Loan query ?

[rusty24]

I had joined here to find out about unfair bank charges, but something else has cropped up out of the blue.

 

We were self employed four years ago for eight years, now it wasnt paying well the last couple so I went and got a job.

 

 

Now as far as i was concerned we were keeping our head above water.

 

 

It now turns out my wife took a loan out with citi finance for a couple of thousand pounds with out my knowledge,

then she topped it up to three thousand,

she cant remember the details as she was stressed.

 

 

We have no paperwork as she destroyed it so i wouldnt find it and kept it secret .

Now my problem is she doesnt know how long the loan was for,

we pay 50 pounds a week and she thinks its for five years?

 

 

Now if the loan was for three thousand pounds in total,

it does seem to be a lot to pay back over five years about twelve thousand pounds i think.

 

 

Is this normal for this type of loan?

My wife told me this company didnt know she was self employed,

and when i asked her how she proved security,

she said she bought some paper wage envelopes and just wrote on the front as if it was a wage packet,

and when they called the business she pretended to be someone else to confirm these so called pay packets.

 

 

As you can imagine i was gobsmacked to here this,

but am still shocked and a little impressed with her deviousness.

 

Im hoping someone can advise me on how to go about getting the relevant information

so we know where we are, the loan has now been getting paid for nearly four years.

 

The company used to have offices here,

but now dont, they are called Citi finance,

has anyone else had dealings with these?

Thanks very much in advance.

 

My post doesnt seem to be showing on the new posts board, so am trying again.

 

Sorry but i might have placed this in the wrong place, anyone any ides about this please?

[MRSWESTHAM]

Hi Rusty

 

Sorry to hear about your problems, Im not by any means the cleverest person on hear but i seem to remember a post similar to this with a wife and a catalogue i think.

 

I will try an dig it out for you , are you behind iwth the payments? Thing is I think (in my personal opinion) that if you start querying charges, interest etc it could open up a whole can of worms for your wife. Unfortunately what she has done with wage slips etc is probably a bit illegal! (Not being rude about her, just honest ) Allthough on the other hand maybe it should be down the company to verify she was infact employed ?

 

ARR confused myself! Would definately wait and see what the implications for her would be before you go any further

[Yoshiro]

I think the easiest approach is for your wife to contact the people she got the loan off and ask them to tell her how long is left, and say she accidentally shredded the docs and could they send out a duplicate set.

 

That would then give all the information required

[rusty24]

Thanks for your replies.It was a shock to find this out to say the least. Its not behind at all, I was just shocked to hear the amount to pay back. And I agree, she does too about what she did to get the loan, just writing on the front of envelopes seems a little too easy doesnt it?

 

She phoned them and said we had a leak from the tanks in the attic, so could they send a copy of the details, so hopefully we will know whats left soon.

[Blown up]

Hi Rusty

Haven't you received any statements from Citi this should have your account number etc on , then you could ask for a copy of the credit agreement using Template letter, or you could phone and ask your account number

[rusty24]

My wife phoned on friday for the information as to what we are paying and for how long, they told her seven to ten days, so ill give them the ten days then send the request for the credit agreement, as you mention. Thats when Ill need help as its all very confusing for me.

[Blown up]

Hi Rusty

I have had plenty of good help on this site , you will get lots too.

[rusty24]

Thanks Blownup, Im hoping it doesnt get bad, but it turns out the loan was for 5000 and over seven years, but my wife cant remember exactly, also it turns out they said ten to seventeen days before we recieve the information, just found this out from her so im still in a state of shock i think. Its a bit unsettling to learn about all this, but I do need to know exactly what we owe and what payments remain and for how long. Im now worrying in case she is not giving me the whole truth, and there might be more money involved than first thought, a bit worrying to tell you the truth. And as you may have guessed there is a bit of an atmosphere here, but Im trying to be calm about the whole thing, as this puts us back 25 years when we were first married and in debt to the hilt, I thought those days were behind us.

But my family is worth more than money to me, so i will do my best to reassure her and help find out exactly what we owe, and hopefully sort it to the loan companies and our satisfaction.

 

Hi Rusty

Haven't you received any statements from Citi this should have your account number etc on , then you could ask for a copy of the credit agreement using Template letter, or you could phone and ask your account number

 

 

Nothing at all, I think my wife destroyed any so she could keep her secret, and none recently so Im at a loss?

 

Another update of this saga. It turns out that there was an origional loan for 2000, then later there was one for 1500, and it is over seven years. This is to the best of my wifes memory, even though she is not sure, and she assures me thats all she can remember. And it was ten to fourteen days when they told her on the phone she would recieve a copy of the agreement.

There are still four working days left to recieve this agreement going on my wifes phone call, and Im now getting jittery as to what might turn up with the ammounts and time to pay back over.

