Settlement figures?

TangledMemories_2

Hi All,

I wonder if you can help me - see if my brain has actually decided to grace me with its presence today!?

I'm wanting to settle off my loan with Beneficial Finance as I've come into some money. Here's the details:

Amount of credit: £3680.38 (including optional PPI)
Term: 42 months (1st payment made 10th June 2007 and monthly thereafter)
APR: 28.9%:eek:

I've contacted Beneficial Finance twice now to ask them for my settlement figure only to be told "it's in the post and can take up to 10 working days" - it's now the 7th day and the woman I initially spoke to said it would be 7 days. :mad:

Now, on the "key information" page of the loan agreement it says about settlement figures:
The amounts that would be payable by you if you exercised you right under section 94 of the CCA 1974 to settle this agreement early, on any of the following dates are:

On the date when 1 quarter of the term elapses - £3071.58 (consists of 2905.14 credit and £166.44 PPI).

Therefore, am I right in thinking I am already 1 quarter of the way through my agreement (11 payments have been made in total), so I owe £3071.58 as a settlement?

Tang

TangledMemories_2

can anyone help?

pania

hiya tangled, how long did you initially take the loan over? when did you take it out?

pania

DOH I'll learn to read!!! sorry. one mo and i'll be back

TangledMemories_2

pania wrote: »

DOH I'll learn to read!!! sorry. one mo and i'll be back

LOL...it's ok...you've obviously got the bank holiday blonde head on! just a couple of days early!

pania

yes you would be right in thinking that. Take care with beneficial though as your settlement can bounce around depending on who you talk to. when was your last payment made? I wouldn't be surprised if they are holding you iff until some more interest has accrued on the account. do they have a branch near you that you can go into? if not call them again and insist on being given it over the phone as you've been waiting long enough.
HTH

TangledMemories_2

pania wrote: »

yes you would be right in thinking that. Take care with beneficial though as your settlement can bounce around depending on who you talk to. when was your last payment made? I wouldn't be surprised if they are holding you iff until some more interest has accrued on the account. do they have a branch near you that you can go into? if not call them again and insist on being given it over the phone as you've been waiting long enough.
HTH

I actually went into my local branch to request the settlement figure. They were the ones who said they would write out to me with it. Why they couldn't tell me there and then is beyond me.
My next payment of £143 is due on 10th May but I'm getting my money tomorrow to clear alot of debts...seeing as that is the figure written in the loan agreement...can they really be obstructive?

I also rang them up today and said the letter still hasn't arrived and the deadline for me is tomorrow...I said that they would have to make do with whatever I give them if the letter doesn't turn up tomorrow - and what I would give them is the figure from the agreement lol

pania

i'd go back in there cash in hand and insist on setlling it then and there. i had to get tough with welcome who were giving me the same grief when i wanted to settle my loan to.

TangledMemories_2

I think I'll start saving up my energy now and go in on saturday. Might take my no-nonsense Nanna with me. She actually puts a suit on when she means business lol.

I like how it's always "our procedure" with companies like Beneficial, yet I bet when I go in to settle the account there and then, they'll try fobbing me off again.
Well, the local branch gave me the loan so they can flippin well take the money to pay it off!

TangledMemories_2

UPDATE:
Managed to muster up the energy to go to the local branch today armed with my cheque book as the settlement figure STILL hasn't turned up.
After making me wait 45 minutes, they said I can't settle my account without that piece of godforsaken paper!:(
However, somehow they magicked a figure of £3296! out of the computer

Sooo...I still have to wait for this flipping piece of paper before I can get rid of them, and according to them at the moment it's an extra £300

pania

theres a very good word that describes the lot of them, sounds like a very popular chocolate (chocolate? did someone mention chocolate? where? where! WHERE!) bar but with an A instead of an I and a T where the x should be!!!!! thats disgusting hon! remind me never to go with them.. and i hope you are going to reclaim the PPI