Showing results for tags 'interest'.
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Is there a court form for such an application ?
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Bankruptcy - Does he still have "beneficial interest"?
adw1104 posted a topic in General Debt Issues
In 1996 my husband was declared bankrupt following a business failure. At that time I took over paying all the mortgage payments including all the insurance endowment premiums. At that point there was no equity in the property. In 2006 the Protracted Assets unit of the Official receivers "took" my husbands share of the property and the endowment policy although, by that point, I had been paying all the mortgage/insurance premium payments for ten years I made no effort to prevent them from doing so, I realise that was probably a serious mistake but it's spilt-milk now. The property was eventually re-mortgaged (in joint names) to pay the receivers and my husband's name remains on the deeds, just because we never took it off. We did sign a Tenants in Common agreement giving me 100% of the equity in the home but did not enter it with the Land Registry, because we didn't anticipate another bankruptcy situation would occur. I continue to pay all the mortgage payments and all the endowment premiums with no help from my husband to this day. As a result of another business failure my husband is now considering bankruptcy again although he is in negotiation with his creditors, they are not showing much enthusiasm to agree a reduced settlement presumably because they can still see his name on the house deeds. He cannot get a DRO or IVA due to the size of the debt and his lack of income at present. All the debts are credit cards and therefore unsecured. The endowment policy has recently matured and I have the funds secured in my own private bank account. I paid the premiums for 20 years and I consider these monies mine. The interest-only mortgage is due in about ten months and these funds will be needed along with other investments that I have made alone. What I want to know is: Given that my husband has contributed nothing to the mortgage and endowment policies for the last 20 years are his creditors or the receivers going be be able to get at my home, again, simply because his name appears on the mortgage and deeds? Will either be able to claim a share of my endowment savings from my own account? Is it worth me instructing my own solicitors to protect my interests should court or bankruptcy proceedings begin or will I just be wasting my money? Thanks in advance for any advice. -
Hi I have just received a letter with cheque attached from Santander stating that 'while reviewing my closed business account they have noticed they applied the wrong interest to the unauthorised overdraft on a business account between 2009 to 2014.' Now this account was closed after being paid in full in 2014, but what they have refunded is the difference between the wrong interest and the correct interest and then have applied interest to that as accrued to current date. While this is OK, my question is would I be entitled to compensation on this error as well as any charges on the account that were applied. The additional interest that I had to pay off at the time certainly delayed the settlement due to the extra interest added by them and this was at a time of hardship . I did not have use of that money for use by my family as it was paid to Santander, and it prolonged the time that it was reflected on my credit report. My thoughts are to request copy statements from them for the time period noted and details of charges applied so that I can check what they are referring to, details of how they have calculated the refund, have they included the amount of interest applied to the incorrect interest, along with a request for compensation for the hardship stress and lack of use incurred by their error. Any thoughts and additional suggestions on this would be appreciated along with what level of compensation would be reasonable to expect/ request. Thanks in advance for your thoughts and comments -
I have today received a letter from GE stating that the interest on my interest only mortgage has been calculated incorrectly It states that the interest should be calculated daily and charged monthly , however it has been calculated monthly and charged monthly This has come out of the blue and contains no actual calculation and a credit has been charged to my account I recently had an experience with Royscott Finance , and because they had not supplied annual statements I received the full amount of interest charged over a 2/3 year period. Have I got any rights to get the interest back or any form of compensation in relation to this ? Any advise would be greatly received Thank you in advance -
Hi Wonder if anybody could give advice. In 2013 purchased a car on conditional sale agreement. I returned the car recently under the conditions of the agreement I was due to pay half the value of the credit agreement. (In my case as I returned it earlier I need to pay the difference between what I had already paid and half the value) However, I do not agree with the figure given by the finance company. When looking at the details of the credit agreement further the deposit I paid and the value of my trade-in have not been deducted from the financed amount but instead have been added to it. Effectively I am paying my own deposit and trade-in value again but this time with interest! Can anybody advise me where I stand with this? Many Thanks
