Pezman's Diary

[greymatter]

Re: Pezman's Diary

Hi Pez
How in Gods name did they arrive at that interest figure?Do they actually show the calcs somewhere?
GM

[greymatter]

Re: Pezman's Diary

Thanks FP
Do they actually get away with this?
So the PT's would show this (thats if they can produce it!!)wouldn't it?Glad they can't=U/E.
I wonder if Pez was aware of this compound interest rate?
Quite disgusting.
GM

[pezman65]

Re: Pezman's Diary

Thanks FP
Do they actually get away with this?
So the PT's would show this (thats if they can produce it!!)wouldn't it?Glad they can't=U/E.
I wonder if Pez was aware of this compound interest rate?
Quite disgusting.
GM

Hi Greymatter, they told me over the phone in 2000 that interest was frozen, they then asked me to sign a new DD form for the new reduced amount, they kept adding the interest and allowed it to accumulate without telling me and this resulted in a £22.345 rather than the £1800 it should be. Only told me the balance in 2009 when the CCA regs changed and they had to by law. It really does seem wrong that they can get away with it.

[greymatter]

Re: Pezman's Diary

Hi Pez
From what I have read of your diary covering this loan,its U/E as per Niddy.So its academic really.
Believe me,with the AAD team behind you ,you're in safe hands.
GM

[pezman65]

Re: Pezman's Diary

Hi Pez
From what I have read of your diary covering this loan,its U/E as per Niddy.So its academic really.
Believe me,with the AAD team behind you ,you're in safe hands.
GM

Thanks mate, its a bit scary at the moment at the thought of me having to leave my wife with all this crap when I'm gone. I'm going to keep it all crossed, thanks to everyone for their words of support, Pez

[pezman65]

Re: Pezman's Diary

Hi everyone - Had a few loans and credit cards during my life and did not see a problem with spending, working and playing, in 1998 developed a heart condition and had time in hospital and convalescence. Got behind and tried to sort it via DMC who promised the world and produced nothing. Have been paying back for last 12yrs only to find some creditors have been charging interest and not informing me until they had to in 2009 when the CCA74 was updated. Now in an impossible position re paying back and receiving all sort of phone calls asking for more money and income and expenditure forms etc etc, health poor and concerned about leaving my wife with all this crap. Feel I have hope now I have found this site and have had support from lots of you for which I am very grateful. Below is some of the debts and I will update with the others as and when. Cheers to all Pezman

Type of account - Loan

Date commenced - 11/09/1998

Approx balance - £22.345 should be £1800 they have charged interest for last 12yrs

Date last full payment - June 1999 now paying £10.60 month until today

Are you on arrangement or not paying - Arrangement until 29.08.12 now not paying

Status - Just cancelled DD

Account owner - Paragon Finance

Key:
Blue - Communication Sent
Red - Communication Received

29.08.12 requested CCA and sent £1 po
20.09.12 recieved agreement and conditions, emailed Niddy 2 docs.
23.09.12 Niddy says UE and to send missing PT Template, sent 24.09.12
16.10.12 Letter received stating they have fulfilled their obligation and will not release from obligation
Hi Guys, just received the following from Paranob:

Dear Mr P
With reference to the above account, Please be advised as there have been no payments on the account we have changed the interest rate to the full contractual amount. If you wish to discuss this matter further, please contact the office on the above telephone number. Thank you for your attention in this matter, we look forward to hearing from you, yours sincerely Etc Etc

This is the company who agreed to freeze interest in 2000 but charged it until 2009 when the change in the CCA regulatons stated they had to keep me informed of the balance on a yearly basis, they then froze interest but the loan had risen from £1900 to £22,343. If they charge interest on this amount it will mean over £100 a month going on to the bill, Niddy says it is UE but they state they have provided everything,any suggestions how I deal with this, many thanks Pezman

Hi again, just wondered if I need to reply to the letter stating they are charging full interest again. They charged full interest until 2010 after telling me they had frozen it. Any suggestions, cheers Pez

Hi again, just wondered if I need to reply to the letter stating they are charging full interest again. They charged full interest until 2010 after telling me they had frozen it. Any suggestions, cheers Pez

[Undercover Elsa]

Re: Pezman's Diary

Hi Pezman,
Just as a matter of interest, have you calculated just how much you've actually paid back to these sharks since the loan was taken out?

