GDPR Cookie Consent by SimpleServe Privacy Script Charges on CCA agrrement - quick advice needed - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

Charges on CCA agrrement - quick advice needed

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Charges on CCA agrrement - quick advice needed

    Morning all..
    Been some time since I last posted I hope everyone is ok ?
    I have a quick question regarding charges on a car agreement with Advantage finance.
    I have the CCA and on it is the following :

    Interest on credit £1430.76 -F
    Other charges - acceptance fee £275 - G
    Other charges - option fee (inc VAT) £150 - H
    Total charge for credit F+G+H = £1855.76

    Now they have lumped this altogether with the actual amount of credit and classed them as charges so am I right in thinking they are not allowed to charge credit on the fees G&H according to FSA guidelines ?


    I am currently in dispute with AF and need to find out what these charges relate to so a letter is going out in the post after all I was not told if these were optional or not !
    Any assistance most welcome
    Regards
    JJ

  • #2
    Re: Charges on CCA agrrement - quick advice needed

    Send a pm to Jen_BR & Diddlydee - both understand these things and might be best to ask....

    good luck
    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

    Comment


    • #3
      Re: Charges on CCA agrrement - quick advice needed

      Will do , thanks for that ! Just an update but got a call from them today as they have clumped a number of charges on account for apparently calling texting sending letters etc , despite myself having an email address which they regularly send email to therefore I am contactable when they claim I am not , despite the idiots actually sending me email , one of the charges is for £100 for a status look up to confirm who and where I am , when it was clear I had not moved address in the last 17 years and also they contacted me by phone, text and email. They are now willing to refund that £100 ! Looks like they realise there may be some action coming their way !

      Comment


      • #4
        Re: Charges on CCA agrrement - quick advice needed

        Yea they can't go adding things things that without reason, like you say if they'd written to the account address they'd have got you so the fact they wasted £100 on the unnecessary trace fee that costs them around £18 is neither here nor there cos you'll not be paying it, will you
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

        Comment


        • #5
          Re: Charges on CCA agrrement - quick advice needed

          ps try and stop talking on the phone to them - learn to hang up!!
          I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

          If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

          Comment


          • #6
            Re: Charges on CCA agrrement - quick advice needed

            Certainly not paying their excessive charges , just calculated and it tally's up to nearly £600 since the start of the year for txt's , letters and phone calls allegedly. Well sent a letter demanding all charges are refunded , strangely though got an email to say they would refund another £100 if I paid without any issues for the next three months ! Sounds to me they have realised their charges are pretty excessive if I show a listing to the Financial Ombudsman ( or whatever they are called now ) and no more calls , gave them benefit of the doubt but they have abused that say all in writing now !

            Comment


            • #7
              Re: Charges on CCA agrrement - quick advice needed

              Scan in and post your credit agreement and I'll take a gander at it for you (remove all personal info, please).
              If happy little bluebirds fly, beyond the rainbow, why, oh why can't I?

              sigpic

              Comment


              • #8
                Re: Charges on CCA agrrement - quick advice needed

                Yep will do this over the weekend , thanks for the assistance !

                Comment


                • #9
                  Re: Charges on CCA agrrement - quick advice needed

                  Okay find copies of CCA part 1 and 2 CCA1.PDFCCA2.PDF

                  Comment


                  • #10
                    Re: Charges on CCA agrrement - quick advice needed

                    Just noticed on those two pages it states 1 and 2 of 4 , the other 2 pages are missing !!!!

                    Comment


                    • #11
                      Re: Charges on CCA agrrement - quick advice needed

                      Going through the list today and it is really ridiculous , in August two charges for sending the same letter twice on that day , multiple texts on various days with charges , £7.50 miscellaneous collections charge ! Im going to be busy totting these up ! LOL

                      Comment


                      • #12
                        Re: Charges on CCA agrrement - quick advice needed

                        OK JJ. To answer your initial question, interest has been charged at a flat rate of 18.5% on the original loan amount of £2900.00 per annum and added to the loan at the start. This works out at £536.50 per year or £44.71 per month. 32 months worth of interest would come to £1430.72, so interest has not been charged on the acceptance fee or the option fee.

                        The option fee of £150 was included in your first repayment, not added to the total owed, however, the £275 acceptance fee was divided by the 32 months, but interest was not charged on it.

                        What is outrageous is that they charge you interest on the FULL amount of the loan for the full period, ie. the loan reduces each month/year, but the interest is always based on the initial loan, hence the ridiculous APR of 46.40%

                        I can't add any more, but others can help with the legalities of reclaiming charges etc.
                        If happy little bluebirds fly, beyond the rainbow, why, oh why can't I?

                        sigpic

                        Comment


                        • #13
                          Re: Charges on CCA agrrement - quick advice needed

                          ^^^ thanks Diddly (see I told you she was good) - ok, now you can PM Di30 with a link here regards reclaiming the charges etc as applicable.... If there is nothing to reclaim; can you elaborate from post 1 exactly what's wrong/what you're doing?

                          diddly has picked up on a good point about interest being charged against the whole loan and not reducing although I'm not so clued up on the legalities of this so I'll ask mods to input if you can clarify what it is you're trying to achieve.
                          I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                          If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                          Comment


                          • #14
                            Re: Charges on CCA agrrement - quick advice needed

                            Im not an expert, far from it. Just picking up on something. Interest is added based on the full loan amount, and spread across the loan term. Isnt this normal?

                            Ive had a few HP agreements in the past, where they have added compound interest. Interest charged has been based on the difference of the payments previously made, and whats outstanding. So surely this method of interest is more fairer, since your not paying more interest month on month only to find a balloon payment at the end on top of it all?
                            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                            Comment


                            • #15
                              Re: Charges on CCA agrrement - quick advice needed

                              Originally posted by Never-In-Doubt View Post
                              ^^^ thanks Diddly (see I told you she was good) - ok, now you can PM Di30 with a link here regards reclaiming the charges etc as applicable.... If there is nothing to reclaim; can you elaborate from post 1 exactly what's wrong/what you're doing?

                              diddly has picked up on a good point about interest being charged against the whole loan and not reducing although I'm not so clued up on the legalities of this so I'll ask mods to input if you can clarify what it is you're trying to achieve.

                              Many thanks for the info so far ! So overall the loan + interest charged looks right as does the option and acceptance fees ! That's fair enough what I am not happy with is the excessive charges , so I intend to claim these back , if they don't play ball I will raise a complaint with FOS , at the very least they can see I will not be rolled over !

                              Comment

                              Working...
                              X