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L of L Suite Purchase
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Knight8
Posts: 4 Newbie
:mad: Hi All
I am looking for guidence to help sort a problem.
We bought a suite from Land of Leather in Feb 5/08 and our intension was to pay it off at the end of the 12 Months Special Period. However we missed it and ended up with a debit payment of £174.02 on the Feb 6/09
I phoned on Feb 16 and said I wanted to repay it all now but they said as it was over the eary payment period the cost had jumped from £2247.00 to £4251.01
They also said that if I just kept on repaying as per the Contract the Total cost to me would be £6264.72. I just saw red and put the whole thing onto my Credit card. Total cost including the Credit card cost of 4% came to a Total of £4569.06 made up of £814.41 PPI Charge
I know I signed this but I do not need PPI as Myself and Wife are in good jobs we both get 6Months Sick-pay and 6Months half-pay. As I said we were going to pay it off within the period.
The Finance company is Creation Consumer Ltd. and is based in Northern Ireland. Do I now use this to sort it out or go back to L of L.
Is there anything that I can do to sort this out constructive advice is gratefully accepted.
This is my first visit to the site so I am hopefull.
THIS IS THE RESPONSE I RECEIVED TO MY LETTER
Originally Posted by Knight8
:mad:
I sent a letter explaining my reasons for a repayment but they replied with this.
Our early settlement figures are calculated using a Mathematical equasion called the Actural Method in accordance with the Consumer Credit (early settlement) regulations 2004
The Settlement figure I paid of £4393.33 on the 30th Jan 09 already included a rebate of £1697.37 of the total balance owening therefore no further refund can be issued.
I have a few points to take up on this.
The date of the 30th Jan 09 was 16 days before I paid the money so if their dates are to be believed I had paid off the debt inside the payment period.
Also the £1697.37 was what I would have paid had I let the full period go to completion.
How can they say this is a rebate.
Can they claim the PPI is theirs even if I paid off the balance early.
What to do next.
Cheers
I am looking for guidence to help sort a problem.
We bought a suite from Land of Leather in Feb 5/08 and our intension was to pay it off at the end of the 12 Months Special Period. However we missed it and ended up with a debit payment of £174.02 on the Feb 6/09
I phoned on Feb 16 and said I wanted to repay it all now but they said as it was over the eary payment period the cost had jumped from £2247.00 to £4251.01
They also said that if I just kept on repaying as per the Contract the Total cost to me would be £6264.72. I just saw red and put the whole thing onto my Credit card. Total cost including the Credit card cost of 4% came to a Total of £4569.06 made up of £814.41 PPI Charge
I know I signed this but I do not need PPI as Myself and Wife are in good jobs we both get 6Months Sick-pay and 6Months half-pay. As I said we were going to pay it off within the period.
The Finance company is Creation Consumer Ltd. and is based in Northern Ireland. Do I now use this to sort it out or go back to L of L.
Is there anything that I can do to sort this out constructive advice is gratefully accepted.
This is my first visit to the site so I am hopefull.
THIS IS THE RESPONSE I RECEIVED TO MY LETTER
Originally Posted by Knight8
:mad:
I sent a letter explaining my reasons for a repayment but they replied with this.
Our early settlement figures are calculated using a Mathematical equasion called the Actural Method in accordance with the Consumer Credit (early settlement) regulations 2004
The Settlement figure I paid of £4393.33 on the 30th Jan 09 already included a rebate of £1697.37 of the total balance owening therefore no further refund can be issued.
I have a few points to take up on this.
The date of the 30th Jan 09 was 16 days before I paid the money so if their dates are to be believed I had paid off the debt inside the payment period.
Also the £1697.37 was what I would have paid had I let the full period go to completion.
How can they say this is a rebate.
Can they claim the PPI is theirs even if I paid off the balance early.
What to do next.
Cheers
0
Comments
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:mad: Hi All
I am looking for guidence to help sort a problem.
We bought a suite from Land of Leather in Feb 5/08 and our intension was to pay it off at the end of the 12 Months Special Period. However we missed it and ended up with a debit payment of £174.02 on the Feb 6/09
I phoned on Feb 16 and said I wanted to repay it all now but they said as it was over the eary payment period the cost had jumped from £2247.00 to £4251.01
They also said that if I just kept on repaying as per the Contract the Total cost to me would be £6264.72. I just saw red and put the whole thing onto my Credit card. Total cost including the Credit card cost of 4% came to a Total of £4569.06 made up of £814.41 PPI Charge
I know I signed this but I do not need PPI as Myself and Wife are in good jobs we both get 6Months Sick-pay and 6Months half-pay. As I said we were going to pay it off within the period.
The Finance company is Creation Consumer Ltd. and is based in Northern Ireland. Do I now use this to sort it out or go back to L of L.
Is there anything that I can do to sort this out constructive advice is gratefully accepted.
This is my first visit to the site so I am hopefull.
Hi there
I bet you are feeling mad about this.
Write to them to complain, explain your situation above, they have 8 weeks to respond in full, you could also check on this link here as well for further information:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Although there is a letter template on the link I would try to write by using your own words, with obviously your own reasons.
Post by recorded delivery, if you let us know the outcome of this, then we can move on to the next step if required.
Hopefully they will resolve this for you with immediate affect, good luck.;)The one and only "Dizzy Di"
0 -
:mad: Hi di3004
I sent a letter explaining my reasons for a repayment but they replied with this.
Our early settlement figures are calculated using a Mathematical equasion called the Actural Method in accordance with the Consumer Credit (early settlement) regulations 2004
The Settlement figure I paid of £4393.33 on the 30th Jan 09 already included a rebate of £1697.37 of the total balance owening therefore no further refund can be issued.
I have a few points to take up on this.
The date of the 30th Jan 09 was 16 days before I paid the money so if their dates are to be believed I had paid off the debt inside the payment period.
Also the £1697.37 was what I would have paid had I let the full period go to completion.
How can they say this is a rebate.
Can they claim the PPI is theirs even if I paid off the balance early.
What to do next.
Cheers0 -
:mad: Hi di3004
I sent a letter explaining my reasons for a repayment but they replied with this.
Our early settlement figures are calculated using a Mathematical equasion called the Actural Method in accordance with the Consumer Credit (early settlement) regulations 2004
The Settlement figure I paid of £4393.33 on the 30th Jan 09 already included a rebate of £1697.37 of the total balance owening therefore no further refund can be issued.
I have a few points to take up on this.
The date of the 30th Jan 09 was 16 days before I paid the money so if their dates are to be believed I had paid off the debt inside the payment period.
Also the £1697.37 was what I would have paid had I let the full period go to completion.
How can they say this is a rebate.
Can they claim the PPI is theirs even if I paid off the balance early.
What to do next.
Cheers
Hi there
In regards to your above figures, would you like to copy and paste this to the above thread Reclaiming discussion where I am sure Turbo will take a look at them for you when he has a few moments.
I think they need to send you a thorough breakdown of this myself, so you know what is what up to date, to be honest I find this rather baffling...
So this was worked out by them using the Rule of 78 then ?
Hmmmm this way I believe you get less back in a rebate (taken off the amount) which you do not actually see as they deduct the amount from the finance.
I know what your getting at though and this gets me confused as well with how they work things out.
It was only when I received an SAR from one of the loan companies that I was aware of the rebate taken off the amount.
As this loan was taken out in 2004, it was a loan over 25 yrs but paid within 16 months, although you do not actually see if they give it as a rebate.
I would if you can post on the suggested thread so this can be looked at for you.;) XThe one and only "Dizzy Di"0
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