Elsa x

[ScabHunter]

Re: Pezman's Diary

If I was in this situation (Paragoon), I'd be sending off a Subject Access Request as well. There is no need to do this from the point of view of unenforceability, as you've already been given an unenforceable agreement, but it could have other benefits.

I'd want to get hold of everything they hold on me, especially anything which relates to their statement that they would cease adding interest. There must be the possibility here of an internal complaint followed by escalation to the Fobbing Off Service. Of course, if they refuse to disclose anything they have, that can also give you a valid reason to go to the FOS.

Their silly antics in trying to charge for every stupid letter that they send you could also come back to bite them. It all gives you more possible ammunition to make a complaint stick. Unless they are prepared to risk court, they will not be receiving any more money, but they could just end up having to pay some out.

It also cannot have escaped anyone's notice that the extreme inflation of the balance has taken it firmly out of the range which would normally be allocated to the Small Claims track, and well into the range of the Fast Track. That will have clear costs implications should Paragoon want to chace their arm with an unenforceable agreement.

SH

[pezman65]

Re: Pezman's Diary

Hi Pezman,
Just as a matter of interest, have you calculated just how much you've actually paid back to these sharks since the loan was taken out?

Elsa x

Hi Elsa, I paid back £1908 at the agreed rate until my health issues in August 1999 when they agreed a reduced rate and they stated interest was frozen, I have paid back £1406 since then till Sept 2012 making a total of £3314.27 leaving £1688.73 left to pay. My son a daughter got the money together and we offered this as a F+F payment but they refused stating I owed £22,345. Cheers Pez

[pezman65]

Re: Pezman's Diary

If I was in this situation (Paragoon), I'd be sending off a Subject Access Request as well. There is no need to do this from the point of view of unenforceability, as you've already been given an unenforceable agreement, but it could have other benefits.

I'd want to get hold of everything they hold on me, especially anything which relates to their statement that they would cease adding interest. There must be the possibility here of an internal complaint followed by escalation to the Fobbing Off Service. Of course, if they refuse to disclose anything they have, that can also give you a valid reason to go to the FOS.

Their silly antics in trying to charge for every stupid letter that they send you could also come back to bite them. It all gives you more possible ammunition to make a complaint stick. Unless they are prepared to risk court, they will not be receiving any more money, but they could just end up having to pay some out.

It also cannot have escaped anyone's notice that the extreme inflation of the balance has taken it firmly out of the range which would normally be allocated to the Small Claims track, and well into the range of the Fast Track. That will have clear costs implications should Paragoon want to chace their arm with an unenforceable agreement.

SH

Hi, if you think this is a good move I will certainly do this, I will get it sorted tomorrow, does it have to be 1 month after CCA request,, thanks Pez

[vint1954]

Re: Pezman's Diary

No, you can send for a sar at any time.

The real reason for doing this, would be to find any reference to freezing interest in 2000. You would need to ensure that they provide everything back to the inception of the account.

The default notice that you are looking for would refer to s87 CCA 1974. What you have received recently is a statement of default sums. Different animal.

If you do not have a copy of your default notice, a SAR should produce one and a date when it was issued on the data log.

[pezman65]

Re: Pezman's Diary

No, you can send for a sar at any time.

The real reason for doing this, would be to find any reference to freezing interest in 2000. You would need to ensure that they provide everything back to the inception of the account.

The default notice that you are looking for would refer to s87 CCA 1974. What you have received recently is a statement of default sums. Different animal.

If you do not have a copy of your default notice, a SAR should produce one and a date when it was issued on the data log.

