Hello guys.

I need some advise on a loan I took out in September 2012.

The was from a Credit union for £2,000.

The terms of payment for the loan was very excruciating at £190.00 per month.

When I enquired I was told it was because of my citizenship but luckily my British citizenship was already in the pipeline

so when it came through a month later I approach them for a lower repayment rate which they agreed to at £70 per month @ 26 months.

By the time of refinancing the loan was already down to 1382.03 and

according to the new refinancing terms the total payment will be £1782.03 to be completed by January 2015.

I have paid from from January 2013 till present making altogether 24 payments of £1680 leaving £102.03 to pay.

So you can understand my absolute incredulity when I requested for an update on the account

and I was informed that the loan will not as initially mentioned end in January but in June!

the person in charge then said it was a mistake they made in their calculations.

But by my calculations and statements I don’t see why I should still be paying till June 2015,

it really beats me as to why and neither can they give me any cogent explanation to explain.

Any advice please as to how to resolve this?

Will be most appreciated..

Did you count any interest? Was the interest included in the initial amount?

In any case you are fully entitled to a itemised breakdown of the lian and any arrears owing.

Thanks for your response. Yes I was provided one but i can't understand it anyway. I took the loan on the terms stated in the contract/agreement (attached herewith). To the best of my understanding its all included in any payment. i have included here copies of the statement and agreement, just incase I am missing something...

Can you convert to PDF and edit out personal info and reference numbers. The breakdown I mean.

Many thanks! here goes.

Looks like they're saying the base amount then 1700 after interest etc

Thanks once again for your response.

I am afraid that is not what they were saying ( pls check out pdf attached)

the refinanced base figure on the contract is £1382. 03 plus another £400

which I assumed is the interest on top of which as stated on the contract

bring it to 1782.03 to be paid in 26 installments of £70 pm which I have been doing.

To date I have paid £1680 which is 24 payments.

leaving just one more payment in January and the 32.03 mentioned in the agreement.

Paying till June at £70 a month means that the agreement is not 26 payments as stated in black and white on the agreement

and the figure is no longer 1782.03 any more but £2162.00. This is what beats me.

The outworking of the agreement as suggested presently as declared by LCCU no longer bears any resemblance to the terms and conditions

under which we agreed.

I have attached the agreement and its terms and conditions in pdf for your perusal.

I am not sure how to go about resolving this..

I will be very grateful for any direction and advice in this matter.

Help!