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"The national interest must come ahead of human rights" David Cameron. But is not human rights central to our national interest? Every year the British Government sell £4 billion in arms to one of the worlds worst human rights abusers, Saudi Arabia. Currently a 17 year old Saudi male faces public beheading followed by crucifixion because he has been found guilty of being involved in sedition in taking part in a human rights riot. David Cameron's Government cut a secret deal with Saudi Arabia last month to be elected onto the United Nations 'Human Rights Council'. Saudi Arabia publicly beheaded over 60 of it's own citizens last year year, flogging, up to 1000 lashes at a time, is common. Woman under penalty of imprisonment are not allowed to drive. The justification for David Cameron in turning a blind eye to these and other human rights abuses is 'We share valuable intelligence with them of people who want to harm both regimes'. As well as Saudi Arabia Britain has just completed trade deals with one of the most prolific Human Rights Abusers. That being China. An example wil be live organ donation/ harvesting from their prison population. ( Falun Gong) The response from the Chinese Government states that the prisoners agree to it. And the UK Government accepts that response What can be more harmful to our reputation on human rights when we ignore them in the name of national security that ultimately undermines our commitment to uphold human rights? No wonder the Tories are so keen to try and dump the European Convention of Human Rights as they have no respect of them. The irony in all of this is that it was a Tory who was instrumental in conceiving the ECHR That being Winston Churchil -
FCA takes interest in WeRe Bank
silverfox1961 posted a topic in The Bear Garden – for off-topic chat
As any sensible person will know, the Freeman movement are stating that using WeRe cheques are legal tender. Errm! Nope The Financial Conduct Authority have taken an interest in this and have published a statement. http://www.fca.org.uk/news/consumer-notice-were-bank If that doesn't convince you to stay away, you had better start investing in tinfoil hats -
A really great .pdf document about Passwords, and well worth the read. Full Article -
Afternoon, I've been in a bit of a spot recently, lost my job, had to re-arrange my mortage to interest only or risk losing my house, defaulted on my one credit card, missing paying bills every month, I think you guys get the picture but the last year or so has been financial hell for me. My credit report is a sea of red Anyway I'll concentrate just on the Barclays account here. I've had an account with Barclays for around 20-25 years and I have most of the statements which I've started to dump info from into an Excel spreadsheet. I have a question if anyone would be so kind as to help, 1) I've dug a folder from around 1998 onwards and logged charges that include Unauthorised overdraft fees Additions fees Transaction charges for insufficient funds in account Personal overdraft usage fees Overdraft interest charges Paid referral fees Items returned fees Reserve usage fees I'm missing a few statements here and there so will SAR Barclays today to get the missing information. Naturally I'm awful at administoring my personal finances or should I say I was awful until a few ago when I stumbled across this place. My question is this, what are my chances of recouping any of the above fees and if so over what period. The Additions fees which are small are already over a thousand pounds and I still have another 5 years of statements to go through. I hope I don't come across as a chancer who is trying to claw back money for services that I used. I have a deep loathing of Barclays as they have me by the short 'n curlies since I live in their 'reserve' paying close to £100/month for the privalige of doing so. I never asked for the Additions accounts, I frequently popped into my local branch on occasions to speak about the horrendous charges but was always told that I was on the best package for my current situation, surely this was misleading to say the least? I've read the BCOBS stuff in this section but am still a little confused as to what my next move should be once I've completed my spreadsheet and write to Barclays asking for ermmm, some money back please? -
Hello All, some advice requested - please and thank you. long story short - Following SAR, I discovered that the bank had applied an incorrect rate of interest to a loan i took out way back in 2002 (i had thought the "extra" was due to PPI). After an amount of to-ing and fro-ing bank rejected PPI had been included. Bank argued re the "extra" monthly repayment amounts but paid £100 for distress and inconvenience directly into my account and advised me to contact FOS if not happy. Matter therefore promptly referred to FOS. The bank now agrees that the 16 monthly repayment amounts were incorrect and have offered to refund the overpayments ONLY with an additional £75 for distress and inconvenience. Question - is this offer fair and reasonable? i.e. no offer of interest % repayment- be it statutory 8% and/or other related and claimable interest...and on what substantiated basis could one put forward an argument for repayment? I have to respond to this offer within a matter a days and thus it would be marvellous to hear from you all in due course. Many thanks indeed.
