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  1. Hi Folks I am trying to help sort out my father’s finances. He defaulted on a boiler loan, and the loan was sold on to another company who want £3000. Im suggesting he appeal either to fin ombudsman [though I have read here that they are not much use] or court eg. The decision to sell on the loan, the repayment levels. He took out a loan for a new boiler in 2008, and has defaulted. The loan term was 120 months/10yrs. Apr 20.8%. ‘Current monthly rate 1.468%’ My father paid on time by direct debit until he defaulted in late 2013, early2014. He defaulted as he as didn’t keep an eye on his finances. The total my dad paid, was from 2008 to 2014: £4031.97 (excluding any interest charges). I need help with a few things. 1: At the start of the loan how much did he actually have to pay including interest. Going thru the original papers see photo: boiler loan 2ed. It looks like £3819.29 for the boiler and installation. And £4620.91 interest. So a total of £8440.2 is correct? In photo Img_0007ed, The amount owed in march 2014 was £3084.79, and the Shortfall of capital was £2576.08. so an approx total £5660.87. So what is the correct amount? 2: The repayment level makes no sense, see photos: imged to img007ed. Each month he paid £68.21 a month, however in the same month approx £50 of interest was added back to the loan amount. Meaning only £15 to £20 a month was paying off the loan. Which would amount to approx a maximum of £240 a yr, or £2400 for the ten year loan period. Which does not even pay back the boiler price of £3819.29. Were the monthly repayment level and other interest calculations, additions, details correct? thanks Jon boiler loan 2ed: [ATTACH=CONFIG]60502[/ATTACH] Img_0007ed: [ATTACH=CONFIG]60503[/ATTACH]
  2. Hi all, First of all I have been a bit cheeky, but if anybody could clarify the below it would be appreciated. I returned to the UK last month and the SLC want 5 grand off me upfront for loan arrears and additionally I need to pay the remainder of the debt off via the PAYE system. The amount to be paid off via the PAYE is for around another 10k and will be paid off in due course. My question, as I cannot afford to pay off the full 5k. Has anybody been in this position before and if so what was the outcome? I hoped that the arrears would be consolidated with the remainder and I would pay everything off for x number of years via the PAYE system. Thank you very much and hopefully I receive some juicy responses All the best, Cookie813
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