IS THE LOAN CO COMPLYING WITH C.C.Act

njtkc

A loan taken out Oct 03 then lump sum paid off in Nov 03 stupid I now but,
I understood it to be rearanged and that I hade no pmts for 2 years.

I have now found out that they have held the pmt in advance ? of no benefit to me at all.
I have requested to pay weekly when i get paid my monthly payment is £223.69 they are taking £56 per week and I can't get them to explain why.

223.69 x 12 = 2684.28 per yr..... 56 x 52 = 2912 ...........228 more

DOES ANYONE KNOW IF THEY ARE ALLOWED TO DO THIS?

I understood that the CC act protected me and them and they could only take what was due?

Has anyone seen or found anything on the threads I have looked a t loads and searched but can't see anything yet.....HELP where do I start to look.

Robert_Sterling

Harsh facts.
You signed a contract to pay £223.69 per month.
You did not stick to the terms of the contract since instead of paying monthly you made one substantial overpayment.
Later you have sought another change in the terms and asked to pay weekly rather than monthly. You can now pay £56 per week or £223.69 per month. If the payments are by cheque then the loan company has the added expense of dealing with four+ cheques a month and associated bank charges.

Much sympathy from me but little hope of any help from the Consumer Credit Act.

njtkc

don't sound good.....but. I thought that the amount had been rearranged Have they not got an obligation to tell me what they are doing and that I wasn't complying with the contract after all they are the experts.. and we as customers beleive what they are doing is correct , if the changes were illegal and are breaking a contract should they not have written to me if any changes would incurr extra charges.

silvercar

I've just done a similar thing, my loan is with GE Money. They told me that my repayments would continue on the same schedule but my loan would be paid off earlier due to the lump sum, Is that what you meant to happen?

njtkc

I am trying to help someone else...it's a very long story. But he is very naive and very very inexperienced with money and bluntly he's being ripped off. lots of information was told to him and it was sorted by saying yep I can get you the money just sign here, it will be X per month is that OK.
He is / was very trusting of what's been said and Not read the paperwork sent but believed it would be what he was told. So when he paid the lump sum he was told that it would save him lots of money and he believed it without actually understanding or asking how? I'm trying to gather information and fight his corner. he has just been asked over the telephone how much can you afford to repay the loan...?

FORMAL COMPLAINT now forwarded to head of cust relations.

njtkc

just thought I'd update my thread.......
I knew that it was a two way thing BUT they were the experts, changes were made to the loan agreement which a consumer is not supposed to do but how many loan comapnies TELL the ignorant/naive customer who is just interested in CAN I BORROW THE MONEY that they are contravening the Consumer Credit Act.
I fought his corner until the bitter end and wanted proof from Beneficial Finance that they had informed their customer of what they were doing.

last letter to Chief Exec of their parent company HFC Bank and 4 days later it has been investigated and they have written off £4,800 .

They have very obviously not complied with the CCA and do not want us to rock the boat......

NOTES ....you may have not complied with the CCA but have they told you the implications of what you are doing....THEY are the EXPERTS and know exactly what THEY'RE doing and if they don't tell you then they are in the wrong. SO TAKE THE COMPLAINT TO THE TOP, FOLLOW THEIR COMPLAINTS POLICY and CONTINUE UNTIL SOMEONE HAS GIVEN YOU THE EVIDENCE/ANSWERS YOU ASKED FOR. Give them reasonable timescales and follow it to their governing bodies if necessary.