CCJ's, Interest Charges & Recovering Charges

Redshell

Dear All,

I am new to this so please bear with me........I am looking for some help regarding a situation that I naively thought I had sorted and has come back to bite me.....so here goes...

I have a CCJ for a £22,025 loan that I failed to repay to Natwest. I now have an agreement with the court which I am fully able to pay and have been doing so for the last 14 months.

I recently obtained a copy of my credit file and further to a telephone call to Natwest's solicitors, it became apparent that I have been charged interest of 8% apr; this means that more interest is being added and I would have spent the rest of my life paying interest while the loan amount added up and up...

I have managed to get the interest charge frozen with immediate effect (and yes I have it in writing also!), but I have been asked to put my complaint in writing regarding the last 14 months of interest that I have been paying and why I think they should refund it.

I am now at a loss as to where to start and wondered whether anyone had any experience with this type of thing before or whether there is anything that I should know before I proceed...I know that legal advice may be one avenue but really can't afford to go down that route.

Any advice welcome.......thank you!

Snaggles

Hiya, I've never come across that situation before - I will bump your thread to see if anyone else has any ideas, but I would also perhaps speak to the CAB to see if they can give you any advice.

hitback

hm! Interesting, good old NW!!! We've just submitted a complaint via the FO regarding interest charged on an overdraft which was originally under £5k but thanks to NW applying interest is £5.5k!!! they also issued us with a CCJ which is fine as we had increased our payment with CCCS anyway. Did they tell you they would be applying interest after the CCJ, if not there is one point to argue, also did they notify you of the rate?? To be honest you've highlighted the main point of disoute in that you are trying to pay the debt off and they are not helping you to do this by applying interest....Like Snaggles says, still might be wise to speak to CAB or Debtline?
Good Luck!

nomoneynomoney

let me know how you go because I might be in a similar situation with nat west

Tuscan

yep good old natwest, im having the same issue with them, so far im £5000 down in interest charges and as of last week i have a ccj, they have said they have no intention of stopping the interest either..

im waiting to go back to court as they wont except the courts dission on a monthly payment, they want a charge on my home and still want to hit me with 8% interest untill the 27k debt is payed off, this equates to over £200 a month in interest charges alone. this will mean i will only ever be paying the interest and never the debt unless i sell up and pay them out of the sale.

to add insult to injury, i had already payed off 10k before going on a debt managment plan, i have payed a further 5k since then over 2.5 yrs and the debts more now than it was 3yrs ago

NW are utter Ba******

Tuscan

forgot to ask is the 22k you got the ccj for the outstanding amount including all interest that you would have payed if the loan had run its course, ie if it was a 20k loan then the total amount payable would have been x amount and thats what they whent for less any payments you had made, or in the credit aggreament does it say interest is added daily untill the loan is payed up

hitback

Redshell, how did you manage to get them to freeze the interest? Is this a permanent arrangement or temporary??
I wouldn't trust NW as far as I could throw em, and believe me that would be pretty far off a short pier!!!!!

Tuscan

if need be you can take them back to court and get a time order cost £70, this means a judge will set the interest amount if any and the bank have to abide by it, this is what im expecting to have to do, they have to be reasonalbe in the way they manage debters and by charging more interest than the monthly payment is far from be a responsible lender..

hitback

Yes heard about that. waiting to hear what bull they come back with to our complaint....If needs be then we will take them to court...best of all they sent us a letter today asking if we'd like to book a review with our personal manager!!! Seem to have forgotten they kicked us out over a year ago!!! *******!!!!!

Tuscan

i still have my ltd company acount with them, would like to change it but would be more hassle than its worth. im suprised they didnt try to close it, but being a ltd company account i dont think they can touch it...

i too get letters from my buisness manager asking if theres anything i want..lol

hitback

No i don't think they can. They just annoy the crap out of me!!! especially when i have to look at their stupid advert on tv!!!