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ccj advice

claire1909
Posts: 2 Newbie
in Loans
My husband took out a loan with welcome finance in September 2006. the agreement was to pay back £225.26 each month for 36 months. He paid each month up until around April 2008 which to my reckoning means he paid 19 payments and still had 17 left to pay. He has received a ccj letter today and I'm wondering if he can actually dispute a certain amount of the figure they are asking for?
The letter states that the ccj is for the amount of £6034.67 plus £190 court fees and £100 solicitors cost totalling £6324.67
The original agreement when the loan was taken out was for £4335.78 with a whopping £3773.62 interest........of which might i add £1160.78 is unwanted PPI!
So my point is if he has already made 19 payments of £225.36 that means he's paid £4279.94 off the original amount therefore leaving £3829.42 to pay.....Now I understand that they can whack a fair bit of interest on but that to me sounds ridiculous! Can anyone please advise me on what to do or if there is even anything we can do about it. Sorry for the long winded explanation thought it best to give as much info as I could.
Also we are both working but on a low income and I'm worried that the courts may not accept the small amount we have that we can offer, is there a general minimum amount that they have to accept?
Any help would be much appreciated
The letter states that the ccj is for the amount of £6034.67 plus £190 court fees and £100 solicitors cost totalling £6324.67
The original agreement when the loan was taken out was for £4335.78 with a whopping £3773.62 interest........of which might i add £1160.78 is unwanted PPI!
So my point is if he has already made 19 payments of £225.36 that means he's paid £4279.94 off the original amount therefore leaving £3829.42 to pay.....Now I understand that they can whack a fair bit of interest on but that to me sounds ridiculous! Can anyone please advise me on what to do or if there is even anything we can do about it. Sorry for the long winded explanation thought it best to give as much info as I could.
Also we are both working but on a low income and I'm worried that the courts may not accept the small amount we have that we can offer, is there a general minimum amount that they have to accept?
Any help would be much appreciated

0
Comments
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Whats the APR of the loan?0
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57.70%......not as bad as some these days but massively high0
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Are you sure thats the APR?
So £3829 of the original loan was not paid since 2008?
I (and Im tired so my calc may not be right) work it out at ~ £7 per day interest, if you take into effect your principal + interest repayments until 2008 and then compound the remaining amount+interest then their figure looks about right to me.0 -
Are the solicitors Sharp, Young and Pearce by any chance?0
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