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Unfair contract terms - please help
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Already posted on Debt Free board but thought it may be of use here too. Please help...
My history with First National/Asset links is on the boards to see but here is my current query.
A varied county court judgement was made in October for £3980.32 plus £110 for costs. Asset Link still applied for a charging order on our property which was today in court refused - yay! In the process of finding our options on the charging order i rang Asset Link and wazs told our settlement figure at the moment was £4167.72 meaning they are still charging interest.
Interest on this loan is charged at a flat rate (may have this the wrong way round) meaning each month interest is charged on what debt is left, meaning the amount of interest charged goes up each month and therefore the debt increases by more and more each month.
The judge today told me to seek legal advice on how to get this stopped which i intend to do. Whilst waiting for my phone call (have access to phone advise through union) I thought i would trawl the internet and see what i could find...
It seems there is a clause in First National contracts (no.8.2 if you have one) that states -
'Interest on the amount which becomes payable shall bee charged in accordance with Condition 4, at the rate stated at letter F on the front of this agreement (1.49 or 20.3%apr in our case! subject to variation!) until payment. This interest will be payable before any court judgement AND AFTER ANY COURT JUDGEMENT AS WELL. This obligation is an independant one and will not merge with, that is become part of, any such judgement'
First National were taken to court over this by the Office of Fair Trading as an unfair clause and the OFT won, but then lost a later appeal at the House of Lords. So the House of Lords thinks this is fair! This debt will forever become bigger and bigger! What can i do?
Latest thought, does it matter that the debt was sold to Asset Link and the contract i signed was with First National?
K -x-
My history with First National/Asset links is on the boards to see but here is my current query.
A varied county court judgement was made in October for £3980.32 plus £110 for costs. Asset Link still applied for a charging order on our property which was today in court refused - yay! In the process of finding our options on the charging order i rang Asset Link and wazs told our settlement figure at the moment was £4167.72 meaning they are still charging interest.
Interest on this loan is charged at a flat rate (may have this the wrong way round) meaning each month interest is charged on what debt is left, meaning the amount of interest charged goes up each month and therefore the debt increases by more and more each month.
The judge today told me to seek legal advice on how to get this stopped which i intend to do. Whilst waiting for my phone call (have access to phone advise through union) I thought i would trawl the internet and see what i could find...
It seems there is a clause in First National contracts (no.8.2 if you have one) that states -
'Interest on the amount which becomes payable shall bee charged in accordance with Condition 4, at the rate stated at letter F on the front of this agreement (1.49 or 20.3%apr in our case! subject to variation!) until payment. This interest will be payable before any court judgement AND AFTER ANY COURT JUDGEMENT AS WELL. This obligation is an independant one and will not merge with, that is become part of, any such judgement'
First National were taken to court over this by the Office of Fair Trading as an unfair clause and the OFT won, but then lost a later appeal at the House of Lords. So the House of Lords thinks this is fair! This debt will forever become bigger and bigger! What can i do?
Latest thought, does it matter that the debt was sold to Asset Link and the contract i signed was with First National?
K -x-
hey there's no money but we couldn't be happier if we tried
£2 coin pot - £92!
£2 coin pot - £92!
0
Comments
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Think what you need is a time order -
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=18_interest_charges_on_a_consumer_credit_judgment.
The CCJ, too, only refers to the amount stated, if the creditors want any more
they'll have to come to some agreement with you or have to go to court again.0
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