Challenging loans/credit card debts themselves. Opinions?

5_months_and_stillwaiting

I have been looking at this thread for some time, and I am still not sure which side of the fence I will come down on, but I would be interested in views on the following. I have an agreement for my car through a well known lender who specializes in credit for the less well off. I have run this agreement through this checker and it say I am paying over £45 pm too much (should be £241 not £286) Apparently it was worked out at a flat rate but the agreement states a variable rate. I have written to the loan company to query this, but what should I accept?

loracanyou

I was given a home improvement loan with the Nat West without even owning my own home. How do you think that got passed. Yes I think it should be repaid. But with all this recaliming going on. My ex husband put in a claim on the account to try and claim back over charges. I just went £50 overdrawn and they sent my account to the collections department with my salary due into the account less than a week away. So I managed to stop my salary going into that account now the account is £654. overdrawn and £550 of that is charges.

golddigger_3

...bump......

BAILIFFCHASER

Beanietdc wrote: »

Not sure here either. Some people may see it as a way of avoiding their responsibilities. Like Tru.. I spent the money - I have to pay it back. I know not everyone is in the same situation but for me it's quite simple.

You do not need to go on a guilt trip as once you discover what the banks are upto then your left speechless !!!!

Andy_ArT_Trigg

It's morally wrong. No doubt in my mind. It'd serve people right if they got blacklisted for all future credit on the grounds that they are unfit to do business with and untrustworthy.

The argument that the banks are imoral and screw us for every penny is food for thought - but it boils down to whether you think it's justified to be as dishonest as them or not, or whether that's just a convenient excuse. At the end of the day I have my own moral standards, and I am not going to give my self esteem a good kicking by stooping to devious methods.

Anyway, I must try to get back on the ground, this horse is much higher than the one I usually ride ;-)

stebiz

Sorry but the banks have made too much money 'unlwafully' on the back of the average customer. If they haven't done their job properly then tough on them. This will come out of their profits.

I will be challenging several agreements that I have. To be honest I had already started this before reading Martin's post.

Stebiz

campari

Martin - re this FSA site and its report - I have used the FSA basic info in front of a judge already, and I will be back in court next week with the full version, this was the only way I could get some backup of my contention that my agreement should have told me how much I would be paying back to the finance company, without having a degree in higher math! I have been very badly treated by the finance company and am still treading water - it is very hard for a single mum to sit across the table from a clever solicitor who knows all the laws and regs and they blind you....I had paid most of my loan but now owe more than originally - plus costs, as they would not stop the interest and it would have gone on forever, never ever being repaid.......this was my only course of action. CAB etc., are not readily available or up to speed, and forget about consumer direct, TS etc., there really isnt any help out there. (they are now going after the house and you know this is for less than £2000 - same company just paid my friend £3200 for bank charges).

beanielou

Wishing you the very best of luck campari

Hippocampus

Just thought I'd resurrect this thread, as some of you may be interested to know what the author of the CCA 1974, Francis Bennion, has to say on the matter. This is an extract from his own website (http://www.francisbennion.com)

Consumer Credit Act 1974 s 127(3)

As the draftsman of the Consumer Credit Act 1974 I would like to thank Dr Richard Lawson for his interesting and well-argued article (30 August 2003) on Wilson v First County TrustLtd [2003] UKHL 40, [2003] 4 All ER 97.

Dr Lawson may be interested to know that I included the provision in question (section 127(3)) entirely on my own initiative. It seemed right to me that if the creditor company couldn’t be bothered to ensure that all the prescribed particulars were accurately included in the credit agreement it deserved to find it unenforceable, and that the court should not have power to relieve it from this penalty. Nobody queried this, and it went through Parliament without debate. I’m glad the House of Lords has now vindicated my reasoning and confirmed that nobody’s human rights were infringed.