Cash Converters Loan

[fkofilee]

Howdi Folks

 

Cash Converters have defaulted me for a loan of £500 with the total cost standing at £1378. Attached is a picture removing all personal info but itll help establish my point.

 

Loan was taken on in Jan 2012 and Im not sure if i remember making a payment as this is when everything got really sticky personally.

 

Now the default should have been reasonably within 6 months to 9 months, so if the first payment was due in Feb and wasnt made then for me a default should have been issued in Aug 2012 ish.

However they have defaulted me in August 2013?!?!?

 

Do you think thats reasonable? Im not sure how to sort this.

Finally I might challenge them to give me a full breakdown of charges as im not convinced it should be that much

 

[ATTACH]50291[/ATTACH]

[user2001]

The 6 month concept is outdated since the ICO updated their guidance early this year - so I wouldn't be overly surprised at your default date. They would be argue that they gave you plenty of opportunity to avoid the rather nuclear-level event of a default going onto your CRA files. It will stay there until August 2019

[fkofilee]

Hi User,

 

Honestly i still think 6 months is reasonable and not 3 times it. As for the default im challenging them on the total amount thats due, It cant be that much.

Thanks for your "Helpful" Advice

[user2001]

Sorry if it's not what you want to hear - but it was the ICO's position when I complained to them earlier this year about substantially more late payment markers than you have.

[fkofilee]

Hi User

 

I completely get it and im in full agreement with you on it, The ICO set "guidance" to follow, however 18 months is still too long!

The account could have defaulted in July 2012 and actually shown the correct information (1, 2, 3, 4, etc Late PAyment Markers) but it doesnt.

Question is how would you feel if you stopped paying a loan that was being reported on, they left markers on your credit profile and then defaulted it 4 years down the line. Thats 10 years that account will remain on your credit profile. Thats wrong IMHO

[fkofilee]

Guys

 

Look at this statement supplied by Cash Converters Personal Loan.

Am I able to reclaim the Arrangement Fee & Dishonour Fee?

 

I think this is really bad.

 

[ATTACH]50428[/ATTACH]

[user2001]

The dishonour fee appears to be a default fee and is inline with the generally accepted £12 applied by other organisations.

 

Not sure on what basis the arrangement fee could be reclaimed as it would have presumably formed a clear part of the T&Cs but would be interesting to see if you manage it.

[renegadeimp]

That is a penalty charge and can be reclaimed. Just like almost every other penalty fee can be reclaimed from loans.

[fkofilee]

Hi Imp

 

Just as i have thought, I have emailed them to find out whether they will remove these, they are serious money!

[fkofilee]

Just had an update from Cash Converters, Boy what a morning because they have screwed RIGHT up!

 

Email from CC;

 

Please find attached a copy of our complaints procedures for your information. Cash Converters is aware of all relevant legislation and comply with the rules set out by the FCA (the OFT no longer exists). As a guide, a limit of £12 was set for any default fees to be charged and as we only charge £12 (despite it costing us more) we are fully in compliance with this requirement. Any charges applied to your account were clearly stated within all documents you were provided with including the contracts you have signed. We have already provided you with a copy of your credit agreements and terms but now attached a copy of the oral explanation, adequate explanation and SECCI, again which all detail the charges to be made for non-payment. An establishment fee of £120.00 was charged on your personal loan, again this was detailed in all documentation and if you objected to being charged this you could have declined to take the loan further. All interest was pre-loaded onto your agreement; again it was detailed in all documentation. As we made you aware of all costs for taking the loans out prior to approval you had opportunity to query them and not proceed with the application, therefore they are all legitimate charges we will not be removing.

 

As stated in a previous e-mail, we will be happy to agree a settlement/payment plan with you.

 

Personal Loan – Current balance £1,378.32

Cash Advance – Current balance £209.00

 

Please call our office on 01928 248801 to agree a suitable resolution, I have also attached a copy of our Customer Complaint Leaflet.

 

Kind regards

 

Lorraine Aspinall

 

MAy i add on top of this, I also got this email this morning from CC;

 

We are pleased to confirm that your loan has been approved, and there is just one more step to go!

 

Documents containing important information about your loan can be found at: {link removed}

 

Please ensure you read all loan documents carefully. Once you have provided us with your consent, we will go ahead and process your loan.

 

Please note that access to these documents will expire after 7 days.

 

If you have any issues or questions, you can contact us via:

 

Live Chat on our website at http://cashloans.cashconverters.co.uk

Phone on 0800 652 9997 or 01928 248 800

Email: loans.uk@cashconverters.com

Our business hours are Monday 8:30-5:30pm, Tuesday to Thursday 8.30am-7pm, Friday 8.30am-5pm and Saturday 9am-1pm.

Kind regards,

Cash Converters

 

I am fuming!! Not only have they failed here to adhere to regulation (Responsible Lending) They didnt remove my mobile number like i requested! (ICO Complaint)

 

Guys what next?

Edited April 30, 2014 by ims21

[user2001]

I would imagine you can be identified from the link to the new loan documents you included in your last post - may be a good idea to remove that link.

 

Did you actually apply for another loan or is this out of the blue?

[ims21]

I would imagine you can be identified from the link to the new loan documents you included in your last post - may be a good idea to remove that link.

 

Did you actually apply for another loan or is this out of the blue?

 

Link removed

[fkofilee]

Duh..... How could i be so thick!! . Anyhow... Back to your point. I referred the loan to a broker WITHOUT paying a fee and this came up again this year. (Quite recently infact)

 

Naturally I was declined which was fine because i know of the outstanding loan etc but i was shocked to see this this morning.

I asked their complaints team about this and they didnt have any clue about what happened.

 

Going to respond back with how id like to settle this but im not going to roll over and let me stomach be tickled ^__^

[fkofilee]

Right, I need help drafting what i would consider a reasonable response to CC... Heres their response to my requests...

 

In order to keep matters as simple as possible, could I ask you to confirm the amount that you are willing to pay to close your Personal Loan and Cash Advance account with us, along with the rationale as to why you think that would be appropriate and fair.

This would be a great help and ultimately make it much easier to come to a mutually acceptable arrangement.

 

To help with this, detailed below are the costs of the original loans that were agreed with you in the store on 26.01.2012 and 02.02.2012 when you signed our document check list to confirm that you had received both our oral and written adequate explanations of your loans along with our pre-contractual statement.

I am happy to provide these again for you if required.

 

Personal Loan

 

Amount Advanced :£500.00

Loan Arrangement fee: £120.00

Interest charges :£277.13

Total amount payable : £897.13

 

 

Cash Advance

 

Amount Advanced: £150.00

Loan Arrangement fee: £45.00

Default charge: £12.00

Total paid: £10.00

Total amount payable: £197.00

 

As you are already aware we are more than happy to agree repayment terms with you and if required amend your balance and our posting to Call Credit (our credit reference agency) to reflect what we have agreed.

 

Once I understand what you think is appropriate I’m sure we can resolve the matter swiftly.

 

Kind regards

Athene

 

Can i add the ACTUAL balance of the account sits at; £1378 (With Default Charges) for the Personal Loan Only...

To add ive also noticed a massive discrepancy... !

 

Theyve duplicated some Interest payments making the Balance £250 higher than it should be (With Dishonour Fees ontop!!!)