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After getting into debt with several credit cards in 2006 I decided to get a secure consolidation loan. This paid off all my debts by taking out a £20000 loan. As I decided that I did't want to take out a PPI with this company they said that they would have to apply £2000 additional fee. I started repayments last year and due to long term illness I was inevitably late with some repayments, although all payments were within a month of the due date. Recently I phoned to make a monthly payment as usual using my debit card and was told that I had to make payment for charges incurred for late payment. After a heated conversation with the advisor and her superior I had to write requesting a statement. No statements are issued by this company unless requested by mail. On receiving the statements I see that a charge for a returned direct debit is £40 and other memos £30. Although I queried the assistant on the phone about these charges being penalty charges, her reply to my question "are these penalty charges" five times being "yes these are penalty charges", she adamantly stated that as this was not a current account or credit card account I couldn't reclaim any of these charges. The supervisor plainly stated that as the loan was a mortgage reclaims for charges were not applicable.
Is this the case? I was told that if I had any complaints to contact the FSA. The loan was taken out as a secured loan on my property and not as a mortgage. Is there any difference? Is this another loophole for finance institutions to raise easy capital? Can anyone shed any light?
Welcome to the forum nbart
They are trying to fob you off whats this £2000 your on about also, treat them no differently, claim them back.
Do you have the original contract?
Who is the loan with?
£2000 fees are forBroker Fee. The loan was originally applied for through Magic Loans although the agreement is with the Funding Foundation and the paperwork is through Loan One Plus a trading name of the Funding foundation. I have the agreement which has a legal charge on the property. On the agreement there is a list of charges from telephone collection costs of £20 to Tracing costs of £60.
It may be helpful for someone to compile lists of which companies are associated with others, I note reading a different thread that MBNA are associated with Loans.co.uk. Which other banks are associated with which other loan companies, insurance companies etc? Are the banks using associated companies to find loopholes for charging excessive charges?
Charges made by loan companies
with this company they said that they would have to apply £2000 additional fee. I started repayments last year and due to long term illness I was inevitably late with some repayments, although all payments were within a month of the due date. Recently I phoned to make a monthly payment as usual using my debit card and was told that I had to make payment for charges incurred for late payment. After a heated conversation with the advisor and her superior I had to write requesting a statement. No statements are issued by this company unless requested by mail. On receiving the statements I see that a charge for a returned direct debit
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