With it being two loans one after the other, what sort of agreement can I expect to recieve, will it be the same as a single loan or is there a difference?

[maroondevo52]

Hi, rusty.

 

You should send a SAR to the Origional Creditor, giving as much imformation as you can regarding where you lived at the time the loan was taken out.

This should get you all the info, regarding payments ect.

 

Regards.

 

Scott.

[rusty24]

Thanks Scott, I wasnt sure whether I should let it hopefully come in the time they told my wife, and if it didnt then ask by your suggestion? As Im hoping to be starting a new business soon and dont want my credit spoiled in some way?

 

And Im not confident my wife can remember the address the loan was arranged from, as we had a shop at the time.

Also as i was not involved and it was an unsecured loan( Im hoping) my own (our)address might not be included?

Edited August 8, 2009 by rusty24

[maroondevo52]

Rusty, there is a Citi Forum, do you want your thread shifted there.

 

Regards.

 

Scott.

[rusty24]

Thanks yes please I didnt realise, sorry.

[maroondevo52]

No problem, one of our Mods is very good with this company

 

Regards.

 

Scott.

[rusty24]

Update on this, Still no information about how much over how long ? I need this information as I have no idea of how much the loan was and how long it is over?

Im very close to doing something and dont want my credit effected by this, so can I leave it a couple of months before sending a letter, or does it not effect anything else?

[maroondevo52]

Hi rusty.

 

I'll ask another Mod to have a look at this thread.

 

Regards.

 

Scott.

[rusty24]

Thanks very much scott.

 

Just a quick update, it seems my wife has been talking to the loaners a few days ago, and they requested one pound in the form of a postal order, and said once recieved she would recieve the requested details in a few days, so hopefully some time next week?

[rusty24]

Another update, the one pound postal order was sent back and my wife told wrong address, my wife phoned yesterday and it seems another address was given in london, and they said it should only take a few days to get it back. So she sent the postal order and a small note asking for the agreement yesterday.I just found this out of my wife today, I must say this waiting is getting worrying and unbearable.

[MRSWESTHAM]

Please Try Not To Worry The Not Knowing Is The Killer, We Aways Imagine The Worstam If Noysure The Final Outcome Will Be Much Better Than What You Have Built It Up To Be

 

Most If Not All Of Us Have Been In Similar Situations To You And We Are Still Here , Please Dont Let The Stress Affect Your Family:) Xxx

[rusty24]

Thanks for the comforting words, your right, and I have settled down in myself and got my reality head on. We have been together too long to let a mistake like this come between us. Im 100% behind my wife and we will sort it, now that Im over the shock.

Im going to give them a week or two to respond to my wifes unofficial request, if they dont send us how much for how long ill start with help from here and make it more official. All Im after is to know how much we owe and for how long, and I have every intention of carrying on with the payments, thats saying they havnt ripped my wife off of course. So now I take it the waiting game starts?

[MRSWESTHAM]

Have you requested all the information they hold on your wife?

[rusty24]

No, my wife has asked for how much and for how long, because she is unsure what the total loan was and over how long. I have just learned of it and have left my wife to it for now. But if they dont give us what we need, Ill be sending whatever the letter is needed to get it, with help from here, and i will then get involved in it.

[rusty24]

Well sorry to bore you all with this, but it turns out I have more problems than I thought. Just recieved a letter from citi saying this months payment is late and a default and ten pound charge is being added? It seems my wife phoned them to change the payment method from dd at the start of the month, to card at the end of the month, I dont know why. Anyway she cancelled the dd with the bank and before the payment was paid (at the end of the month) these letters have turned up? also there will be another thirty five pound charge from the bank.

Im not feeling well with all this going on as the post this morning alsohad a utility bill which was late so another thirty five pound charge there, and a mobile contract bill the same.

Whats so confusing for me is that there is enough money going in the bank monthly with my wages, yet we still seem to not have enough for some bills now and then. Im going to take charge of the bills as my wife has been doing this all our lives and when Iv asked if all is well she says yes, and I had no reason to doubt her seeing as I knew my wages more than covered the bills, even when I found out about this citi one, it was covered. So I am feeling pretty down about the whole state we seem to have found ourselves. Sorry to go on, but Im feeling pretty low at the moment, and it seems to help telling someone.

[maroondevo52]

Hi, rusty.

 

Sorry to read of the troubles you are having. This Citi Fianance, what account were you paying your D/D from.

 

Regards.

 

Scott.

[rusty24]

Hi scott, its a normal account that my wages go into every month, and we have a cash machine card which is a debit one i believe. I dont know what the account is called, but we have dd's to pay mortgage and bills ect.

[maroondevo52]

Hi,

 

So your loan and bank account are both with citi.

 

You really need to send a SAR to Citi to find out the score regarding the loan.

Then start to re-claim any charges from your other account.

 

Regards.

 

Scott.