Equifinance Secured Loan

[dx100uk]

both sign it

have you moved since taking this out?

I suspect not as there is a charge on the property?

you have checked?

[mizzbabyjess]

I haven’t moved.

yes they hold second charge.

can I also do this with my mortgage provider Platform Mortgages or is it more complicated?

[dx100uk]

you can sar any credit provider you like!!

 

 

[mizzbabyjess]

Hi,

I sent the SAR off to Equifinance last Thursday 06/02/20, I haven’t received an acknowledgment from them.

 

whilst I am waiting for the SAR to come back, I have a question?

I got into arrears with Equifinance which I explained in my first post.

 

I made a lump sum payment of £3000 last week and £3800 in October this was to stop a pending eviction.

 

I have been trying to refinance so that I can pay Equifinance in full.

unfortunately it has fallen through, and Equifinance had said previously that if I didnt pay them the full arrears then they will again start possession proceedings.

 

Now I am in a position to make monthly payments to Equifinance and I have reduced the debt down with the lump sum payments.

In the past Equifinance have never done anything to help like freeze interest for a period of time or maybe increase the length of time to pay, all they have ever done is send threatening letters and orders for possession.

 

I do need to go back to them to say that the refinancing has fallen through And I want them to accept repayments going forward, but I’m not sure they will accept this.

 

I dont know how to go about  it with them.

 

Any suggestions would be great.

thank you

 

[dx100uk]

well you know you have arrears, but the full nature of those won't be known till we have the SAR data and look at how much they've added which is unlawful and reclaimable.

 

pers i'd simply resume paying the required £PCM stated on the original agreement + a bit extra off the arrears figure , that way you are showing good will.

 

I expect they'll write at some point. 

 

dx

 

[mizzbabyjess]

Thank you,

apparently there is no outstanding arrears as such, it is now just the the whole amount outstanding.

i will resume the monthly payments and wait to hear from them. They did state that the full amount had to be cleared by 14th Feb.

[Ell-enn]

If there are no arrears on the account then the can't take any further action provided you make monthly payments on time.

[mizzbabyjess]

Thank you for all your advice. 
Equifinance have said because of previous problems with payments, even though there is no outstanding arrears on the account, if the account is not paid in full by 14/02/20 with refinancing, then they will start possession proceedings again.

 

They have also stated that the term of the loan expired last August, but in their letter it did state about continuing with repayments until the loan is repaid.  Which is what I am trying to do, but when I put this to them they ignored it and said that the account needs to paid in full.

 

surely the fact I have made 2 lump sum payments and to resume monthly payments shows my commitment to paying this loan.

[ericsbrother]

It looks like they are running out of options to rook you so have gone for the big one.

The principal lender( mortgage co) wont be playing along with this unless you have a large amount of equity in the property as they get first dips

 

Equifinance are taking a risk but I bet that they are hoping to charge you a bunch of fees for going trhough this charade rather than actually being serious about calling in the loan.

 

When you get all of the statements I bet we find a load of unlawful additional fees and charges that you can recalim and as they accure interest their removal will reduce this debt massively . they may even owe you money.

[dx100uk]

Let 'em get on with it.

Just willy waving.

 

stay off the phone from now on.

 

you'll be hitting back soon when you do reclaiming soon.

it's about time you took control anyway.

 

after all its your money, you control where it goes....not some tin pot 2nd charge fleecers

[mizzbabyjess]

Thank you, I have made sure all communication is by email. But I will not be having any more contact with them now until I receive the SAR back.

according to the last redemption statement sent last week it says

Original sum loaned      £11,895

Total Charge for Credit £10,341.48
Fees & Disbursements £7,412.80

Discharge Fee.               £180.00

Total Amount due.        £29.829.29

Additional Accrued Interest net of interest rebate       £11,852,49 

Less Monies Received. £25,524

Settlement Amount.      £16,157.77

 

So I have actually paid back £25,524 of an £11,895 Loan.

 

 

[dx100uk]

no WRITING ONLY.

 

fees +£7k!!

you're in for a windfall off the balance then

[mizzbabyjess]

Should I still wait for the full SAR? And ignore them until I have received that?

[dx100uk]

wait for the sar rather than do what now?

[mizzbabyjess]

I just can’t believe how much I’ve paid back already £25, 524 & they are saying I still owe £16,157.

They will probably be in touch Monday to say they haven’t received full payment.

[dx100uk]

so what IGNORE THEM.

 

take control not BE CONTROLLED..

this is why you are in this mess

you've let them walk all over you.

 

dx

 

[mizzbabyjess]

Exactly!!

I am going to take back control.

[mizzbabyjess]

Hi,

just an update, I received a letter from Equifinance, all they have sent is an arrears statement from November2019 - Feb2020

No sign of the returned SAR and no acknowledgement of it.

They have until 5th March.

I haven’t had any contact with them since the payment of £3000, so I don’t know why they have sent an arrears statement.

[mizzbabyjess]

Hi, I have today received a huge box from Equifinance full of paperwork in response to the SAR.

can someone advise as to where I start, it’s quite mind boggling.

Thank you

[mizzbabyjess]

Hi can someone advise as to the next steps now I have received all the paperwork back from Equifinance?

Thank you

[dx100uk]

already advised what to do .

if you re -read your thread it tells you...

 

dx

 

[mizzbabyjess]

Thank you.

 

i have just received a letter from Equifinance.

 

Stating the fact that they cancelled the Bailiffs Appointment on 05/02/20 following the payment of £3000.

They continue that as a redemption didn’t take place on 14/02/20, can I advise of my intentions moving forward regarding the remaining balance.  They also state  that if a satisfactory agreement cannot be reached within a reasonable timeframe, they will apply for a further bailiff appointment for repossession.

They end with for the avoidance of doubt, we will not be able to cancel any further repossession action, if we are compelled to go back to court again for this.

 

Obviously I do t want this to happen so can anyone advise as to what I send in reply.

 

thank you

[dx100uk]

scan up the letter please PDF only

read upload

[mizzbabyjess]

Ive attached the letter

 

thank you

Equifinance letter:Consumer action.pdf

[dx100uk]

this is where in the past they have been allowed to run roughshod all over you time and again without abiding by the rules of the SPO

 

they can't 'just decide to send bailiffs to evict you'

they have to go thru the court.

 

 

get a copy of the statint sheet.

 

find every fixed sum fee from the statements from day ONE.

like letter/phonecall/failed dd/arrears/any debt-agent visit fees/etc etc

you'll soon spot them

 

put EACH ONE individually into the spreadsheet on its date 

with its sum and its reason in the 3 cols ..

 

the sheet will do the rest for you.

 

prepare for a shock!