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alliance and leisester loan agreement


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hi could someone a bit more knowledgeable than myself please take a look at this loan agreement to see if it fulfills the correct information

 

i have been paying this loan for nearly 4 years, but after a few late payments i have received a couple of letters and the balance was still huge so i sent for a copy of my cca

 

after looking at the agreement i was really annoyed to find that it is a 4 year loan but also has a balloon payment on the end which i can opt to pay for an extra 16 months, and also that i was paying PPI which i never take out due to being self employed which basically makes them worthless

 

i applied for the loan online and never saw anything about a balloon payment and never opted for PPI

 

ok so yes it was my fault as they have sent me this agreement which i have signed and sent back but in the excitement i have obviously just skimmed over it and put it in the post without reading all the details but i feel i have been tricked into it with them knowing full well that i wouldn't read it to well as i just wanted to get the money to buy my new car so im hoping that the agreement does not fully comply so i can negotiate a final settlement of the loan without the extra 16 months

 

i have read the cca thread but im not 100% sure about the insurance part of this one whether it has been properly laid out

 

your opinions gratefully received

 

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If you didnt apply for it and wouldnt have done for the reason of being self employed then you should be able to reclaim any payments plus interest back.

 

Were you given any information when you applied for the loan.. did they discuss with you your requirements, advise you about exclusions. When you completed the application form, did you put down you were self employed?

 

If you look in the PPI section of the forums, there are lots of threads there that will have the information you require. Right the link below will take you to the PPI forums, you will need to spend some time reading the stickies, the threads at the top of the forum .. they will give you some idea how to reclaim and cancel the PPI. You could also look at some of the other threads that other CAGers have started and see how they got on.

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/

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