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I sent paperwork to them a couple of years ago, which they rejected. Two weeks ago, out of the blue, a reversal of their earlier decision and an offer of £5K to settle, which they credited to my account last week. Seems like the regulator is finally making some progress. -
In 2012 I went to court to get an eviction stopped, which happily I did. My CMI is £348 p.m. and to make a good offer I said I could pay £500p.m., a round figure, which would clear arrears in about 8 or nine years. There are twenty or so years left on the term. The recent talk of interest rate rises has got me wondering though. When my mortgage company puts my payment up do I just add that difference to my monthly payment or do I pay the same and take longer to clear the arrears? I expect that the company would tell me to pay more but where do I stand legally?
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There are many people who find themselves in my position . Interest only mortgage coming to the end and there are either insufficient funds or no funds to repay the capital sum. In my case I took out a 10 year Interest Only Mortgage ( Idon't know why it is only 10 years) I have contacted Santander a few times over the last 2 years to see if they would extend the term but they just refer you to customer services to start a whole new loan . I no longer fit any criteria to get a loan . I have never missed a payment even though I am on a very high rate compared to other lenders or teaser rates . I am now retired with a younger wife and four-year old son . I got until February 2017 to find an answer to my problem. I have read the FCA guidelines 2013 but its just guidelines and Santander doesn't wish to play ball. Anybody got any ideas? -
Firstplus and CT Capital PPI interest
artycgill posted a topic in Payment Protection Insurance (PPI)
Hi there and thank you for letting me be part of this awesome forum. I have a question which I would be greatful if anyone could give me a definitive answer to. I took out a loan through FP with CT Capital being the broker in 2006 against my property for 35000 5 years ago I joined the many and claimed the mis sell of PPI. I received back 4500. However my loan amount barely reduced after they said they had removed the PPI. I believe I am still paying the interest on it. Can I go at them again either FP or CT to get this removed altogether? Many Thanks in advance G -
Just a quick one. I work in IT doing web application development. A client wants a website created, which is a system that compares a type of product, and requires a big database of said products. The client had us sign an NDA before they revealed their idea. The issue is, I have been speaking to a relative about this exact same idea before the client told us about it, I even have a database of the products already built, all in my own time. I worked many hours on research and building servers to support it. I showed my boss the work I have already done on it, and I get the impression that hes now more excited that I already have what they need for the project and it will save us time. I don't want to give up the work I've already put in to this, since I still see it as our idea. Q1. Can I charge my boss/client for the work I've already done? Is this a good idea? Q2. Can my boss just get me to do this work again during office hours and then the company will own the rights to it? Q3. Should I expect problems if I went ahead with my plan, since we signed an NDA already? Q4. How can I protect the idea without them claiming we stole the clients idea?
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I took out a card in 2002, with my mum who has now passed away. I have been trying to pay this off, but the interest this month on £1950 is nearly £200. I cannot afford the payments let alone this interest. Does anyone have the same problem, as its just ridiculous.
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I have had a CO for the last 6 years on my property and looking at the court forms interest is being added every month. The issue is that since the charge was granted I have had absolutely no contact from the creditor at all. I did ring them once to try to set up a payment plan but was rudely rejected and told to pay the whole amount plus interest or they were not interested. So my question is, are they meant to send me an annual statement of interest as I have no idea how much the debt stands at now? and when in a few months I have enough saved to pay off the amount of the CO but not any interest, can I have the CO removed? Any advice would be appreciated thanks
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I have had a thread on the Financial Legal Issues forum regarding a debt owed by my boyfriend to Vanquis which was bought by Lowell in 2010. Link below, http://www.consumeractiongroup.co.uk/forum/showthread.php?416410-Lowell-BW-Court-Claim-old-vanqius-card-debt-Help-Please I have had some great help from members of CAG. Someone has suggested that we claim the PPI and Charges back from Vanquis at the Compound Interest Rate which is 24.9% instead of just claiming statutory interest of 8%. I have no idea on how to go about this and would like some help in reclaiming this money as it will wipe out the debt to Lowell and they will end up owing my boyfriend money!! -
Good morning All, I hope everyone is well! I have a question that perhaps someone here will be able to help me with. I've recently had a complaint for PPI upheld with Santander (previously Abbey National) for a loan taken out in 2006 and I've received an offer of payment, but the 8% interest calculation they've done looks woefully inadequate. The account went into arrears shortly after the loan was taken out due to me losing my job because of illness. I then made payments through a debt management plan for a number of years, but the payments weren't for the full monthly payment of the loan (which is why I'm struggling to calculate the interest myself). I did make two full payments at the beginning of the loan and using the ppi interest calculation spreadsheet, the interest they've offered doesn't even cover the interest on these two payments. I have all the paperwork if someone wants to take a look. I'm thinking of sending a letter back asking them to clarify how the calculations have been made. Any advice would be massively appreciated and greatly received
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Hi all I have had a Barclaycard ppi claim refused after 2 attempts so have decided to issue a court claim via moneyclaim online. T he issue that I have is in regards to what interest rate I can charge for the claim. The ppi premiums were for 22 months back in 2003 and the card apr was 29.9%. Am I only able to charge 29.9% interest on the court claim for the period that the ppi premiums were deducted, i.e until the end of the 22 months or can I charge the 29.9% up until I issue the court claim. Or would it be 29.9% for the 22 months and the 8% from the start of the ppi premiums until the court issue. Many thanks for your help -
Hi there, im trying to help my dad to see if he was mis-sold PPI. He took out a mortgage with Woolwich back in 1996 - 2006 of £20k. He thinks that PPI was added without his knowledge to the loan . He was in full-time employment at the time. He has half of his yearly statements but not the actual policy document. The thing i don't understand is that the mortgage was 'interest only', does that mean they were only paying for the interest and not the money that they borrowed? on the statements it shows that monthly payments were made & at the end of the annual term interest was debited. Does that mean that they paid us the interest back - I'm abit clueless lol. So yeah, can we still claim PPI on this? I'm happy to show the statements, if anyone wants to have a look at them for me. Thank you in advance.
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I'm on a barclays bank account type (aka "bba") and i've gone past the £15 buffer a few times, 3 or more days past the buffer before paying it back, but have never been charged the £0.75 a day charges on any of the days I've been past -£15. As of recently I've been on for a period of 3 or more days now over the buffer to see if I would be charged the interest. This is recently though, and I could be just assuming the fees will appear at the end of the month and are not added day-by-day so they won't display on my online banking summary. http://www.barclays.co.uk/CurrentAccounts/Changestooverdraftsandwaystoavoidfees/P1242663274269 After checking the calculator shown at the bottom page of the link above I can see I should have been charged 75p per day on numerous occasions, but never have. I'm pretty sure my bank account is just a bba too as it says "bba" in the account type in online banking. Which theoretically means I should have been charged. Just wanna make sure since I want to buy something and it will cost close to the max on the overdraft before paying it back in a week and don't want a it to spiral into those £30 a day stuff going into an unauthorized OD with the 75p a day charges if they surprise you with them at the end of the month with a bulk charge. I guess I could phone them up but don't want to sound like a cheapster or tip them off to "correcting" my account status plus paying back what I "owe" them or something. So anyone know? Do they add these charges at the end of the month in one big lump or are they supposed to show up trickle-by-trickle every day? Thanks in advance.
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Hi everyone, Is anyone in the same situation or maybe I can get an advice? In 2007 I took together mortgage( interest only) with Northern Rock for £162.000 For the first two years we were paying interest only £865.30 at 6.35% After that in 2009 the interest dropped to SVR 4.78% so they recalculates our payment to £663.30.(interest only) We decided to keep paying the same original amount, and start overpaying the mortgage. Over months/years our outstanding balance was decreasing. In November 2013 I realised that the amount of interest charged has been the same since 2009 despite overpaying by nearly £15k by then. our outstanding balance decreast by around 15k but the interest has been charged from £162k that we originally borrowed. I have contacted NRAM and they told me that the interest has been the same because I haven't instructed them to recalculate it. And if the overpayments where over £500 a month it would be done automatically. they told me I have to call them each time I overpay over £500 and ask to recalculate my monthly payments. Is this legal?? In my mortgage documents it says that my interest is charged daily. Re overpayments ''Following receipt of a regular overpayment or a lump sum repayment, the amount that you owe and the amount of interest that you pay will be recalculated with effect from the following day'' When I checked my statement back only with two statements in 2009 there has been a note under overpayments that "If you make your monthly payments by Direct Debit and the overpayment is £500 or more your monthly payment will be changed automatically. You have the option to leave your monthly payment unchanged, which will have the effect of setting up a regular overpayment and further reduce your outstanding mortgage balance..." Is there something I missed here, or NRAM is taking a chance? In original morthage documents there was no mention that i have to phone them and ask to recalculate and no one has told me that when i was setting up overpayments which them. I would really appreciate your opinion, thank you.
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Hi, I defaulted on a loan with Colonial Finance back in the late nineties/early naughties, and it was sold on in turn to various credit agencies such as Allied International (lovely bunch of people there!) and lastly Chatham Finance. The £10k loan, plus the £4k interest and £2.7k PPI cover was all passed on to Chatham finance, a total of £16.7k. I have negotiated with Chatham over the years and managed to tie them down to a 1% interest rate on my debt, the outstanding balance of which now stands at £3,800. I have always thought it may be illegal that Colonial sold on the £4k interest and £2.7k PPI parts of the loan. It has obviously created a situation where I am paying interest upon interest. I have never questioned the interest/PPI issue with them because I always try to avoid contact with these people as much as I can, and I didn't want to get into a situation where they would increase the interest rate I had negotiated so hard for due to me arguing various issues with them. That said, could anyone advise if Colonial were in their rights to sell on the interest and PPI elements of the loan? This debt has caused many a tear over the years, just like it has with other people on this forum who have had similar experiences of abuse & harrassment. Could I claim that I was illegally sold the PPI, even though it's over 15 years since I took out the loan? Would any such claim need to be made against Colonial or Chatham? Any advice would be greatly appreciated. Thanks. Steve.
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I'm hoping that someone will be able to help me as I'm feeling absolutely desperate. Our interest-only mortgage with GE Money was due to expire in May 2014. However, in September 2013, my husband was involved in a road traffic accident and sustained brain injury. Since then he has been unable to return to full-time employment. I wrote to GE Money before the expiry date, explaining our situation and requesting that they extend the mortgage term for another year until our situation improved and we were able to approach another company to re-mortgage. Despite providing them with medical evidence, they rejected this offer. In early October 2014, they sent a letter informing me that they would take legal action to recover the £190,000 outstanding (our property is worth around £270,000). I phoned them, once again reiterating that we had kept the mortgage payments up-to-date and that once I had a full-time job, I would seek a remortgage with another company. They said they would consider this, but make no promises. On Saturday this week, however, we received a letter from their solicitors (Eversheds) informing us that they have been asked to represent GE Money and that we will shortly be notified of a court date. My husband has suffered with anxiety and memory problems since the accident and this situation is making matters ten times worse. Any advice would be most welcome.
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