AA Personal Finance

Hi. I CCA'd the AA (part of BOS) regarding a loan I took out in 2004. In 2006 I defaulted and it went to Blair Oliver & Scott for special treatment. Been with them ever since. To be fair, they have never given me any grief and I have no gripes about AA or Blair Oliver and unlike Sharklaycard they have sent my CCA withinhj 12 days and its a true copy of the executed agreement etc.

However, the CCA looks odd to me in that the interest rates supplied appear to be missing and, to my eyes, there is nothing in the t&c that says the AA can refer to a DCA. Might be missing it. Other opinions would be appreciated.

Here is the CCA. Is it a kosha agreement or is there something dodgy about it?

I have sent a SAR but don't have this back yet.

http://i822.photobucket.com/albums/z...1/1b5d0fbf.jpg
http://i822.photobucket.com/albums/z...1/73b72fe3.jpg

[Amethyst]

Re: AA Personal Finance

Did you have PPI ?

Seems weird the bit the name of insured being there if you didn't, but its not split up in the amount of credit and the monthly installment or detailed at the bottom.

You paid an extra £50 to have the cheque and agreement delivered by courier ?

Can;'t see an interest rate just the APR.

[The Debt Star]

Re: AA Personal Finance

Thanks. On ppi, I don't know, haven't got SAR info yet and the CCA looks like its been doctored. but probably not, just a little curious now.

The absence of an interest rate and only the APR - does this have any implications for enforceability?
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oh yeah, the courier. I did pay for that, it was a tick box option on the app.
I have been re-invented somewhat since those days.

[The Debt Star]

Re: AA Personal Finance

anyone any views on the enforceability of this CCA, if no interest rate (only APR) stated?

[The Debt Star]

Re: AA Personal Finance

Hi. I have sent AA the following letter in light of the above agreement. Any views?

Dear Mr Palpatine

Account No.

COMPLAINT

Thank you for sending me the copy of my credit agreement (“the Agreement”).

With regard to the Agreement, I have a number of serious concerns that I wish to raise with you. I would be obliged for your prompt response.

1. INTEREST

The Agreement does not state a rate of interest. This is critical – and prescribed – information at law.

Furthermore, an APR of 9.5% equates to a capital repayment of £17,918.88 and not £18,212.40 as stated in the Agreement. Monthly repayments should have been £298.65 and not £303.54. If this is correct – and in the absence of an interest rate – the loan must be rescheduled. This is of course subject to any claim I may have for unlawful charges and PPI (if any).


For the purposes of the Regulations, it is sufficient compliance with the requirement to show the APR if there is included in the document—

(1) a rate which exceed the APR by not more than one; or
(2) a rate which falls short of the APR by not more than 0.1

Given the above calculations, this is clearly absent from the Agreement.

2. CANCELLATION RIGHTS

The prescribed information relating to the amount payable on early settlement is absent. There is no statement of protection and remedy with regard to CANCELLATION RIGHTS in the Agreement.

The agreement does not adhere to the required layout for credit agreements; early termination details missing and it contains no cancellation right. There is also nothing about missing payments.

In light of the above, the Agreement would appear to be unenforceable. If there is any substance to the points raised in this letter, I would expect AA Personal Finance to do both of the following:

1. Re-schedule the loan[/font]
2. Remove the Default registered at the credit reference agencies

I am happy to resolve these issues in an amicable and reasonable manner. If I have misunderstood anything then I apologise. I have never had much cause for complaint and I have found you to be fair. I trust this complaint may be speedily brought to a conclusion.

Yours sincerely,

The Debt Star

[Amethyst]

Re: AA Personal Finance

I am not convinced it needs the rate of interest (as well as the APR) on this as it is a fixed term loan with fixed installments, the period of such, and the amount of such, is in fact detailed on the agreement. I did do a long post about it but must have forgotten to press submit, sorry. I can do it again if you like.

Cancellation Rights - where was the agreement signed ?

Early Termination - assuming you mean settlement figures/calcs - yep not showing, does however say how payments will be allocated.

[The Debt Star]

Re: AA Personal Finance

Hi. Is their interest calculation wrong though? I make it slightly more than it should be on 9.5%. I also thhought they had to include an interest rate if the interest exceeded the APR by more than 1%? Which it does if (and big 'if' with my maths) their calcs are too high?

oh well, keeps their customer complaints bods busy if nowt else.

Agreement was signed at home. they posted it to me.

[Angry Cat]

Re: AA Personal Finance

Same view as Amethyst;
did you take out the PPI?

If so, where is the Policy and terms of same?

[The Debt Star]

Re: AA Personal Finance

I don't think I did take out the PPI...I can't recall as the account defaulted in '06 and has been on an AP ever since. Should find out for certain when I get the SAR info.

Is the interest correct though? APR of 9.5% = £17,918.88 and not £18,212.40?

[Amethyst]

Re: AA Personal Finance

Okay thats why theres no cancellation rights. (the signed at home bitty assuming it wasnt an AA man sitting in your living room)

9.5% APR I worked out the monthlys to be 301.38

The payment they have calculated (£303.54) seems to be 10.3% APR (the tolerances I think are 0.1% under to 1% over and to me thats 0.7% under - but check what the allowances are)

[The Debt Star]

Re: AA Personal Finance

Thats useful thanks. shame they are just within the tolerance butr I can still go to 'em and say "oi! AA, I've been paying too much!" Over 6 years that ay help a teeny weeny bit. Interestinh they got their math wrong though.
bit of a bummer about the cancellation rights.

[Amethyst]

Re: AA Personal Finance

Well the interest rate will be different entirely to the APR.

Will find the right bits for you.

[Angry Cat]

Re: AA Personal Finance

On the part that states: credit insurance, it looks as though the name has been covered up and one can clearly see writing within the date of birth part.
Or, am I seeing things?

[Amethyst]

Re: AA Personal Finance

Think its about 4.7% pa interest on the loan (but I'm poo at maths especially interest - maybe ask Turbs/Bill lol)

No you aren't seeing things AC, thats what made us wonder whether there was PPI.

[Angry Cat]

Re: AA Personal Finance

[Quote] by Amethyst:
No you aren't seeing things AC, thats what made us wonder whether there was PPI.[Quote]

Hmmm, looks like credit insurance could have been applied?
If so, I wonder who the centrica insurer was and the underwriter of same, at the time?

Note, SAR requests do not always provide information re: insurance.
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Debt Star, the history even makes one feel, uncomfortable...

http://en.wikipedia.org/wiki/Centrica