Unsecured Loan...with mistaken agreement

ILW

R0bert_Sterling wrote: »

Your best bet is to employ someone to take this case forward on your behalf


Solomon Lloyd Associates Ltd, a financial services can do this for you. I HIGHLY recommend you give them a call. I am SURE they will help you out.

They can clear you personal debt, credit cards all unsecured loans for a one off percentage payment, it works like this:

You owe £20'000
you pay them SLA ltd a 10% upfront fee eg £2'000, this can be paid on your credit card which they then clear the entire debt by arguing that your unsecured loan contracts are worded so incorrectly that they are legally incorrect and that SLA can get you out of them.


Go for it, and keep us informed when you are in the clear.

I second that and please do keep us updated.

~Brock~

Even if the agreement is wrong (which I doubt) you cannot get the agreement 'written off' - a court may arder an adjustment to the amount payable but that is all.

What is the agreement APR?

hullight

You know, I got my bonus from work taxed. I think I might go steal a TV from Tesco to make up for it.

ffacoffipawb

wannabe_super_saver wrote: »

Right. Firstly, I have a headache from all this number crunching. I hate maths!

Ok, so I have a personal loan with a bank who I do not wish to disclose at this time. I have been with this bank for around 5-6 years now and I had a loan with them for the first few years. I took out a new loan last year in Jan 2009 with them and consolidated the previous loan with the new one.

I have dug out my paperwork to do all the calculations myself establish if the information on the agreement is correct or not. Also, I want to establish if there have been any breaches of the agreement by bank in relation to the Consumer Credit Act. I have been trying to figure out the APR on the loan and what EXACTLY I am paying or supposed to be paying and I am having a hard with it. So i'm just going to throw the information on here and see what you think. I have used several online loan calculators to get these figures and also to verify the numbers I have been getting.

Loan amount = £15,000
Fixed annual rate = 16.90%
Term = 60 Months
Total payable = £21,751.20

Ok, so like I said, I have done a few calculators to verify these figures. I have used a loan calculator which has given me these figures when I have used the above figures:

Amount per payment = £371.98
Total payable = £22,318.95
Total interest paid during loan = £7,318.95

Now my loan agreement paperwork states the following figures:

Amout per payment = £362.52
Total payable = £21,751.20
Interest paid during loan = £6,751.20

I used another calculator which gave me different figures again (it was 9 pence out from the amounts state on my agreement). I know that the formula used by banks is very complex and I really dont understand it.

Has anyone got the brains to figure this out?

I am hoping that I may have grounds to write this loan off using my consumer rights.

Thanks.

Using Excel, the figures look fine to me ....

Month 1 cash inflow from the bank of £15,000
Months 2-61 (so 60 payments, first payment a month after taking out the loan) have a cash outflow of £362.52 back to the bank.

IRR = 1.30976% per month
or (1 + 0.0130976)^12 - 1 = 16.9002% per annum rounded down to 16.9%.

The bank are correct. You will get nowhere by trying to rip off your bank.

Simples.

moorey1

that meerkat picture and quote has made me laugth thanks
ffacoffipawb:rotfl::rotfl::rotfl::T