The Most Shocking CCA Ever Constructed

planning_ahead_2

looking4justice wrote: »

yes i agree interest is from day 1 ,.. and that will be covered from 1st payment made yeah ? along with a small part of the capital ,.. I understand this ,.. my payments were Capital and interest which shows that interest for first month will come from contractual payment ,.. here is the question for you then ,can you interest be taken twice to cover monthly interest owed ? as you are still missing my point of view ,..

Perhaps if you post a scan of your statement we will be able to grasp your point.

Apologies if I am misunderstanding. Are you saying you were charged two lots of interest in the first month then?

Edit: if you post a scan of your statement please clearly cross out any personal details before posting

looking4justice

Poosmate wrote: »

Looking4Justice, how can you possibly say that this company put you into arrears from the first month? Please do the maths again:

Right here we go again ,.. I will explain by quoting the quote :

Your loan is £30,000 in month 1. You are charged £220 in interest in month 1. You make a payment of £260 in month 1.

The £260 you pay in month 1 covers the £220 interest and £40 off the original loan.
Yes I agree if these were the full facts ,... but to put a interest charge before the first payment is due would be in fact charging me the interest twice ,.. as out the £260 (a large part to cover interest)

In simple terms, at the begining of month 2 your loan is £29,960
Balance was higher ( by the interest charged before the first payment due)

This loan would only be void (according to you) from the start if the balance at the end of month 1 and the beginning of month 2 was over £30,000 which it wouldn't be because you've paid more than the interest charged to it.
It was thats the point ,..

I really don't think you have a leg to stand on.
I really do think without sounding rude , read the contract laws,.. but will save you a job
Void - a void contract is one that cannot be performed or completed at all. A void contract is void from the beginning (ab initio - see the Latin terms below) and the normal remedy, if possible, is to put things back to where they were before the contract. Contracts are void where one party lacks the capacity to perform the contracted task, it is based on a mistake, or it is illegal.

Planning Ahead, I put the figure of 8% as an example. There is no mention of rate of interest from the OP or if it was fixed or variable.


Seriously Looking4justice, you will get the help and support you need if your posts make sense. At the moment the only shocking thing about this thread is the length and content of your posts. The only thing you are achieving at the moment is making this look like a wind up rather than someone who really needs help.
definately not a wind up ,.. and posts will never make sense if it is thought of wrongly ,..my mistake for long shocking posts , just trying to put all points across

I know you must be frustrated, but please, take a break and repost the facts only as has already been requested several times.
Frustrated is a mild word ,..

Hope that helps
Thanks for your imput , best wishes

Poo

Hopefully I have explained a little better ,..

looking4justice

planning_ahead wrote: »

Perhaps if you post a scan of your statement we will be able to grasp your point.

Apologies if I am misunderstanding. Are you saying you were charged two lots of interest in the first month then?

Edit: if you post a scan of your statement please clearly cross out any personal details before posting

will do it now ,.. thanks for easing off on me ,.. you will see my point of view and facts to this double charge ,..

looking4justice

looking4justice

sorry will get a better picture 2 mins

looking4justice

see how each month would be charged interest regardless if I paid due to mistake at the start the agreement , that put account into arrears before any monies due ,.. plus when monies paid , that would deal with the interest from previous month ,.. hope you all get my point on this and it explains better as i will be removing these pictures very soon ,..

planning_ahead_2

looking4justice wrote: »

That still looks fine to me.

They have added interest before your first payment, but it would make no difference if they added before or after, eg

04 Feb 03 Advance £31,000 running total £31,000
04 Feb 03 Insurance Premium £2,212.10 running total £33,212.10
04 Mar 03 Direct Debit -£263.33 running total £32,948.77
04 Mar 03 Interest £185.08 running total £33,133.85

It doesn't matter that they put the interest before the direct debt - they are charging interest due for the month of February 2003 and showed interest due up to and including 28 Feb - which is usual practice on loan statements. The date they put it on the statement doesn't really matter....the same figure would show as it is the total interest due for Feb 03

The next interest charge listed is for 31 March 2003 which cover interest due for the month of March.

I still cannot see what you think the lender has done wrong.

The reason the outstanding balance is higher than the loan advance is because of the insurance premium.

never-in-doubt

so the question now begs, were you mis-sold the insurance premium is that what you're saying?

looking4justice

my contract say interest will be worked out daily , so why not wait for 1st interest 4 days after ,.. so if i pay end of feb ,.. for febs interest yeah ,.. then i pay march's interest beginning of march , then why another interest charge end of march , no does not sound right to me ,..

planning_ahead_2

looking4justice wrote: »

my contract say interest will be worked out daily , so why not wait for 1st interest 4 days after ,.. so if i pay end of feb ,.. for febs interest yeah ,.. then i pay march's interest beginning of march , then why another interest charge end of march , no does not sound right to me ,..

Your monthly payment date is 4th as that is the monthly anniversary of the date of your loan.

Interest is calculated daily and charged to the account on the last day of each month.

That's how loans usually work.