Unenforceable loan agreements

misscutiepie1984

I have on on going complaint with barclays due to some payments going missing in the system... this is still being resolved. At the time i asked for a balance and it was vastly differnt ie i should owe 300 they say i owe 2800.....
i sent in for an sar which i have now received a very poor part of one and how realised that the apr of 23.9% that it states im being charged infact calculates to be 37% apr.

I am now being charged about 400 every 3 months and this is apparently 20.74%!!!

any ideas now that i have found that the credit agreement has been wrong since day one

never-in-doubt

Seek advice from FSA asap! That's what i'd be doing cos this is clearly a deeper problem than sending in a letter me thinks......

misscutiepie1984

before i noticed this problem i did contact the fsa and they said i have already done everything that they would recommend. i need to send all this additional info onto financial ombudman hopefully this will help my case.

never-in-doubt

misscutiepie1984 wrote: »

before i noticed this problem i did contact the fsa and they said i have already done everything that they would recommend. i need to send all this additional info onto financial ombudman hopefully this will help my case.

Sorry FOS is the correct route - at the end of the day it it is a revolving credit agreement (variable rate) then so long as they give notice they can up the apr. If however it was wrong from outset then you have a good case for mis-sale of product and the whole shebang wiped! :T

misscutiepie1984

that would be great if it were to happen.

misscutiepie1984

Can someone please advise if the figures encirled in red should be 23.9% of the figure found above or am I missing something.

esmerellda

Just thought I'd ask a wee question here if no one minds

Brokers fee listed seperately and included in total charge for credit (which is as it should be) however interest has been charged on said brokers fee and the interest has not been seperated from the Loan interest.

Loan 15,000 over 10 years at 11.79% is £10606.73 interest

If you add in the brokers fee and loan admin fee it comes to £16750 over 10 years at 11.79% gives £11844.18 interest (which is the interest stated on the CCA)

Not really my area so thought I'd check with peeps who are more likely to know a definitive answer.

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Misscutiepie - seems only the APR is stated there. To work it out you should use a loan calculator which on 23.9% gives you total interest on the loan of £2052 and on the PPI interest of £370.86 (based on 36 months monthly compounded)

Here - http://www.thisismoney.co.uk/loan-repayments-calculator

esmerellda

anyone?

Wobbers

Hello All.

Now, It seems there are a few Moral issues of not paying what is allegedly owed to banks etc.

Look for a book called Modern Money Mechanics and read Mary Croft's book or find her on youtube.

In most cases, YOU create the money for the banks with your signature as a "Promissory Note", which the banks leverage on.

The banks (mostly) do not have the funds in the "Credit" column of their double entry book keeping system to actually Legally Lend you any money as their is no "consideration" (real money of exchange or something of substance) to back it (Fraud 2006 Act etc).

Further, they Illegally ask you to pay the Principle and Interest on your own money! Essentially conning you.

That's why the bank don't loose out after wiping your "debt" out.

On top of that, the Fractional reserve system, means they can loan 9 times the principle YOU created to other Borrowers, thus producing more cash from NOWHERE!

It's money of Account, not Money of exchange.

It's COMPLETELY CREATED FROM THIN AIR.

Now, who was it talking about morals?

This is just a form of slavery to the people who haven't woken up yet.

Don't take my word for it. There is case Law to back it up.

The Banking system is not what you all think it is. Go into a bank and ask the cashier to change your £20 promissory note into real money of exchange (substance)? Try it.

Just something to think about Still feel guilty?

Wobbly

R0bert_Sterling

Wobberstheknobber wrote: »

Hello All.

Now, It seems yada yada yawn yawn
Wobblyknobber

Drag up a year old post to peddle this rubbish??:mad::mad: