welcome finance help needed

[poochie]

Re: welcome finance help needed

any breaks in payments we had, were agreed by local office manager 2 wks before payment was due because I foned them to let them know we had a problem on the 3 occasions (I think it was 3 but will check it out again)
As for doin spreadsheets, Im afraid I have no idea how to do them.
Wat about wat we were told on cag about them not bein allowed to add ppi before calculatin interest?...Was that false info then cause Im completely baffled by this all now and just need to get it sorted as soon as possible.
Im still not ahppy about them takin the higher payment each month wen it should be lesser amount accordin to the letters we got and apparently they aint allowed to change the rates to suit themselves especially in such a short time of space...Please help

[Ellis27]

Re: welcome finance help needed

Hi everyone maybe someone will correct me but looking at this agreement would it be classed as a multiple agreement within sect 18 of the CCA 1974?

The agreement contains restricted credit (PPI ) and unrestricted credit
Therefore since this type of agreement falls within s18, it means that as defined in s18 (2) CCA that the document is to be treated as 2 separate agreements and each agreement must have its own prescribed terms for each part

The agreement show the different amount of credit like this

Loan

Amount of Credit £xxxx
Repayments x payments of £XXXXXX
Total amount payable £XXXXXXXX

APR xxx%



PPI

Amount of credit £xx
Repayments x payments of £XXXXXXX
Total amount payable £ XXXXXXXXX

Apr xx%

Cash price of policy £xxx


the agreement may not be set out exactly as above but that is to give you an idea of what it must contain


If the agreement is not setout in accordance with s18 then the lender risks falling foul of the form and content requirements of section 60 CCA and could be improperly executed as set out within section 61(1) (a) CCA 1974 thus becoming unenforceable
Each piece of credit must have its own term stating the amount of credit, repayments and all other statutory info, in addition the PPI policy would need to have a term stating the Cash Price of the policy, due to it being a restricted use debtor creditor supplier agreement.

i WOULD LOVE TO HEAR OTHER VIEWS ON THIS

[enaid]

Re: welcome finance help needed

I am not that clued up on this, but unless you get all the info from them I don't see how you can go any further tbh.
Also were the payment breaks that were taken actually in the contract, that you could do that? As if this is the only time payments have not been made, how can there be arrears?

[enaid]

Re: welcome finance help needed

I noticed the capitalisation fees although it gives an amount either £5 or £20 it does not actually affect the balance and always follows the ad hoc fee.

[scoobydoo]

Re: welcome finance help needed

ok so a few questions:

Do we just complain about the information being complete under the SAR ( and what is it that is actually missing)

Plus make an official complaint in a separate letter about the PPI medicare?

Plus a another letter asking for a full breakdown of the arrears?

If I can have a bit of help on which way to go I can help with the letters if necessary
------------------------------- merged -------------------------------
By the way I think it would be useful for you to put the statements into a spreadsheet if possible as then you can re-order the data to show all the charges / interest / fees and the total of the capitalisation entries. It may be that there is nothing wrong - but will show you a total of all the type of charges.

So you could say in the letter I "I refer to the adhoc fees that total £ XXX

I refer to the capitalisation amounts which total £XXXX

[enaid]

Re: welcome finance help needed

The SAR if it was not complied with,
then this is the next step.

When you can take further action.

If you have:

* Asked your bank/credit company for the information held about you under the Data Protection Act.
* Paid the fee (if required),
* Waited for more than 40 days

and you have not received any response from them, we recommend that you contact them again to find out why using the non compliance letter below

If their response to your further enquiry is unsatisfactory then you can make a data protection complaint using the data protection complaint form.

When you send the Information Commissioners Office your form you must also send:

* a copy of your Subject Acces Request letter,
* confirmation of when your letter was received, and you cheque/postal order cashed.

[pinknico]

Re: welcome finance help needed

The other thing you have to watch is if they are saying you are in arrears that the PPI policy still stands, because some companys wont pay out on the PPI if you have missed 3 payments or more.

[poochie]

Re: welcome finance help needed

Im happy to go along with watever you guys think is right but will need help with letters coz Im uselessw writin letters cause I never know wat to say..... I appreciate everyone helpin me so thanx to you all

[scoobydoo]

Re: welcome finance help needed

Ok

can we come to some conclusion about the next move?

Another official complaint letter about not providing the requested details:

i.e and explanation of all the charges
A breakdown of the arrears
an explanation of what the capitalisation figures mean
evidence of the phone calls and letters?


Then should there be a seperate letter complaining about the PPI medicare - using the letter on the forum?

Any help as this is not really my area?

then if no reply straight to FOS?

[poochie]

Re: welcome finance help needed

I dont know how they work out capitialisation and all other charges which is why I rtequested a full breakdown of them but have been ignored. I got letter back sayin my complaint has been forwarded to another office and I should get reply within 8wks..... They seem to be avoidin my questions and fobbin me off at evey opportunity

[righty]

It's worth mentioning that even if the PPI is NOT sold as an essential requirement to obtain the loan the company rep still has a duty to inform the client that are FREE to obtain PPI from another company (which will almost certainly mean a considerable saving)........& if they haven't it's another case of mis-selling

[scoobydoo]

Re: welcome finance help needed

silly me!

So is the capitalisation the fact that they think a payment has been missed and then add that on to the debt?

[enaid]

Scooby you must work upwards with the statenent

I think I saw on another thread on CAG that they are being investigated at the moment so I will check the post for you tomorrow.

I guess you can give them one more chance to get the info you requested .

Shall we do a summary letter tomorrow with some questions for them ? then if you go to the FOS you will be able to give them evidence you have tried everything?



For example - you need a full breakdown of arrears

why do statement balances not relate to debits and credits they do, you have to go from bottom to top as re the dates, that brings a nil balance as a new loan was taken out. I think to pay off this one. The DD in Jan looks like it was returned as they took it off and added it back on. I think the ad hoc fees are for phone call they make to you, but am not positive, hope this helps a little but I may not be spot on with the info Enaid x

where can they show you were given advice on the fees PPI etc
Where are copies of letters they say they sent you?
Evidence of all the phone calls?
What are adhoc fees
Etc etc!
what do others think?

[poochie]

Re: welcome finance help needed

yeah Im quite happy to give them another chance cause this is really stressin me out...thanx

[TANZARELLI]

Re: welcome finance help needed

Posting up for info.