Wage Day Advance

[jon1965]

Re: Wage Day Advance

Thanks Niddy
No not worried about that, for a start blood and stone spring to mind and then ...well you know what I mean

[gravytrain]

Re: Wage Day Advance

I believe it is almost impossible to claim post judgment interest on a CCA agreement anyway, irrespective of what they say.

[gravytrain]

Re: Wage Day Advance

Yes it'd be post judgment interest at 8% but don't worry about that

I'd ignore the fookers

I think that this is pre-judgment (section 69) interest Niddy

[jon1965]

Re: Wage Day Advance

I think that this is pre-judgment (section 69) interest Niddy

Well if it's prejudgement interest they should put that clearly. The wording I wrote was word for word and it clearly says post judgement. Anyway if they added pre judgement interest it would be many thousands of squids by now and i would go BR just to piss them off.

Having said all that I am 100% confident that with the current state of notices etc that it could never get that far

[gravytrain]

Re: Wage Day Advance

from reading around i think the general view is that you are only liable for sums due under the original contract.

Initial advance plus one months interest.
I don't think that there has been any cases where they have managed to enforce their ridiculous charges

[jon1965]

Re: Wage Day Advance

OMG you sound like sillybitch and dick 100

My understanding is that their is no legal status to that statement as no one has ever tested it in court. I may of course be wrong...there is always a 1st time for everything
I am not my fathers son for nothing!

[gravytrain]

Re: Wage Day Advance

No I think you are right no one has tested it, wonder why.

I don't think the judge would allow the interest rate to be applied over a protracted period, I have seen cases where the court has ruled initial plus one months interest though

[BBoo]

Re: Wage Day Advance

I think that this is pre-judgment (section 69) interest Niddy

The wording seems clear that it's post judgment. S69 is all about Cancellation isn't it?

[gravytrain]

Re: Wage Day Advance

The wording seems clear that it's post judgment. S69 is all about Cancellation isn't it?

I think its the County Court act, I have had enough N1's to remember LOL.

From date of default to date of judgment, something like that at 8% simple interest

[BBoo]

Re: Wage Day Advance

I found this:

7.1 From 1 October 2008, creditors will be required by section 130A of the
1974 Act59 to notify the debtor if they intend to charge post-judgment
interest under a regulated agreement in connection with a sum that is
required to be paid under a court judgment. The creditor will not be
entitled to charge interest on the judgment sum until the first required
notice has been served.
7.2 Further notices must be given at intervals of not more than six months
for such time as the creditor wishes to charge post-judgment interest.

[gravytrain]

Re: Wage Day Advance

I found this:

7.1 From 1 October 2008, creditors will be required by section 130A of the
1974 Act59 to notify the debtor if they intend to charge post-judgment
interest under a regulated agreement in connection with a sum that is
required to be paid under a court judgment. The creditor will not be
entitled to charge interest on the judgment sum until the first required
notice has been served.
7.2 Further notices must be given at intervals of not more than six months
for such time as the creditor wishes to charge post-judgment interest.

Yes and the problem is that this notice cannot be served until a month after the judgment, so it has to accrue as a separate amount, if they want to enforce repayment they have to make another action.
This was the case when i was in court about this, not sure if it still applies, but it is no simple matter reclaiming post judgment interest on CCA judgments and most do not bother.

[BBoo]

Re: Wage Day Advance

Looks like good news for you then Jon!

[jon1965]

Re: Wage Day Advance

Indeed. Not going to worry about it. What will be will be

Still interested about the loan+1 months interest thingy, was often quoted OTR then they stopped. Wish I had some examples so I could help others

[gravytrain]

Re: Wage Day Advance

Indeed. Not going to worry about it. What will be will be

Still interested about the loan+1 months interest thingy, was often quoted OTR then they stopped. Wish I had some examples so I could help others

I don't think you will find any legislation that supports this, they can claim whatever they like as long as it is mentioned in the contract and is not contrary to the CCA or the utcc's but i do not think that a court would enforce a continued application of 2000 odd percent of apr.
I think that they would use their discretion to limit the claim under cpr.
There are cases on CAG where this has happened I think, but I haven't looked on there for a while.

[BBoo]

Re: Wage Day Advance

Is this what you wanted?

This is governed by section 12 of the CCA 2006 and section 86E of the CCA 1974:

There is the usual provision for non-enforcement during non-compliance. There is a special provision that you cannot charge interest on an unpaid default sum until 29 days after the default sum notice is given and then you can only charge simple interest.

Again, the regulations set out what they want included in the notice (even if it is incorporated in another notice):-

• the date of the notice;
• the account name and number;
• your name and address (which might be an internet address) and a telephone number. If the debtor has been given details of a particular employee or category of employees, the appropriate telephone number should be given;
• some text telling the consumer that the information is being provided to comply with section 86E of the CCA 1974 (which will be less than fascinating news from the consumer’s viewpoint);
• details of all the default sums in question, including the date on which each sum was applied to the debtor’s account;
• the following statement:
  “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.”
• if the agreement provides that interest may be applied to default sums, then the following statement:-
  “Interest - We are not entitled to charge interest on the default sums for the first 28 days after we have given you this notice. However if the sums are not paid in full by that date interest will be charged at the rate of [insert interest rate applicable at date of notice]. Since this interest rate is a variable rate, the rate which we will apply to the default sum once the 28 days have passed may be different.”
  Or the following where the interest rate is fixed:
  “Interest - We are not entitled to charge interest on the 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 date interest will be charged at the rate of [insert interest rate applicable].”