I have a Fixed-Sum agreement regulated by the CCA 1974 which was secured against my property back in January 2007
THe contract states;
A. Amount of credit £20,000
B. Amount of credit for PPI £0.00
C. Total amount of credit A + B = C
D. Duration of agreenment 180 Months
E. NNumber of monthly payments 180 Mths. (first payment to be made one month after the date of this agreement. Subsequent monthly repayments to be made on the same day each month)
F. Monthly repayment of £284.11
G. APR (variable) 16.4%
H. Cash price of PPI £0.00
I. Total charge for credit consisting of interest £28,389.80, broker fee £2,000, application assessment & completion costs £250.00 = total £31,139.80
J.Annual rate of interest (variable) 12.7%
K.Interest will be charged on the daily basis of any un-repaid credit and any unpaid part of the brokers fee, and will be paid as a part of each monthly repayment .
L. In calculating the APR no account has been taken of any variation whhich may occur in the rate or amount of interest payable. The rate of interest will vary if and whenever, after the expiry of one month from the date of this agreement, there is any change in the Barclays Bank PLc base lending rate or such other reasonable alternative base lending rate as we may select Barclays Bank Plc base lending rate is no longer available (base Rate), so that the interest will 7.50% points over Base Rate with effect from the next payment date after the Base Rate change.
The contract was signed at the brokers Alernative Funding Co-Operation Ltd , Southend -On-Sea on the 25th Jan 2007 by me Ava Foxwell and my Mother Linda Ventham.The brokers signature is dated the 30th Jan 2007 and the money was released the following day 31 January 2007. I know this because I have kept the letter.
Dear Ava and Linda
Re: Second Charge Loan
Thank you for choosing to utilise our services in this matter. We take pleasure in enclosing your Cash Back and remittance advice.
I just have a few queries with regards XXXXX XXXXX
1. Is it legal not to state Total amount Payable? (does the onus lie with us that we believed total charge for credit was the total charge i.e total amount payable) You have to manually do the maths.
2. The broker signs the contract 6 days later after we do on the 30th January. So when is the contract start date moreover does this also mean the cooling off period 7 days was not given as money is released on the 31st January?
3. Mortgage deed second charge is also dated 30th January 2007 should that not be the 25th January when we signed the contract?
4. The broker is the witness is this allowed should it not be someone with no vested interest?
5. What cash back, should this not be listed somewhere?
Hope this makes sense. Just looking over paperwork. No doubt it will be all legal.