Interest calculated wrong on my CCA – What Should i Do Next?

[ste997]

Hi

I have recently heard about having loan written off due to varies things wrong with the CCA. I acknowledge I have the dept with intelligence finance on a fixed sum loan agreement and I still have the original customer copy of the loan agreement. Well according to the agreement I had 10,000.00 in cash and a further 3,819.20 for insurance making the total loan amount 13,819.20 at 60 months payment of 268.40 at 5.9% APR with annual interest of 5.95%.

 

Well using various loan interest calculations online using the above details show me that I’m paying £1.88 to much a month resulting in total payment £112.80 to much. I have been looking in to having this sorted out with them but reading various topics on this forum I believe I’m in the right to maybe fight to have this dept wrote off. I’m still paying my monthly installments of 268.40 and haven’t missed any payments since this was taken out on 19th April 2006.

 

What should I do, use the CCA request form and hope they can’t find a signed copy and take it from there or should I get legal advice to fight my corner using my original copy of my CCA to see if my interest has been calculated wrong.

I’m finding it hard to mange finance at the moment as I have just graduated university so any savings will help.

 

Looking forward to your replies

Thanks

[Guest Old_andrew2018]

I'm not expert so my reply is to BUMP your thread.

[MARTIN3030]

Are you saying that you actually HAVE your copy of your agreement ?

[hacksaw]

Monthly payment @ 5.95% APR = £265.84

APR for monthly payment of £268.40 = 6.37%

Edited October 22, 2009 by hacksaw
typo

[ste997]

Thanks for getting back to me. Yeah I actually have my original customer copy but like a fool I am, I haven’t signed and dated my copy due to me not having to send it off, but I have learnt from that mistake. Thank you for working me that out and for conforming that it has been calculated wrongly. Where should I go from here?

[enamae]

Was the first payment made on 19th May 2006 or was it deferred to the 1st of June?

 

If it was deferred,it would bring the monthly payment to within 10p of their figure.

 

 

enamae

[ste997]

Just looked back through my old paper work and first payment was 20th June 2006 and was £50.00 for admin fees followed by 20 July 2006 full payment of £268.40

[hacksaw]

If your first monthly payment (principal) was 20th July 06, three months after the date of the loan (19th Apr 06), that would probably explain why the monthly repayment amount would be higher (because there's more interest to pay). The APR they quoted you may well have been correct.

[enamae]

That would explain why the payments are higher as they are calculated on loan £10,000.00 + Insurance £3,819.20 + 1 months interest £69.10.

 

 

 

 

enamae

[ste997]

o I see. I would just like to thank everyone for their help.

[enamae]

Although the payment amounts appear to be correct, have you looked into the Insurance aspect of the Loan?

 

Was it Payment Protection? If it was, as you were a student, depending whether you were also working,this may have been mis-sold and therefore reclaimable.

 

enamae

[ste997]

Yeah it was Payment Protection and I was working at the time and and didn’t go to university till later that year.