Unenforceability & Template Letters II

Options
12467…252

Comments

  • coolchris
    coolchris Posts: 22 Forumite
    Options
    I cannot have added anything up wrong, as I input the figures quoted on the agreement as they put them. The interest rate has only gone up slightly since the original agreement. NO PPI.
    Even if it was after April 07, does it not constitute wrong data given to us on the agreement, and so unenforceable in that respect. She signed for the APR quoted at the time of signing.

    Here is what they quote:

    Amt of credit: £5000
    Monthly repayments: £86.19
    No. of repayments: 120

    Broker fee + Loan admin fee: £625 + £150 = £775
    RATE OF INTEREST: 12.99% PA VARIABLE

    APR: 18.1% VARIABLE

    Useing their own figures, this still does not come out at 18.1%, but 23.9%!

    Thanks.
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    Options
    coolchris wrote: »
    I cannot have added anything up wrong, as I input the figures quoted on the agreement as they put them. The interest rate has only gone up slightly since the original agreement. NO PPI.
    Even if it was after April 07, does it not constitute wrong data given to us on the agreement, and so unenforceable in that respect. She signed for the APR quoted at the time of signing.

    Here is what they quote:

    Amt of credit: £5000
    Monthly repayments: £86.19
    No. of repayments: 120

    Broker fee + Loan admin fee: £625 + £150 = £775
    RATE OF INTEREST: 12.99% PA VARIABLE

    APR: 18.1% VARIABLE

    Useing their own figures, this still does not come out at 18.1%, but 23.9%!

    Thanks.

    As I said, you'd added up incorrectly. If you do the same now without putting anything in the Starter/Admin Charge box (I assume you added £775 here?) - then you'll get the 18.1% you are looking for. :D

    Of course, few loans add the charge to the overall cost and apr as it is not really part of the loan..... therefore the charge is separate in this instance. If it was wrong, then you'd go to the FOS / FSA not worry about unenforceability (totally different issue)
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • coolchris
    coolchris Posts: 22 Forumite
    Options
    Thank you. Damn...thought I had them then, LOL. Anyway, this certain firm is gonna be taken to the cleaners in the next few months from what I have been hearing on the grapevine. Roll on.:T
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    Options
    coolchris wrote: »
    Thank you. Damn...thought I had them then, LOL. Anyway, this certain firm is gonna be taken to the cleaners in the next few months from what I have been hearing on the grapevine. Roll on.:T


    Who exactly are we talking about? Although a ten year term for a small debt such as £5k does seem a long time..... ;)
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • moo_cow123
    moo_cow123 Posts: 8 Forumite
    Options
    Hi NID. It's me moo cow. couldn't log on at all for some reason so had to re-register. hence the 123 at the end. Anyway, re my last chat with you. Have recieved a letter today about my request for the Credit agreement and Lowell have said that they are requesting it from the original creditor they bought the account from. (shop direct) Just to clarify, when do I take the 12+2 days from. the date of my letter or the date they recieved the letter?
    Thanks!
  • coolchris
    coolchris Posts: 22 Forumite
    Options
    Yes, it is a long time. Their charges are daylight robbery and they try and get your property on the slightest thing. Total pirates. There is a great thread about them on the consumeractiongroup:
    http://www.consumeractiongroup.co.uk/forum/swift-advances/153362-swift-advances-secured-loan.html
    I really am behind these guys on this one. The company deserve everything they get. Arrogant scumbags IMO.
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    Options
    moo_cow123 wrote: »
    Hi NID. It's me moo cow. couldn't log on at all for some reason so had to re-register. hence the 123 at the end. Anyway, re my last chat with you. Have recieved a letter today about my request for the Credit agreement and Lowell have said that they are requesting it from the original creditor they bought the account from. (shop direct) Just to clarify, when do I take the 12+2 days from. the date of my letter or the date they recieved the letter?
    Thanks!

    Hiya

    Its 12 + 2 days from the date you sent it! However don't worry too much about the timings, they have got back to you so bear with them for a couple of weeks in which case you then send them a dispute letter to ponder over :D

    I'd send the webmaster a PM and see if he knows why you couldn't log-in (but re-registering isn't much good to you lol)
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    Options
    coolchris wrote: »
    Yes, it is a long time. Their charges are daylight robbery and they try and get your property on the slightest thing. Total pirates. There is a great thread about them on the consumeractiongroup:
    http://www.consumeractiongroup.co.uk/forum/swift-advances/153362-swift-advances-secured-loan.html
    I really am behind these guys on this one. The company deserve everything they get. Arrogant scumbags IMO.

    Ahhh swift advances eh? Have read the thread link you sent me in the past - i'm also on CAG (as are a few on here)

    That's shocking (the apr and term), it really is! :eek:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • captainhaggis
    captainhaggis Posts: 7,009 Forumite
    Options
    never-in-doubt wrote: »
    You won't need to scan them in mate - just assume the majority are wrong and send the dispute letter anyway - lol. I done that with a few - made my life easier cos they felt inclined to prove to me they were enforceable (they still weren't of course).....

    Anyways, you should at least get one that doesn't respond or sends you a set of terms! How many debts are you trying to clear using this method? ;)
    Ummmmm, Lloyds Loan, Lloyds Card, MBNA Card, Egg Card, Smile Card, another Smile Card. That's six I think. Yup. Six.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Totally_indebt
    Totally_indebt Posts: 11 Forumite
    Options
    Hi NID,

    Just received another response from Natwest, from the initial request of the CCA:-

    We are obliged to provide you with a 'true' copy of the credit agreement and a statement of financial information relating to the account, namely, the state of the account, amount currently due, with amounts and due dates of future paymentsthat still require to be made. In terms of the CCA copy document regulations, the 'true' copy requirement can be satisfied by providing a copy agreement at the date the card agreement was made and providing that plus a copy of of the current terms of the card agreement.

    My question relates to the above paragraph - can they enforce this, using a copy agreement at the date the card agreement was made? This in my view, means they they dont have my CCA at all?

    Would you submit a CCA dispute letter or CCA Query letter at this stage.:confused:

    Thanks for your help here.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards