GE Debenhams store card sold to CL finance

[meerkatsmimm]

Wow....

 

I never added the 8%, just the compound interest. But that sounds right given how far back your dates are starting (1989).

 

Its amazing, I can only hope they pay up on this money owed (or walk away, but Id rather have their money as I would be better off!).

 

Subbing here anyway, any advice you get beachy will benefit many others, myself included, and if I get any ill post up here!

 

meerkat x

[beachcomber60]

Wow....

 

I never added the 8%, just the compound interest. But that sounds right given how far back your dates are starting (1989).

 

Its amazing, I can only hope they pay up on this money owed (or walk away, but Id rather have their money as I would be better off!).

 

Subbing here anyway, any advice you get beachy will benefit many others, myself included, and if I get any ill post up here!

 

meerkat x

 

Hi Meerkat,

 

I was gobsmacked after working it all out, did it with the 8% added because stuck a claim in against barclayloan and the paid compound & 8%, but even if I left the 8% off the claim is still more then double the outstanding debt.

 

havent started the unlawful charges & over limit fees yet.

 

Just hope a knowledgeable one would drop by and let us now how get the claim GE or CL.

 

Will definately keep you posted - as you say, we're in it together!

 

Beachy

[beachcomber60]

Could someone please advise if the document posted#1 is enforceable, OH wants to take on CL as they have totally ignored cca requests (twice), the above document was supplied by GE as part of a full SAR. GE have stated that no monies are now owed to them, and that the cca & deed of assignment should be provided by CL Finance.

 

CL own the debt absolutely, so as there are charges and PPI added should OH pursue CL for reimbursment of these charges - with compound interest added charges & ppi outweigh the outstanding debt balance.

 

on behalf of OH

 

Thanks muchly

[PGH7447]

But its a blank form with non of your details on it so if this is what they are going to rely on incourt then I would hazard a guess that it is unenforceable

 

Saying that though it obviously is a new set of T&C's so is it pertinent to the one you alledgedly signed?

[beachcomber60]

But its a blank form with non of your details on it so if this is what they are going to rely on incourt then I would hazard a guess that it is unenforceable

 

Saying that though it obviously is a new set of T&C's so is it pertinent to the one you alledgedly signed?

 

Thanks PGH,

 

They persueded OH to convert from a normal store card to credit card in 2006, they tried to get me to do it as well but said I did not qualify as I was self employed.

 

Would you know who is responsible regarding claiming back charges & insurance? CL have assignment absolute.

 

Ta

[PGH7447]

CL then, but they will tell you to contact GE

[beachcomber60]

About to start a reclaim battle with either CL Finance or GE Money (OC).

 

Basically, debt sold off to CL Finance November '08, No default notice or Notice of Assignment - already have a thread running regarding this.

 

Sent a CCA request to CL in March - absolutely no response, sent reminder mid April again no response - Phoned CL and was told that its taking longer then expected to obtain a copy from GE.

 

Sent off for a full SAR to GE Money, information supplied was for statements 2003 to 2008 with some statements missing and a note stating that system errors prevent all statements being available, they also stated that there is no original agreement available due to the age of the account (1983) and that a sum of £2,250 in PPI payments had been levied to the account - PPI stopped end of 2005 after finding out just how dear it was and for no benefit. Sent off a non complaince letter requesting missing information and all I received in reply was a very bad microfiche copy of the in store application form.

 

Now I want to try and reclaim the payments and I just wonder if someone could do a quick calculation ( I have done the spready but just need to check that I've done it right as the figure I have come up with is very high)

 

19/04/2003 PPI £2.35 APR 29.9% Interest Calculation to 17/06/09

(compounded annually)

 

My other question is that although they state that £2,250 had been levied only £326 is covered by statements, so the balance must have been applied before April '03, so I want to take the remaining £1,924 and apply it to march '03 in one lump & do the APR interest at 15% as a gesture of goodfaith

 

Long winded I know but couldnt explain it better.

 

Beachy

[alanalana]

About to start a reclaim battle with either CL Finance or GE Money (OC).

 

Basically, debt sold off to CL Finance November '08, No default notice or Notice of Assignment - already have a thread running regarding this.

 

Sent a CCA request to CL in March - absolutely no response, sent reminder mid April again no response - Phoned CL and was told that its taking longer then expected to obtain a copy from GE.

 

Sent off for a full SAR to GE Money, information supplied was for statements 2003 to 2008 with some statements missing and a note stating that system errors prevent all statements being available, they also stated that there is no original agreement available due to the age of the account (1983) and that a sum of £2,250 in PPI payments had been levied to the account - PPI stopped end of 2005 after finding out just how dear it was and for no benefit. Sent off a non complaince letter requesting missing information and all I received in reply was a very bad microfiche copy of the in store application form.

 

Now I want to try and reclaim the payments and I just wonder if someone could do a quick calculation ( I have done the spready but just need to check that I've done it right as the figure I have come up with is very high)

 

19/04/2003 PPI £2.35 APR 29.9% Interest Calculation to 17/06/09

(compounded annually)

 

My other question is that although they state that £2,250 had been levied only £326 is covered by statements, so the balance must have been applied before April '03, so I want to take the remaining £1,924 and apply it to march '03 in one lump & do the APR interest at 15% as a gesture of goodfaith

 

Long winded I know but couldnt explain it better.

