Good evening, I did say i would post more information about the other loan, plus some indepth details. First the settlement figure of £19,343 in 2008 was an orginal loan taken out in January 2004 for the sum of £18,900, this was a 12 year loan.
The APR was 15.29%Then in Janunary 2008 a secured loan of £4,503 was taken out. On top of this loan was £500 broker fee, £150 title insurance, so the opening loan was £5,153.
The APR was 13.90%.This loan was settled in August 2008 settlement figure being £7,829, this included £1000 plus for collection costs and £395 for redemption fees etc.
The collection cost for the larger loan was £195 but for the smaller loan it was £1000 plus. What was the difference in the way the loans were 'collected' and what was the process of the collection. I tried to challenge BF on all the charges and collection costs, plus the £55 x 3 for the settlement figure request and other letters in this regard on each loan.
They claimed they can charge what they like under the agreement. The Rule 78 increased the larger loan and i was sent a formula in respect of how it was worked out and none of the number or symbols made any sense. Can anyone advise on the above in terms of any possible claims and clarify the terms of the larger loan as this was a 12 year loan, the way it was calculated.
Thanks very much for your assistance.