...Moneyway....But it was an interest free contract !!!!!?????

[somewhere]

Hi

I'm writing on behalf of a freind who's first language isn't English.

I'm going to recount the facts as they were told to me.

 

He bought bedroom furniture from Betta Bedrooms.

Because the offer was interest free credit on purchases

he agreed, paid a deposit and signed and returned the relevant forms to Consumer Credit Solutions

 

The cost of the furniture was £2,458 - date of agreement Nov 19 2012.

The terms of the agreement were 0% credit on purchases.

 

Direct debit started Dec 19th 2012 @£62.8 p.month. leaving him, plus the deposit paid, approx. £1,400 to pay.

 

He has never received a statement of account or any other paperwork (except the contract which he can't find)

 

Two months ago he received a call from Moneyway

(who for some reason have taken the loan over)

informing him of the balance owing..

.which including interest is £2,574.80 including interest !!!

 

He spoke to me and I told him to ask for a statement of account & copy of the contract.

 

Only the statement arrived consisting of the DD payments

 

It consisted of his address, the date and adds £1,310.00 in the first entry for interest.

 

It doesn't state what the interest is APR.

..he has told them there was no interest to pay but they seem to just ignore that.

 

I know him well enough to know that he would not have signed up to pay interest on purchases.

 

Although he speaks English well...he is at a disadvantage in this type of situation.

 

Because I'm acting on someone elses behalf I need to know I'm doing the right thing for him.

 

I am assuming that my next step is to request a SAR from Moneyway

(not the original company who had the loan)

- using your (very conveniently) provided template.

 

I haven't asked if he was charged insurance yet !!

 

As always, thanks for your help in advance

 

:hail:

 

somewhere?

[mapadale]

Your friend needs to find their contract or have the original contract sent out, as nothing is 0% interest free and may have a time clause at which point interest is charged.

[somewhere]

Thanks for the speedy response, will obtain a copy of the contract....and no doubt return for more advice.

 

Thanks again

 

Somewhere?

[dx100uk]

the org agreement would have been 12mts int free

as long as the full purchase cash price was paid within 12nts

 

 

he has obv not done this.

but its been sold on to moneyway a debt buyer

 

 

dx

[somewhere]

Hi

 

I'll know more when I see the contract. However he's paid by direct debit in a timely fashion and the interest has been added to the first day of the contract being in force.

 

Also the three months deposit has not been deducted or acknowledged in the statement

 

We shall see - but he is adamant he read through the contract carefully, however I would tend to agree that he didn't read the 'small print'.

 

I'll be back !!!

 

 

Thanks again

 

Somewhere?

[fkofilee]

Disagree with DXs premise of Moneyway being a DCA. they are not a DCA, they are a legitimate loan company.

I wonder if the loan book was sold on to them.

 

They are still obliged to provide a copy of the CCA.

With that in mind, please raise a complaint with Moneyway. He is entitled to see the CCA and also at least a yearly statement including any payments made etc

[dx100uk]

sri yes

[BRIGADIER2JCS]

Was the loan via V12 Finance by any chance ?

 

 

Same group as Moneyway (Secure Trust Bank).

[somewhere]

Hi BRIGADIER2JCS !

The original loan to pay for the furniture seems to be a standard service which purchase transaction which BETTA BEDROOMS subscribe to called Consumer Credit Solutions.

 

I can see no reason for them to have passed the loan over to Moneyway

 

The statement they provided excluded the 3 months deposit in the calculation and added the interest at the top of the statement to the purchase price making a total loan figure of the two combinedas the initial sum owed.

 

Even if he didn't read the small print and interest free period was only one year - interest is not payable on the whole loan as their calculation shows.

 

Again I repeat there is no interest rate shown/ nothing at all

 

Regards

 

Somewhere?

[BRIGADIER2JCS]

Hi BRIGADIER2JCS !

The original loan to pay for the furniture seems to be a standard service which purchase transaction which BETTA BEDROOMS subscribe to called Consumer Credit Solutions.

 

I can see no reason for them to have passed the loan over to Moneyway

 

The statement they provided excluded the 3 months deposit in the calculation and added the interest at the top of the statement to the purchase price making a total loan figure of the two combinedas the initial sum owed.

 

Even if he didn't read the small print and interest free period was only one year - interest is not payable on the whole loan as their calculation shows.

 

Again I repeat there is no interest rate shown/ nothing at all

 

Regards

 

Somewhere?

 

 

 

I suspect that this credit provider has been adsorbed into the same group of companies as Moneyway.

 

 

We need to be clear as to the 12 Months interest free set up, it means that the account has to be completely repaid within the 12 months period if the debtor fails to repay in that period interest becomes payable on the amount loaned.

 

 

When was the 12 month started, how many payments have been made?

[somewhere]

Hi BROIGADIER2JCS

 

Help

Please May I pm you - I do not have enough posts to be able to do it without (I think) your permission.

Cannot use forum

 

Please see post started 24/08/13 Veterans

 

Thanks

 

Somewhere?

[somewhere]

Hi

 

He can't seem to be able to find the original contract but is adamant the transaction was interest free for the duration.

 

I assume I need to send a SAR....do I send it for him to Moneyway.

 

Please see my previous message

 

Somewhere?

[somewhere]

The cost of the furniture was £2,458 - date of agreement Nov 19 2012.

The terms of the agreement were 0% credit on purchases.

 

direct debit started Dec 19th 2012 @£62.8 p.month. leaving him, plus the 3 months deposit paid, approx. £1,400 to pay.

 

Or so he thought !

[BRIGADIER2JCS]

Hi

 

He can't seem to be able to find the original contract but is adamant the transaction was interest free for the duration.

 

I assume I need to send a SAR....do I send it for him to Moneyway.

 

Please see my previous message

 

Somewhere?

Yes a SAR to Moneyway is a good idea , however this may not provide a copy of the original agreement as there is no obligation to supply it with a SAR.

 

 

I would also send a CCA request at the same time, Fee for SAR £10: Fee for CCA request £1 there's templates in the CAG library for these.