This document sets out the details of any fees or charges Norwich Trust Limited may add to the amount that you owe after the loan is paid out.
Charges related to additional administration costs beyond the standard management of your account.
Name of fee/Charge | Description | Amount |
Trace charge(s) (address) | Charged if we have to instruct tracing agents to verify your address where we have been unable to contact you, or where we have received returned mail and have been unable to contact you. | £35 +VAT per person per trace (£42 total) |
Trace charge(s) (employment) | Charged if we instruct tracing agents to verify your employment | £45 +VAT per person per trace (£54 total) |
Trace charge(s) (address & employment) | Charged if we instruct tracing agents to complete both of the traces set out above at the same time. | £65 +VAT per person per combined trace (£78 total) |
Settling your loan early
Name of fee/Charge | Description | Amount |
Early settlement interest | If you settle your loan early, we will apply an additional interest charge to the amount that you have to repay. You will need to make payment of the outstanding balance and any accrued interest plus all future monthly repayments less a rebate calculated under a formula in regulations made under the Consumer Credit Act 1974. | Please ask us for a settlement figure – the early settlement amount will be valid for 28 days. You will not end up paying more than one month and 28 days' interest (if your loan is for more than 12 months) or 28 days’ interest (if your loan is for not more than 12 months) in addition to the outstanding balance and any accrued interest. |
Partial early settlement interest | If you make a payment of more than three times the contractual monthly payment (CMP) in any one instalment period, Norwich Trust will consider this a partial settlement and will apply an additional interest charge. | If you would like to make a lump sum payment, please ask us for details of the amount of any interest which may apply. |
Charges if you do not keep up with your loan repayments
Name of fee/Charge | Description | Amount | |||||||||||||||||||||||||||||||||
Statutory Interest | Charged if we have to issue a court claim against you or any guarantor or both of you, to collect any money you owe us. Interest is claimed under section 69 of the County Courts Act 1984. Statutory interest only applies to court claims in England and Wales. | The amount of interest will depend on how much you owe. It will be calculated at a rate of 8% per annum on the amount that you owe, from the date on which Norwich Trust terminates the loan agreement to the date on which a court claim is issued. The daily rate will be stated in the claim form. | |||||||||||||||||||||||||||||||||
Legal charge(s) – Issuing proceedings | Charged if we have to issue a court claim against you to collect any money you owe us. These costs are variable depending on the amount you owe us and whether you reside in England, Wales or Scotland. In Scotland, Norwich Trust has to pay costs, including solicitors and other professional costs, in addition to any court fees. The court decides how much of these additional costs we can claim from you on a case by case basis. These costs are referred to in the tables opposite as “additional expenses” and we will let you know in our communications with you the amount of any such expenses the court has said that we can add to the amount that you owe. | If you live in England or Wales:
If you live in Scotland:
*Sheriff officers’ fees will only be charged where service of court proceedings by registered post is unsuccessful | |||||||||||||||||||||||||||||||||
Legal charge(s) – Attachment of Earnings/Earnings arrestment | Charged if we make an application for an attachment of earnings (earnings arrestment under Scottish law) against you to collect any money that you owe us This could be a fixed fee, an amount decided by the court or a combination of both. | If you live in England or Wales: £119 per application If you live in Scotland: £141.72 per application + any additional expenses as awarded by the court | |||||||||||||||||||||||||||||||||
Legal charge(s) – Charging Order/Inhibition | Charged if we make an application for a charging order (Inhibition under Scottish law) against your property in respect of money that you owe us. This could be a fixed fee, an amount decided by the court or a combination of both | If you live in England or Wales: £119 per application If you live in Scotland: £184.94 per application + any additional expenses as awarded by the court | |||||||||||||||||||||||||||||||||
Legal charge(s) – Inhibition renewal (Scotland only) | Charged if we need to renew an inhibition against your property. An inhibition will require renewal every 5 years if the sums owed have not been repaid. | £103.78 per renewal + any additional expenses as awarded by the court | |||||||||||||||||||||||||||||||||
Legal charge(s) – Land Registry (England and Wales only) | Charged for the registration with the Land Registry of an Interim Charging Order or Final Charging Order against your property or any guarantor’s property. | £20 per order registered | |||||||||||||||||||||||||||||||||
Legal charge(s) – Registers of Scotland (Scotland only) | Charged for the registration with the Registers of Scotland of an Inhibition against your or any guarantor's property. | £15 per inhibition registered | |||||||||||||||||||||||||||||||||
Solicitors charge(s) | Where it is necessary for us to instruct solicitors to act for us in respect of any legal action we have taken against you to collect any money that you owe, Norwich Trust will request that the court make an order for payment of solicitors fees incurred as a result of the action taken. These costs are variable dependant on each situation; we will advise you of any claim for solicitors fees which we intend to make in respect of any court action against you. | As awarded by the court |
We may vary these charges in order to reflect any increase to us in the costs we incur by giving you not less than 30 days’ notice in writing (or, if 30 days’ notice is not possible, such reasonable notice as we can achieve)
If any of the above fees paid by us are charged to you, they will be clearly shown on the statement of account which is sent to you annually. An up-to-date statement of account can be provided at any time, on request, at no extra charge.
Some fees paid by us are subject to VAT at the current rate, however this will not always be included in the costs which are charged to you and added to the loan. Where VAT is charged and is to be included in the costs added to the loan, this is specified above.
Should you have any queries in relation to the above fees and charges or wish to discuss any aspect of your loan account, please contact us on 01603 801 911 or visit www.norwichtrust.co.uk