norton finance loan

[charlotte18]

Hello,

I have a loan with norton finance and over time have accrued charges and default notices.

the original loan was for 8000 and now has 4700 outstanding, 1500 of this is arrears.

 

I am now paying 50 over the monthly repayment to clear these arrears. Charges and defaults total 1300.

 

I noticed that charges dropped from 40 to 35,

 

when i questioned the company they said "in fairness to customers" so i feel that they have already admitted these charges are unfair.

 

Is it possible to claim these charges back?

 

I have successfully claimed back bank charges in the past but am unsure if loan charges can be claimed back in the same way.

 

I am also concerned about contacting the loan company while the account is in arrears.

any advice would be great

thanks in advance

[ims21]

You might find that the unlawful charges plus interest will make a significant difference to the balance on the account.

 

And yes, loan charges are available for reclaim, i.e. late payment, telephone calls, unpaid cheque etc.

 

Use this spreadsheet to see what is due back to you.

 

CISheet v101.xls

[charlotte18]

thankyou for your advice

I am in the process of filling in the calculator but the compound interest is 0.00 every time, is this correct?

 

What do you think my chances are of a successful claim?

 

thanks again

[ims21]

Have you entered the interest rate in the appropriate box at the top?

 

Your chances are as good as any other claim.

 

You may have to sue to get them back.

[charlotte18]

user error! the calculator has given me the interest figures now.

looking through the statements i noticed costs were originally £40 then in 2009 were reduced to £15 then this year increased to £35. Is this allowed?

can you tell me what i should do next?

thanks

[ims21]

Next step is to send a preliminary letter of claim to the lender together with a copy of the spreadsheet.

 

There is a preliminary letter at post #31 here and although that particular claim was for a credit card, the principles are the same for a loan account.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?309037-Charges-older-than-6-years-***WON***-Compound-Int-t-and-**NO-SET-OFF**(1-Viewing)-nbsp

 

Also consider the interest rate you are using.....have a read of No.4 in my signature.

 

If they fail to refund then you would issue a "Letter Before Action" and if they still don't pay then you would issue in court.

[charlotte18]

Thankyou Ims21

 

I have a copy of the preliminary letter and list of charges so will post tomorrow. Will let you know how i get on.