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Hi, wondering if anyone can help,
I took a loan out with the Bank of Scotland when i was 18, it was for £6500.
when i was 19 i took out another loan of £18500 which was used to pay off the £6500 loan and im not too sure what i done with the rest, well, 6 months after i took out the £18500 loan i lost my job, i had insurance with it but it never covered me. Anyway, the loan got defaulted. This was 5 years ago, i have an arrangement to pay it back but looking at the figures now i dont think the bank should have gave me the money in the first place. Here are my figures
when i took the £18500 loan out i was in the third year of a 4 year apprenticeship,
i was making around £12000 a year before tax.
the payment to the loan was £500 a month over 6 years, t
i paid at least 6 months at the £500 then after the default i agreed to pay £150 pm and i have been paying it ever since. i called them today and the balance is still at £20300
got a copy of the agreement through ill post the figures below,
main loan amount £18,500
insurance £8,433.04
total amount of loan £26,933.04
loan £26,933.04
interest £9,082.80
total amount payable £36,015.84
72 monthly payments at £500.22
on the money coming in page, the bank has wrote,
gross annual salary £14,830 (which i did not make, and i never lied)
Net earnings £600 pm
how the hell do they work that one out!!!
i went to my cit advice and they said i have a case using the consumer credit act 2006, unfair relationships in agreements,
44g. in the absence of guidance from the courts, the following points should be considered when looking at a possible unfair relationship arising out of a credit agreement.
the borrowers age, experience, buisiness capacity and health.
whether linked agreements (such as insurance policies) are unnecessary.
and also i have just found out i am still getting interest added to the laon even although it is defaulted and with a credit agency, im so tempted to tell them to go to you know where and sing for their money!
if anyone knows anything else please help, thanks
Basically should they have given me the loan in the first place of that amount or is there anything else i can do, i want rid of this but i dont have money like that to pay this off.
thanks for you help.
First thing you should do is cca them and get a copy of your original credit agreement, then send the a SAR which will force them to send every peice of info they hold on you.
You have come to the right place - it's time to take back control and get back what's rightfully yours!
Bos Defaulted Loan With Ppi
when i was 18, it was for £6500.
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