Thanks for the advice

So for settlement, would they have to apply rule 78 till the year 2010 and anything after that would be based on current regulations? O

Because when I questioned how interest was being applied they sent me a table of rebate fractions by rule 78 explaining that was the method being used

Hi, Im new here and wondered if i can get some help. My wife and I took out a remortgage in Oct 2004 for £22k. Payments at £333.06PM over 180 months at a eye watering 17.9%. We were not aware that the finance company were using the Rule 78 system until a few years ago. Since last year we have gone into arrears as we could only afford to pay £200pm. Last statement in February 2013: Balance was £28,699.76 and arrears balance £2,388.02 The original agreement has no mention of Rule 78 so I need to know if their practise is illegal and if we have a claim of any sort. Help!!!