 

Beachy

 

Hey beachy you will need to ask pompeyfaith on this issue. I got my sums wrong on my claims. But if you go via the FOS they will work it out. A lot of folks are rightly concerned at getting back what they are due so if you can come up with the figures well and good. Sorry I cannot be of more help.

 

aa

[pompeyfaith]

Hiya Beachy,

 

What is the £2.35 ?

 

19/04/2003 PPI £2.35 APR 29.9% Interest Calculation to 17/06/09

(compounded annually)

 

Regards

 

PF

[beachcomber60]

Hi Pf,

 

Blimey that was quick

 

The £2.35 was the amount they added to the account for ppi for that month.

 

Regards

 

Jim

[pompeyfaith]

So am i right in saying you paid £2.35 a mth from 19/04/2003 until 17/06/09

 

Sorry im a bit confused here was this a store card and if so surely the PPI each mth would be differant depending on the balance?

 

Regards

 

PF

[beachcomber60]

Sorry PF I think I'm causing confusion by not explaining properly.

 

On the 19/04/03 they added £2.35 ppi to the account, on my spready I calculated interest from the date they added it to the account (19/04/03) to the date I did the spreadsheet (17/06/09) @ the annual APR of 29.9% & came up with £2.35 ppi + £9.71 interest.

 

You are correct in that the monthly ppi varies according to the outstanding balance.

 

Just think I've done something wrong as working out all the calculations for the statements & figures they've supplied I've calculated ppi of £2,250 plus compounded interest at 29.9% = just over £7,000

 

Just hope I'm right.

[pompeyfaith]

Ok gotcha

 

But i must say that sounds about right remember it is 29.9% compounded

 

But i will check for you

[pompeyfaith]

Ok i make it £2.35+£9.45=£11.80

 

 

And £2,250.00 at 29.9% over 6.17 yrs = £11301.89 interest £9051.89

 

Regards

 

PF

 

.17 being the decimal sum of 2 mths

 

P.S fill yer boots

[beachcomber60]

Thanks PF

 

Your help is, as always, greatly appreciated.

 

Best regards,

 

Jim

[pompeyfaith]

Just double check those figures on another calculator and it is bang on to the penny

 

Regards

 

PF

[pompeyfaith]

I thought it would be high due to the interest rate and the interest being compounded mth on mth.

 

Regards

 

PF

 

I know where you are coming from though it does take you by surprise lol

[pompeyfaith]

Pleasure if you need anymore help with this just send me a PM

 

PF

[beachcomber60]

Once again Thanks PF, just picked myself up off the floor

 

Tickled your scales accordingly

 

Beachy

[pompeyfaith]

Yup lol i know that feeling very well beachy.

 

I have an ongoing claim with the co-op bank for PPI totalling £31,000 for mis-sold PPI on 9 Loans i ended up checking my figures over and over.

 

Thanks for the rep.

 

Regards

 

PF

[Sagittarius]

The case law on notices of assignment is somewhat complex but appears to say that the notice only has to tell you who you need to pay HOWEVER if the notice says more - e.g. it gives the date of the assignment or arguably says how much is owed then that information has to be accurate

 

Have a look at

 

WF Harrison & CO LTD v Burke & Anor 1956 [2] All ER 169

 

So should a purported Notice of Assignment for a credit agreement (loan or credit card) have the account number on it ?

 

More importantly what if it doesn't identify the account number / agreement number in the Notice of Assignment ?

 

e.g. what if a NoA states something like your loan with original_creditor_name has been transferred to us and here is your new account number ? However the NoA fails to identify or mention the original account number / agreement number ? Is this a critical failure ?

[I've got no money]

So should a purported Notice of Assignment for a credit agreement (loan or credit card) have the account number on it ?

 

More importantly what if it doesn't identify the account number / agreement number in the Notice of Assignment ?

 

e.g. what if a NoA states something like your loan with original_creditor_name has been transferred to us and here is your new account number ? However the NoA fails to identify or mention the original account number / agreement number ? Is this a critical failure ?

 

IMO it depends on the facts - if, for example you have one account with say MBNA, and you get an NoA that says it's an MBNA account that has been assigned to Mickey Mouse & Co BUT doesn't give the account number - in that situation I think that the NoA is valid. If, however, you had several accounts with the OC and only one has been assigned then I think that it is arguable that for an NoA to be valid that it should specify the account number. The whole point about an NoA is that you need to know that it has been assigned and who to pay.

 

If they quote the wrong a/c number IMO that would invalidate the notice - the argument goes that they must have referred to a different account...

[underdog13]

What of the NoA contains the latest account number, but the agreement contains the original (and different) account number?

[I've got no money]

Sounds like MBNA - I think that there is an argument that it may be invalid unless of course the OC had already told you that the number had been changed

[underdog13]

Hi IGNM,

 

it is MBNA - you know them so well:D

 

MBNA acquired the account from another company, before assigning to a DCA. Would that mean two NoAs are relevant?

 

If the original NoA between MBNA and original card provider was invalid, then surely they wouldn't have the right to pass it on to the DCA, as they didn't own it in the first place?