Query on A&L Loan APR 7.4% or 7.44%

[Jim Pike]

Hi all

Could do with a bit of help please, I thought I had finished paying my A&L Loan, but along comes a default notice, apparently I missed a payment last year when I became ill, before PPI kicked in.

Could you please look at the agreement and see if it is valid. The apr on agreement states 7.4% but on Annual statement sent end of last year states 7.44% I know it is not much but makes amounts incorrect.

Also should the agreement have a cancellation box? you will see on the pic I have put an arrow pointing to a bit that says "non canc" does that mean non cancellable?

One more thing should I have been paying Interest on the PPI payments, A&L would not have paid the full premium to insurers at the begining of the loan would they, more like they paid each and every month that I paid.

Any Help would be appreciated.

Thanks Jim

 

Loan Agreement side 1.pdf

 

Loan Agreement side 2.pdf

 

Annual Statement side 1.pdf

[42man]

Hi Jim....there is an allowable tolerance for interest rates - have a look here - http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/169592-urgent-help-wanted.html#post1830350

[42man]

Are you able to post up the default notice ? leave dates on but delete any other information that may identify you.....

[Jim Pike]

Hi 42man,

Thanks for your help on this, I am uploading the default notice and notice of default sums that I have received 2 of one on the 11/7/09 and this one 26/9/09.

I thought all this had finished last year, but I had missed a payment in october, my fault as I had no money (still haven't) I am sure that our friends at A&L have got it all right and I owe the money but I think £25 a time to send a letter is a bit off.

Thanks again for your help.

Jim

Notice of Default sums 26 Sept 09.pdf

default notice 26 Sept 09.pdf

[Jim Pike]

Please can someone look at the default notice, it is 14 days from typing the notice to the date I have to sort it. It also says my action needed is to pay an overdue sum of £352.89 but then says further down that balance outstanding is £377.89 and amount to be paid £397.99 There is also a minus sum of £20.10 confused or what!

Please give me some guidance.

Jim

[djh1697]

The default notice is merely a way that A&L make extra cash on late payments. They make a charge of £25 for a late payment, there will probably be a late payment shown on your credit file too. Speak to the arrears department, bring your account up to date and ask to have the £25 refunded. Maybe someone could take them to court to get charges refunded.

 

****ed off ex-employee!

[Jim Pike]

Hi djh1697

 

Thanks for your reply, I have sorted this out now, but I only paid the £352.89 which was the last payment on my loan. I spoke to them on the phone and told them that I would not pay the 2 charges of £25 each, and the customer services person said that if I paid there and then she would waive the charges. I must add that the payment was 1 year late to finish the loan.

 

And yes I did record the call. I have purchased an olympus voice recorder from Comet it has the facility to record from the phone line using a plug from maplins. The whole lot worked out at about £60 I couldn't afford the truecall (still can't at the mo) the olympus works a treat and you can download the files to the PC and play on media player.

 

Cheers

Jim