The Most Shocking CCA Ever Constructed

planning_ahead_2

To be honest I think the only thing that you may have over your lender is possibly the PPI which may (or may not) have been mis-sold.

looking4justice

let me just look over something and will be straigh back ,.. as if this is the case then loan would never reduce ,.. and the way it is set the loan would be 6 figures if ran its term ,.. I would of been better off with interest only then , at least the balance would not rise,..

LilacPixie

Looking4justice - honestly your statement looks fine to me. 28th feb 03 interestcharge would cover period 4th feb to 28th feb. Interest changed on 31st march covers 1st-31st march and so on..... I cannot see where or why you feel you have been charged interest twice

planning_ahead_2

planning_ahead wrote: »

let me just look over something and will be straigh back ,.. as if this is the case then loan would never reduce ,.. and the way it is set the loan would be 6 figures if ran its term ,.. I would of been better off with interest only then , at least the balance would not rise,..

The balance wasn't rising....apart from that initial first rise for the insurance premium. You were paying off the interest and a small portion of the capital each month.

looking4justice

I appreciate what you's are saying , but to me does not seem right at all ,.. plus another point in regard to voiding the agreement is the PPI cover ,.. I have never requested ppi cover ,.. never signed anything to say I did , so this was a mistake also at beginning of contract ,.. I will slow raise all my concerns , as many things that make up this shocking agreement ,..

planning_ahead_2

looking4justice wrote: »

I appreciate what you's are saying , but to me does not seem right at all ,.. plus another point in regard to voiding the agreement is the PPI cover ,.. I have never requested ppi cover ,.. never signed anything to say I did , so this was a mistake also at beginning of contract ,.. I will slow raise all my concerns , as many things that make up this shocking agreement ,..

Hi looking4justice

Whilst it may not seem right to you, from the statement you posted the way your lender has applied interest to your loan account is correct. They have definitely not charged you twice in advance as you seem to think. I think you can take all the advice you want - from here, from CAB, from solicitors - and the answer regarding the interest issue will be the same. There is no issue with it.

If you did not request PPI cover then you may have a claim regarding that - but I don't think that means the loan is unenforceable (NID will be better at advising regarding that).

Edit: My understanding is that people mis-sold PPI can reclaim the insurance premium and (I think) 8% interest on the premium. They still have to repay the loan, unless for some reason regarding the credit agreement itself the loan is unenforceable.

Poosmate

planning_ahead wrote: »

Hi looking4justice

Whilst it may not seem right to you, from the statement you posted the way your lender has applied interest to your loan account is correct. They have definitely not charged you twice in advance as you seem to think. I think you can take all the advice you want - from here, from CAB, from solicitors - and the answer regarding the interest issue will be the same. There is no issue with it.

If you did not request PPI cover then you may have a claim regarding that - but I don't think that means the loan is unenforceable (NID will be better at advising regarding that).

Edit: My understanding is that people mis-sold PPI can reclaim the insurance premium and (I think) 8% interest on the premium. They still have to repay the loan, unless for some reason regarding the credit agreement itself the loan is unenforceable.

I agree totally with Planning Ahead. Hopefully Never-In-Doubt will be able to help further regarding claiming back the PPI if it was mis-sold.

I really hope you didn't stop making the repayments because of the interest issue because I really can't see a problem with it and it will have caused your debt to have increased so much for nothing.

Hope you get it sorted.

Poo

planning_ahead_2

If you agree that the interest is not an issue and concentrate on the PPI - perhaps you could post a copy of the loan agreement (having blocked out personal details). This will enable others to offer advice of whether you were possibly mis-sold the PPI.

never-in-doubt

Poosmate wrote: »

I agree totally with Planning Ahead. Hopefully Never-In-Doubt will be able to help further regarding claiming back the PPI if it was mis-sold.

Hiya

OP - You need to reclaim any PPI first and foremost and have all interest etc reflected within the refund and that should lower the loan by a few grand. If you're up to date with payments, they will send you a cheque. If you're in arrears they reduce the debt with the refund - bear that in mind (perfectly legal by the way so don't argue) lol :rotfl:

See here for process: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

never-in-doubt

planning_ahead wrote: »

perhaps you could post a copy of the loan agreement (having blocked out personal details). This will enable others to offer advice of whether you were possibly mis-sold the PPI.

No need mate - bottom line if she says she did not request it then she should not pay. A lot of lenders used to insist on it being present, even to self employed people that really had no recourse to ever make a claim anyway! So lets assume the OP was a housewife on a benefits income, then it would be easy to prove if it was mis-sold as she'd never have been eligible from the start, make sense?