Does it need to be the advanced or standard SAR in the templates, many thanks PEZ

[pezman65]

Re: Pezman's Diary

What? The SAR? No, its' totally independent of a CCA request. They have 40 days to comply.
Send this one by recorded delivery, sign digitally. ---> Our Templates | Unenforceability Templates | Subject Access (SAR) - Advanced Request

Many thanks Flowerpower, regards Pez

[pezman65]

Re: Pezman's Diary

Hi everyone - Had a few loans and credit cards during my life and did not see a problem with spending, working and playing, in 1998 developed a heart condition and had time in hospital and convalescence. Got behind and tried to sort it via DMC who promised the world and produced nothing. Have been paying back for last 12yrs only to find some creditors have been charging interest and not informing me until they had to in 2009 when the CCA74 was updated. Now in an impossible position re paying back and receiving all sort of phone calls asking for more money and income and expenditure forms etc etc, health poor and concerned about leaving my wife with all this crap. Feel I have hope now I have found this site and have had support from lots of you for which I am very grateful. Below is some of the debts and I will update with the others as and when. Cheers to all Pezman

Type of account - Loan

Date commenced - 11/09/1998

Approx balance - £22.345 should be £1800 they have charged interest for last 12yrs

Date last full payment - June 1999 now paying £10.60 month until today

Are you on arrangement or not paying - Arrangement until 29.08.12 now not paying

Status - Just cancelled DD

Account owner - Paragon Finance

Key:
Blue - Communication Sent
Red - Communication Received

29.08.12 requested CCA and sent £1 po
20.09.12 recieved agreement and conditions, emailed Niddy 2 docs.
23.09.12 Niddy says UE and to send missing PT Template, sent 24.09.12
16.10.12 Letter received stating they have fulfilled their obligation and will not release from obligation
Hi Guys, just received the following from Paranob:

Dear Mr P
With reference to the above account, Please be advised as there have been no payments on the account we have changed the interest rate to the full contractual amount. If you wish to discuss this matter further, please contact the office on the above telephone number. Thank you for your attention in this matter, we look forward to hearing from you, yours sincerely Etc Etc

This is the company who agreed to freeze interest in 2000 but charged it until 2009 when the change in the CCA regulatons stated they had to keep me informed of the balance on a yearly basis, they then froze interest but the loan had risen from £1900 to £22,343. If they charge interest on this amount it will mean over £100 a month going on to the bill, Niddy says it is UE but they state they have provided everything,any suggestions how I deal with this, many thanks Pezman

Hi again, just wondered if I need to reply to the letter stating they are charging full interest again. They charged full interest until 2010 after telling me they had frozen it. Any suggestions, cheers Pez

Hi Guys, letter received from Paranob as follows:
This is a notice of default sums applied to your account and provided to you in compliance with the CCCA 1974. We would ask you to call the office as soon as possible, should you wish to discuss the account. Additionally,should you be expiriencing any financial difficulties we will also be pleased to discuss any options that may be available to you.

Please note this is not a Default notice as required by sec *&(1) of the CCA 1974.

They have charged me £10 for the letter.

They go on to state:

This notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid. Where we are charging you interest on your arrears under the terms of the contract, fees and charges will generally attract less interest than the arrears of monthly installments. Therefore, if you are not able to clear the arrears including fees and charges in full,it is better for you to reduce your arrears of monthly installments first. In view of this, unless you clearly tell us otherwise, we shall use any payment made by you to pay off your arrears and then to pay any fees or charges that are owing.
Interest.
We are not entitled to charge you interest onthe default sums for the first 28 days after we have given you this notice. However, if the sum is not paid in full by that day interest will be charged at the rate of 18.330%.

I sent SAR request on 05.11.12, do I need to respond in any way, thanks Pez

[pezman65]

Re: Pezman's Diary

Hi Guys, letter received from Paranob as follows:
This is a notice of default sums applied to your account and provided to you in compliance with the CCCA 1974. We would ask you to call the office as soon as possible, should you wish to discuss the account. Additionally,should you be expiriencing any financial difficulties we will also be pleased to discuss any options that may be available to you.

Please note this is not a Default notice as required by sec *&(1) of the CCA 1974.

They have charged me £10 for the letter.

They go on to state:

This notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid. Where we are charging you interest on your arrears under the terms of the contract, fees and charges will generally attract less interest than the arrears of monthly installments. Therefore, if you are not able to clear the arrears including fees and charges in full,it is better for you to reduce your arrears of monthly installments first. In view of this, unless you clearly tell us otherwise, we shall use any payment made by you to pay off your arrears and then to pay any fees or charges that are owing.
Interest.
We are not entitled to charge you interest onthe default sums for the first 28 days after we have given you this notice. However, if the sum is not paid in full by that day interest will be charged at the rate of 18.330%.

I sent SAR request on 05.11.12, do I need to respond in any way, thanks Pez