can any one give me advice on a bad loan

[homer8986]

hi i am new to this.

my husband took a loan out in 2002 and paid the loan for a few years, he then lost his job!

We tried using th ppi insurance and were told flat out no way!

even though we had paid this.

I have since realized the ppi was added at the start of the loan occuring interest making my husbands loan aroun £4000 more.

I am in the process of claiming the charges, interest and ppi back and the solicitor has advised this is a strong case for an unenforcable loan?

i am unsure of what action to take lucky i still have the original credit agreement but where do i go from here?

[homer8986]

hi i am new to this.

my husband took a loan out in 2002 and paid the loan for a few years, he then lost his job!

We tried using th ppi insurance and were told flat out no way!

even though we had paid this.

I have since realized the ppi was added at the start of the loan occuring interest making my husbands loan aroun £4000 more.

I am in the process of claiming the charges, interest and ppi back and the solicitor has advised this is a strong case for an unenforcable loan?

i am unsure of what action to take lucky i still have the original credit agreement but where do i go from here?

loan stands at 14,075.

original loan 10,000

paid for 3yrs at around 350pm

not trying to get out of paying but do the amounts add up?

[42man]

Welcome to the CAG forums Homer.....You say the solicitor has said the loan is unenforceable, probably because you were missold the PPI !! so as you had tried to claim using the so called PPI, it wasn't even worth the paper it was written on !! this taints the whole agreement !! Is your solicitor progressing this for you ?

[42man]

Have you written to the loan provider outlining your complaint ?

[homer8986]

hi, thanks for your help, the apr was stated at 7.9 at 0.64 per month since getting the accountant to add up the figures my husbands loan was actually charged at near 8.5%.

my husbands agreement has no overall cost for credit i.e the total amount payable the loan itself was actually for £18,000 including ppi of £3.200 my husband paid 9000 but the loan still stands at £14,000

in effect my husband if he had repaid the debt would have been charged £22,000 not what was on the agreement.

the credit agreement itself has no information and the bank are saying they have no info on the loan, no credit agreement no proof of previous payments and as my husband was self employed he should never been sold ppi on this loan.

does this make sense any one?

[homer8986]

and can someone help me in using this site, i have been finding it a very interesting read but cant get to grips with it

[homer8986]

hi

ive recieved a final response from the bank they r trying to now refund all ppi products from loan 1 2 and 3 a total of nearly £8,000.

they have still chosen to ignore my complaint over there overcharge or interest and apr.

and wont to credit this money to the outstanding balance?

i have to draft another letter to them and could do with some help please.

my issues are the loan as a whole the credit agreement does not have a true cost for credit or even any payment dates it is more like terms and condition's the apr and interest are charged incorrectly.

my husband is saying he never signed it in 2004 and had no funds available in his account like the bank are saying.

the bank have also ignored my requests for his bank statements.

also out of £3000 in bank charges they are only trying to give him £925.00.

also the only reason this loan is in this postion is because my husband lost his job, the bank would not let him use the cover he paid for surely this is under the mis sellin act but i need help please!!!

the letter also states they should not have lent him money as they feel he couldnt pay it back?

also as a good will gesture they want to errase his outstanding credit card bill which has absolutly nothing to do with his loan?

help required pls

[Maggie_moo]

and can someone help me in using this site' date=' i have been finding it a very interesting read but cant get to grips with it[/quote']

 

Have a look here "How do I...?" A Dummies' Guide to this Forum(

 

Hope this helps