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  1. Hi Guys Long winded but will cut it down best I can, will start with the numbers loan 1 July 98 for £3000 PPI single policy of £443 added to loan (paid 46/60 payments) £144 of ppi refinanced by loan 3 loan 2 Dec 98 for £1400 PPI single policy of £198 added to loan (paid 39/48 payments) £50 of ppi refinanced by loan 3 loan 3 April 02 for £5000 PPI single policy of £1174 added to loan (paid 13/60 payments) £980 of ppi refinanced by loan 4 loan 4 may 03 for £7500 PPI single policy of £1762 added to loan (paid 11/60 payments) £1500 of ppi refinanced by loan 5 loan 5 may 03 for £11000 PPI single policy of £2383 added to loan (paid 12/60 payments) £2032 of ppi refinanced by loan 6 loan 6 may 08 for £10000 PPI NO PPI added to loan still paying Now we had a decision letter from Lloyd's stating they upheld all of the complaints offering refund of the ppi part of the loan that was paid in installments plus interest, which worked out about £7,700 according to their workings out, I had it in my head from working it out that it should have been nearer 10k but at first glance of their workings it looked OK but I still couldn't get it out of my head that something was wrong. It then clicked that they had calculated all their figures ONLY on the installments made and had completely ignored the bits that were left on refinancing which by itself without adding interest is about £4700, this amount is still being paid off on loan 6. I phoned them as the offer letter tells me to do and explained why I felt it was wrong, the guy said that I am not entitled to that bit back as the loan was refinanced, I argued and tried to speak to a manager but was brickwalled, he insisted I was wrong and that the payment of £7700 was going to be sent, I told him at this point that I DO NOT ACCEPT the offer, and under no circumstances are they to consider the matter closed, I even got him to repeat it back to me several time, as they supposedly record the calls. what I would like to know is am I wrong, am I not able to reclaim the bits that were refinanced by the new loans, or are Lloyd's trying it on Many Thanks
  2. 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..
  3. I am in the process of sending a complaint to the financial ombudsman however have read online that it can take 12-18 months for them to deal with complaints and to be honest this has been going on for years so I just want it sorted...... Basically although I know long winded this is the issue at the moment: I originally took a loan out with welcome finance on the 22/2/2007 for £2000 the agreed repayment rate was £105.97 a month for 36months. I made the following payments to this account: £105.97 - 31/03/2007 £105.97 - 01/05/2007 £105.97 - 01/06/2007 £105.97 - 30/06/2007 Total = £423.88 Due to the failure to make payment on the account although it wasunaffordable as I was already behind with payments I agreed for the loan to berefinanced on the 06/08/2007 to £4,102.24. The following payments were subsequently made towards this loan. £167.87 - 3/09/2007 £167.87 - 3/10/2007 £336.87 - 07/11/2007 Total= £672.61 Due to continuing financial difficulties I contacted Payplan in lateNovember 2007 requesting assistance to manage my out of control debts. Payplanfirst contacted welcome finance on the 19th November 2007 advising you that Iwas experiencing financial difficulty and they were assisting me with myfinances. Payplan requested confirmation of my then outstanding balance andwelcome finance responded on the 29th November 2007 confirming that thebalance outstanding was £5,579.45. Payplan sent welcome finance an offer of repayment on 13th December 2007of £31.50 a month and also made the following request: “In order for our client to best discharge their liability to yourcompany we request that you suspend any further interest charges on thisaccount. We would greatly appreciate, if you could confirm this in writing. If the debt is passed on to a Debt Collection Agency, please inform us atyour earliest convenience of the name, address and banking details of the Agency, for us to commence payments immediately. It iscrucial for the smooth running of this agreement that this information ispassed on to us” On the 20th December 2007 Welcome finance confirmed acceptance of theoffer. However later due to a change with my financial circumstances followingagreement with Welcome finance my payment in April 2008 was reduced to £10.07and however I was able to increase this in May 2008 to £25.89. My financial situation continued to improve and Payplan went on to makethe following payments to welcome finance. June 2008 - £63.10 July 2008 - £63.10 August 2008 - £63.10 September 2008 - £63.10 October 2008 - £63.10 November 2008 – £63.10 December 2008 - £63.10 January 2009 - £63.06 February 2009 - £70.56 March 2009 - £70.56 April 2009- Missed payment May 2009 - £70.56 June 3009 – £70.56 My Husband was then unfortunately made redundant which I explained toPayplan and as a result my monthly income was reduced significantly. They madeall my creditors aware of this and a reduced payment term was agreed, thefollowing payments were then made: July 2009 - £34.38 August 2009 - £34.48 September 2009 - £34.48 I was struggling to keep to the payment arrangement of £34.48 thereforediscussed the matter with Payplan who once again contacted my creditors andwith agreement the payments were once again reduced however as and when I wasable to pay more I always strived to do so. October 2009- £4.38 November 2009 - £56.69 December 2009 - £56.74 January 2010 - £56.74 February 2010 - £56.74 March 2010 - £56.74 April 2010 - £56.74 May 2010 – £14.91 June 