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Subject Access request back, what is going on?


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Excellent news about the ICO!

 

Sorry im not knowledgeable enough to advise but my post will bump for you :)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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Loan & APR Calculator

 

stolen from another thread :)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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haha now your going to think im being a pain. . cant tell if it worked till tonight as im at work and all I can see is text at work (crap comps) .

 

Hopefully a few other ppl will check it is viewable for you but I willl defo check tonight for you.

 

 

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I can't read the re-sized agreement either - the resolution of the image itself is not high enough, so if you zoom in it's too pixelated to be legible.

 

However, going on the figures you posted, here is what I think is going on:

The interest rate is a "flat" rate of interest (which means most loan calculators won't calculate it right because there is no "reducing balance"). The £195 fee has interest charged on it (this was a disputed issue, but per Walker v Souther Pacific Personal Loans court of appeal decision, this is permissible. There may be a supreme court appeal, but that could be quite a while...)

Regular payments of £239.91 are correct with the stated rate, the credit and the fee. The £50 is added to the last payment. That gives you an APR of 36.7%.

The total amount payable seems to be out by about 28p, which is odd, but not a fatal flaw.

 

I should be far more concerned about why the details of vehicle are different from what they should be.

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  • 2 weeks later...

I was going to ask the exact same Ozzy.....

although I had a call from a company yesterday saying due to the governments rulings etc on the cca and past debts etc they are contacting every home in the UK to offer their services didnt say the name of the company though but i should still have phone number....

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I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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I did do ;)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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  • 2 weeks later...

One of the companies is called Clear Unfair Credit, in writing they have confirmed that there won't be any charges that I am responsible for, they will recover the payment from the other side.

They are looking into the Car Hire purchase agreement, seemingly as the personal loan was re-written when I renewed the loan.

Does anyone know if it is possible to get any money back on the personal loan even though the most recent agreement is only 18 months old.

Any help appreciated.

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The Consumer Credit Act was ammended, effective from April 2007. Agreement after that date cannot be "irredeemably unenforceable" and it sounds like that is this company's buisness. If you had PPI on the personal loan, you could recover for mis-sale of that by complaining to the lender and then to FOS (assuming it was mis-sold, but that was pretty common until fairly recently).

 

With regard to the HP agreement, has this company explained what they are offering to do? Even assuming that they could get the agreement declared unenforceable, if you stop paying the lender, the lender can and will report you to credit reference agencies. You personally won't actually get any money back, you will just (in theory) not have to pay the lender for the rest of the agreement.

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I have been in dialogue with Welcome about both the loan and the HP. I have some payments to catch up with on the loan, however I only have about 3 payments left on the HP before it's finished. I have disputed the HP and have been making token payments to the account.

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I have been looking through my loan agreements and was wondering if someone could take a look.

My first loan was in 19/05/06 for £1000, total for interest £564.74 (including £75 acceptance fee).

1stagreement.jpg picture by sjozanduk - Photobucket

I then renewed the loan in 05/10/06 , total amount of credit states £1977.18. This includes £977.18 to settle original loan, new advance of £1000 and interest of £1406.73 (including £75 acceptance fee).

2ndagreement.jpg picture by sjozanduk - Photobucket

I then renewed again in 04/02/08, total of amount of credit states £3459.83. This includes £2000 to settle original loan, new advance of £1459.83 and interest of £2368.93 (including £75 acceptance fee).

3rdagreement.jpg picture by sjozanduk - Photobucket

 

Can someone tell me if these figures are correct for the renewal loans/

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With regards to the above post, I can see that when I took out the first renewal I had to borrow £977.18 to settle my original loan of £1000 after making 4 payments. Total of the 'new' loan was £1977.18.

The second renewal I had to borrow £2000 to settle a loan that was only £1977 in the first place. This was after making approx 14 payments. Is this correct? Why did I need to borrow more than what the original loan amount was, when the first time I renewed I didn't?

I'm confused!!

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