly payment amount. The address is also slightly incorrect, is this an issue? It's funnyhow with a little knowledge you see things very differently.......

Any help/advice greatly received.

[jon1965]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

No idea on this one, maybe something in the T&C's that say if you default.

If you have the agreement could you scan it remove anything that identifies you and post it. I have a suspicion that this may be wrong. When was it taken out?

[D4ncer]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

Jon,

Thanks for the reply.

Its an old 2005 cahoot account, the T&C's are very similar to ones already posted on here (Less than A4 and not small print!) - nothing about interest, only charges.

I don't own a scanner but have access to one, I'll get it on here as soon as I'm able.

[jon1965]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

Ok that will be great.

Will be interesting to see, remember to block out any identifiable details including barcodes

[FlamingParrot]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

I don't own a scanner but have access to one, I'll get it on here as soon as I'm able.

You can also take a picture with a digital camera or mobile phone, see this thread for reference: http://www.legalbeagles.info/forums/...tails-safe!%29

[Guest]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

I just wanted to clarify something. I have a defaulted Cahoot loan which at the time was 9.7% APR fixed. I regularly receive Loan Summary Statement from Santander and the interest rate is listed as 9.29% and the APR as 11.9%!

Could someone also point me in the right direction with regards to PPI listings on CCA - Mine is separate and does not form part of the listed monthly payment amount. The address is also slightly incorrect, is this an issue? It's funnyhow with a little knowledge you see things very differently.......

Any help/advice greatly received.

The interest rate on the agreement should be the same as that on your statement if it is a fixed rate. Are you sure the rate on your agreement says APR fixed and not interest rate, the two are not the same thing of course,

[D4ncer]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

The interest rate on the agreement should be the same as that on your statement if it is a fixed rate. Are you sure the rate on your agreement says APR fixed and not interest rate, the two are not the same thing of course,

Before I manage to scan (I have a 4 year old so guess what happend to the camera, and my mobile is a Blackberry which is next to useless for photo's - but great as a phone, go figure) to quote:

On original CCA "We will charge you interest at an annual rate of: 9.7% fixed".

On Loan Summary Statement "Interest Rate 9.2900%, Annual Percentage Rate 11.9%"

Thanks for coming back to me, either way, something's amiss!

For now, a very similar agreement can be seen here - post #1:

http://www.legalbeagles.info/forums/...nt-enforceable

Image 1 Is fairly different as mine is/was fixed rate.
Image 2 Includes info on settling early, and has another box outlining the PPI.
Image 3 Is again fairly different as mine's fixed rate, but the general substance is the same.

I will make it a priority to get these scanned for you.

Again my thanks......

[Guest]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

Before I manage to scan (I have a 4 year old so guess what happend to the camera, and my mobile is a Blackberry which is next to useless for photo's - but great as a phone, go figure) to quote:

On original CCA "We will charge you interest at an annual rate of: 9.7% fixed".

On Loan Summary Statement "Interest Rate 9.2900%, Annual Percentage Rate 11.9%"

Thanks for coming back to me, either way, something's amiss!

For now, a very similar agreement can be seen here - post #1:

http://www.legalbeagles.info/forums/...nt-enforceable

Image 1 Is fairly different as mine is/was fixed rate.
Image 2 Includes info on settling early, and has another box outlining the PPI.
Image 3 Is again fairly different as mine's fixed rate, but the general substance is the same.

I will make it a priority to get these scanned for you.

Again my thanks......

yes lets have a look at it .

The interest rate sounds OK they are allowed an error of 1% as long as the agreement is more than the actual rate charged, or .1% if it is the other way around.

The APR includes other charges which make up the total charge for credit

[D4ncer]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

The interest rate sounds OK they are allowed an error of 1% as long as the agreement is more than the actual rate charged, or .1% if it is the other way around.

Shame we aren't 'allowed' any errors, but then its thems that makes the rules!

The APR includes other charges which make up the total charge for credit

Could you elaborate please? AFAIK there are no 'charges'. On the original CCA the total charge for credit works out as 9.7%, however I'm no accountant.

I feel this may get a little too much without scanned images.

[jon1965]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

D4ncer
We can think and suggest all we like as well as say what is required but without something to look at it is very difficult. There are lots of guidelines and legislation out there to look at but to be frank it fries my brain at times, people quote this and that .
I think although no doubt I will be told if I am wrong that this small (haha) document gives details of the prescribed terms.
Consumer_Credit__Agreements__Regs_1983-1.pdf

If you can't sleep it works wonders !

[Guest]

Re: Change of stated APR from CCA to Loan summary statement on fixed rate loan.

Shame we aren't 'allowed' any errors, but then its thems that makes the rules!


Could you elaborate please? AFAIK there are no 'charges'. On the original CCA the total charge for credit works out as 9.7%, however I'm no accountant.

I feel this may get a little too much without scanned images.

No your obviously not.

The total charge for credit would be a figure not a a percentage. It would consist of the total interest and any charges that were required by he creditor in order to process the loan.
This figure is then use to calculate the APR. The formula for calculating APR on a regulated agreement is contained within the total charge for credit regulations 1980 and was amended in the EU 2010 Directive to conform with the EU standard.