2010 - £56.75 July 2010 - £56.75 August 2010 - £56.75 September 2010 - £56.75 October 2010 - £76.22 In November 2010 there was once again a significant change in mycircumstance and a previously I contacted Payplan who made an arrangement withmy creditors for me to pay a significantly reduced amount and the followingpayments were then made: November 2010- £1.00 December 2010- £1.00 January 2011 - £1.00 February 2011 - £1.00 March 2011 - £1.00 April 2011 - £1.00 May 2011 - £1.00 June 2011 - £1.00 July 2011 - £1.00 August 2011 - £1.00 I have always strived to keep Payplan updated on my financial situationand as soon as my surplus income improved my creditors were contacted, as aresult my payments to welcome finance were increased to £5 a month and to dateI have made an additional 26 payments at £5 a month. To date I have paid Welcome finance a total of £1,985.70 throughPayplan. In late 2012 I decided to review my credit file with Experian, I was alarmed at finding that welcome finance had recorded that I took a loan out onthe 21/12/2007 for £7,200.61 after them having agreed a paymentplan with paypal and for interest to be stopped on the existing loan on the 20th December 2007!!!. I contacted Welcome finance in March 2013 by telephone as I had no awareness ofthis loan for just over £7,000, I was advised that the loan had been refinancedto take into account the change in payment. I requested a copy of the creditagreement however I was advised that they do not have one and it was donefollowing payplans offer; at no time had I agreed for the loan to be increasedto £7,200.61 to take into account the change in payment. Following this on the 26th March 2013 I sent a formalcomplaint to Welcome Finance and received a response in April 2013 advisingthat they were investigating my concerns. However since this date I have madenumerous telephone calls to Welcome finance and they have been unable toprovide any sufficient reason as to why the loan was refinanced as well asincreased without my authorisation. Furthermore despite advising in April theyare yet to respond to my complaint in writing. The agreement that payplan had with Welcome finance was for the interestto be stopped and that I made the remaining payments of the outstanding balancewhich was with all the interest added £5,579.45 which although agreed theamount was disputed. I am extremely concerned as to how an original £2000 loan increased to£7,200.61 in a period of 10 months when I was clearly struggling financiallyand affordability was clearly an issue. I am aware that Welcome finance are ahigh interest lender and perhaps through my age and naivety at the time I didnot fully grasp this concept however having liaised with Payplan who in turncontacted Welcome finance I am concerned that a loan was refinanced onceagain in 2007 without my knowledge nor agreement. To date I have paid Welcome finance a total of £3,082.19 which clearly coversthe original amount borrowed. Welcome finances unfair practises over the yearshave caused a significant amount of stress and distress to myself. Although Iacknowledge that clearly initially I chose to take out the original loan I feelthat their practises since this date have been evidently irresponsible. Having recently reviewed by credit rating with Experian I have beenalarmed that since April 2013 when I advised them that until the matter wasresolved I would not make any further payments they have proceeded to demolishmy credit record by registering late payments since the date of my complaint. This is obviously having an impact upon my credit rating and over the years has caused a significant amount of stress, they are not taking me to court but can I take them to court?? after all they refinanced a loan without my permission and as such do not even have a credit agreement? Help please..... Thanks
  4. Hey guys, lloyds TSB has potentially offered me a refinance loan due to... Cutting a long story short I'm a 19 years old and past year I got myself stuck within the payday loan circle and also did developed an addiction to money a year ago which is now treated and gone thank god. I've now been left with around 12K of debt under my hood from various payday lenders and cash shop loans. I also dipped into my overdraft on my lloyds account which started paying back slowly. I was originally with Gregory Pennington via debt management plan however month down line they dropped me and cancelled on me even though paid on time so wasn't impressed by them, also tried baines and earnst and there pretty much same sorta company (£70 upfront etc) so i said no. I tried towards step change and would take months for an appointment so was loosing hope and my debtors/debt recovery agent threatening me via all communications. I've now setup up £50 a week deal with lloyds TSB then out the blue the advisor mentioned I maybe eligible for a refinance loan to cover all my debts and I just pay them only. I know you shouldn't take money out to cover money but all the "support agencies/companies" have simply put me down alot whereby I don't trust them or they take too long to process everything. If anyone has one currently or have had one these refinance loans? & are they any good at all? Plus what's the whole process like? (As loans with banks are much better plus been customer with them since born) They say I maybe eligible for one so I'm just finding out what they are like if I get offered one? If I'm not does anyone else have suggestions on companies to help and sort out debt as the following companies have let me down... - Gregory Pennington - Step change - Baines and Ernest Many thanks William
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