Give me a shout if you need a handI know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
24th Nov 2014 9:59 pm
SN
Member Since: 03 Jan 2006
Location: Romiley
Posts: 13710
Cheers Al having consulted with the CFO-cum-Filing-Assistant it appears we DO have the paperwork filed in the glory-hole known as "The Cupboard Over The Stairs" - I shall go rooting in it this week in between MK tripsSteve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)
24th Nov 2014 10:02 pm
Gareth Site Moderator
Member Since: 07 Dec 2004
Location: Bramhall
Posts: 26779
Cheque arrived and paid in today. Very nice.
26th Nov 2014 4:56 pm
pacsixty
Member Since: 02 Nov 2014
Location: leeds
Posts: 81
still waiting.........its been a week !!!!!!!!
1st Dec 2014 10:17 pm
RAW
Member Since: 14 Oct 2008
Location: Devon
Posts: 936
Got a letter today pay for the extras on the new one MY18 RRS Autobiography Fuji White
MY15 D4 silver Commercial
MY11 D4 Fuji White Landmark (Gone)
MY11 D4 Silver Commercial(Gone)
Isuzu Utah D Max(Gone)
John Deere Gator HPX
Nifty Lift HR12
Kubota KX41-2
1st Dec 2014 10:37 pm
SN
Member Since: 03 Jan 2006
Location: Romiley
Posts: 13710
NoDo$h wrote:
Each of your annual statements should have detailed the early settlement process and told you how much rebate you would get for settling early.
If this was missed they aren't entitled to retain interest for the period covered by that statement.
Yippee (I think) - I have found my statements now and the only thing it states about early settlement process (on the four statements in a row) is this:
On each statement Black Horse wrote:
Settling your credit agreement early
You can settle this agreement at any time by giving us notice in writing and paying off the amount you owe. If you wish to settle early you should contact us for a final settlement figure.
If you wish we can provide you with separate settlement figures for your hire purchase agreement and for your insurance finance agreement. Please contact us in writing to obtain this.
I see no sign of telling me how much rebate you would get for settling early
Is this a slam dunk?Steve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)
2nd Dec 2014 8:03 pm
Gareth Site Moderator
Member Since: 07 Dec 2004
Location: Bramhall
Posts: 26779
I've been trying to get some clarity on that latter point. There was a date when disclosure of settlement amounts became mandatory but that was after the 2007 amendments and I'm blowed if I can find the relevant amendment.
I've seen a letter today where the lender has said they are paying out as the annual statements weren't sent on time. This tells me the lenders are looking at their compliance on all statement requirements.
I'll see if I can summarise the points in plain English - give me half an hour to dig out the references I need.I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
Ok, dug around again and it seems that lenders are finding some agreements are fully compliant, while others have missed key elements or have been received late. Not a lot of pattern to who, what, when, which is not wholly surprising given some of the horror stories I see in IT implementation and document fulfillment processes!
Things to check are dates, amounts and mandatory wording.
The specific settlement figure was a much later addition and isn't relevant here - duff info from me on that one, sorry!
What we've seen so far is payment because the settlement wording was missed off (highlighted in red below) or statements were sent late or not at all (green notes below). There are also instances where voluntary termination rights were missed (blue below)
If ANY of the following points are missed on your statements, hit them with a letter telling them you believe they have failed in their obligation under section 77 of the Consumer Credit Act.
So, here's an abridged version of what should happen with each statement
What is meant to happen:
Statements must be sent annually, the first being sent no later than 1 year from the date you signed the agreement was made (day you signed and collected the car). However..... There is a "grace period" of 30 days for issuing the statement.
The statement must cover the full year, no more, no less.
Each statement needs to clearly state the following items that are specific to your loan
The period to which the statement relates.
