Lloyds and my loan

**dalemessenger79** · 10th February 2007 17:57

This is for anyone to reply to just trying to get feedback on if people agree.

-In December 2001 i got a loan for £4000.
-In September 2002 I got another loan for £5000.

Was trying to pay off debts with debts (never works but hey you live & learn!!)

I was paying off both loans to Lloyds icon

through my current account (two separate direct debits) right through until May 2005!

At this point Lloyds had offered me an option to refinance the total outstanding sum of the two loans and also cover my overdraft icon

so that it would be consolidated into one payment.

BRILLIANT i thought so went ahead with it!

TO SUM UP

-On the £4000 loan I had paid £4033.36
-On the £5000 loan I had paid £1987.10

A combined total of £6020.46 From the combined total of £9000
Leaving about £3000 (not counting interest)

The refinance loan in 2005 was for £9000 which was to cover my OD
(they put £1000 in my account)

Leaving £8000 from that refinance
I estimate i had £3000 left to pay on the old accounts
(not counting interest)

but that by my estimates is not going to be £5000 interest

I havent seen any more cash other than what was put into my account
to date i have paid £4500 and still have £4500 left
please write back and let me know if you agree with what i am saying and if you hav had any similar problems

thankyou

Dale

Similar Threads:

NATTIE · 10th February 2007 18:14

To be honest am not sure why you had 2 loans at the same time. The £4000 is without interest i would imagine, which could have been quite high. the £5000 would have had a lower amount of interest and so the loan would have paid off the old loans plus £1000 overdraft icon

. How much were you expecting in the account?

**Janet-M** · 10th February 2007 18:17

Thread title changed as potentially libelous

**dalemessenger79** · 10th February 2007 18:39

Originally Posted by NATTIE

To be honest am not sure why you had 2 loans at the same time. The £4000 is without interest i would imagine, which could have been quite high. the £5000 would have had a lower amount of interest and so the loan would have paid off the old loans plus £1000 overdraft icon

. How much were you expecting in the account?

well i was trying to consolidate alot of different creditors at once and ended up trying to do it again with the second loan.

i was only expecting enough to cover my overdraft which was what i got but my query is

why did Lloyds icon

refinance me for £9000 when there was no where near that much to pay on the old accounts.

What i looks like from the statement is that instead of refinancing me for the remaining amount they just did it for the original total of both.
£4000+£5000=£9000 of which i only saw £1000 of

now i had £3000 left to pay
and even if there was £4000 interest on the old loans (which i doubt) add that to the £1000 they gave me = £8000 total where is the other grand?

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