The name, telephone number or numbers, postal address and, where appropriate, any other address of the creditor.
a description of the agreement sufficient to identify it;
the amount of credit provided
any rate or rates of interest applicable on a per annum basis which applied during the period to which the statement relates and the periods during which each rate applied
the date on which the agreement became an executed agreement; or
the date of first movement on the account
the duration of the agreement;
any opening balance under the agreement at the beginning of the period to which the
statement relates;
the amount and date of any payment made into the account by, or to the credit of, the
debtor during the period to which the statement relates;
the amount and date of any interest or other charges payable by the debtor which became
due during the period to which the statement relates, whether or not the interest or other
charges relate only to that period;
the balance under the agreement at the end of the period to which the statement relates.
Other things the statement must include:
“Settling your credit agreement early
You can settle this agreement at any time by giving us notice in writing and paying off the
amount you owe. If you wish to settle early you should contact us for a final settlement
figure.â€;
“Dispute resolution
If you have a problem with your agreement, please try to resolve it with us in the first
instance. If you are not happy with the way in which we handled your complaint or the
result, you may be able to complain to the Financial Ombudsman Service. If you do not
take up your problem with us first you will not be entitled to complain to the Ombudsman.
We can provide details of how to contact the Ombudsman.â€;
“Paying less than the agreed sum:
If you pay less than your agreed payment in most cases it is likely to take you longer and
may cost you more to pay off the debt under the agreement.
If you have difficulties making payments under your credit agreement please contact us if
you have not already done so to discuss terms for the rest of the agreement. You may also want to seek advice on what to do from an independent free advice agency such as the
Citizens Advice Bureau.â€.
“Termination: Your rights
You also have the right to end this agreement early in accordance with section 99 of the
Consumer Credit Act 1974. You will not have to pay all the sums due under the agreement
but you will not be entitled to retain the goods if you do this. Details were set out in your
credit agreement. If you wish to terminate the agreement you should contact us for further
information including any amount payable on termination.â€.
“If you wish we can provide you with separate settlement figures for your [hire purchase]
[conditional sale]* agreement and for your insurance finance agreement. Please
contact us in writing to obtain this.â€.
*Delete as applicable.I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
2nd Dec 2014 9:17 pm
SN
Member Since: 03 Jan 2006
Location: Romiley
Posts: 13710
so I have no blue words....
even in black Steve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)
2nd Dec 2014 9:30 pm
dantheman
Member Since: 12 Mar 2010
Location: Essex
Posts: 1739
The seem to have included everything.
Except
I dont have the last red paragraph on the first 2 statements but I have words to that effect on the 3rd.
Is it worth a letter Nodosh??
2nd Dec 2014 9:52 pm
SN
Member Since: 03 Jan 2006
Location: Romiley
Posts: 13710
which is different to me, because I have everything word for word on all four statements except that the blue bit is completely missing from them all - there is no clue of any termination rights on mineSteve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)
Last edited by SN on 2nd Dec 2014 11:09 pm. Edited 1 time in total
Dan, yes, worth dropping them a letter telling them you
"believe Black Horse are in breach of Section 77 of the Consumer Credit Act 1978 with regard to statements dated dd/mm/yyyy and dd/mm/yyyy, specifically Schedule 1, Part 3. As a consequence you were not entitled to enforce the agreement during the period of non-compliance and there was no liability for me to pay any interest calculated for the period of non-compliance or to any part of it."
I can't guarantee a result, but if that wording is missing on two statements but is present on the third, that suggests you have a case for them to refund you the interest for the period of those two statements, unless they can advise of a reason why your statements and agreement were exempt from these requirements.
If you get a result, I'd really welcome a click on the "donate" link in my signature I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
2nd Dec 2014 10:15 pm
dantheman
Member Since: 12 Mar 2010
Location: Essex
Posts: 1739
Bizarre
Here is wording on the rear of my 1st and 3rd statements. Clearly different and with a bit of luck enough for non compliance
Click image to enlarge
2nd Dec 2014 10:26 pm
dantheman
Member Since: 12 Mar 2010
Location: Essex
Posts: 1739
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
having consulted with the CFO-cum-Filing-Assistant it appears we DO have the paperwork filed in the glory-hole known as "The Cupboard Over The Stairs" - I shall go rooting in it this week in between MK trips
| 08MY Discovery 3 (history) 
pay for the extras on the new one 
seem to have included everything.
