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FLM Loans - Never ending balance :(

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Hi everyone this is my first post here,

I checked out a few other threads and everyone is extremely friendly on this matter.

 

About a year or so ago my then girlfriend and I were in some financial difficulties until we found FLM Loans which offered quick cash and simple method to pay the money back. Due to youthful foolishness we went for it not realizing what this meant :/.

 

The original Loan amount was £500 to be paid in monthly installments.

 

I would not ask if it were not important although the situation is becoming dire, since July last year I have paid out £833.01 in Payments and Charges yet still have a balance of £477. Every time I make a payment another large charge get slapped on top again.

 

My Balance sheet is here if needed, although I can't post because of the 10 post limit :/

 

Please if anyone can help me with this I would be very grateful.

 

Thanks

Paul

Edited by Naogha

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Thought it would be wise to try and get my 10 posts first, not entirely understanding of all the forums rules.

 

I apologise otherwise..

 

Thank for telling me, I'll just take them down now. I already put the doc into a web link but I will follow your instructions instead.

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Follow the instructions below if you wish to post a document up.. Spamming the forums will not make you popular..

 

Dx100 – Instructions on uploading pdfs

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or ir you have PDF as an installed printer drive use that

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button


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2: Take back control of your finances -

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3: Feel Bullied by Creditors or Debt Collectors?

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4: Staying Calm About Debt

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5: Forum rules - These have been updated -

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BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Not a problem. Can you not type out the breakdown without personal details. If the details are required another member will ask and there will be ways and means to get around it

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Hi everyone this is my first post here,

I checked out a few other threads and everyone is extremely friendly on this matter.

 

About a year or so ago my then girlfriend and I were in some financial difficulties until we found FLM Loans which offered quick cash and simple method to pay the money back. Due to youthful foolishness we went for it not realizing what this meant :/.

 

The original Loan amount was £500 to be paid in monthly installments.

 

I would not ask if it were not important although the situation is becoming dire, since July last year I have paid out £833.01 in Payments and Charges yet still have a balance of £477. Every time I make a payment another large charge get slapped on top again.

 

My Balance sheet is here if needed, although I can't post because of the 10 post limit :/

 

Please if anyone can help me with this I would be very grateful.

 

Thanks

Paul

 

Paul, what are these charges that are being added to the account ?


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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So you borrowed £500.00. At what interest rate ? Are you paying the contractualy monthly payments or are you making payments late or less than you should be ?


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Uploading documents to CAG ** Instructions **

 

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1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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[ATTACH=CONFIG]40430[/ATTACH]

 

 

Erm the payment should come out monthly and the interest is

fixed 199% APR.

 

I hope the doc is working that may give a better picture. There are no Personal details within the image.

Edited by citizenB

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scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all figures and dates. {DO NOT USE A BIRO OR PEN]

convert existing PC files to PDF [office has an installable print to PDF option]

..

goto one of the many free online pdf converter websites [http://docupub.com/pdfconvert/]

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

i'e Default notice dd-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx


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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

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what is the int rate please

 

there are no penalty charges showing either

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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The interest rate is 199% Fixed APR. Not that I really know what most of it means, was stupid to take it out in the first place.

Just wondered if they were able to just continue piling on the interest to huge amounts or not, if they can then I guess it's just my bad luck :/.

 

I remember getting a letter stating that the interest rate was going up, this was about 6 or 7 months ago although I'm sure my girlfriend had the letter.

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ok 200%

 

well the cheeky buggers are doimg that monthly by the looks of things.

 

how long was the orig loan for?

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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The loan was apparently over 12 months, dx

 

This type of loan you are paying the interest back before you pay any of the capital.... the amount you borrowed of £500, with 200% interest means that you will pay back something like £1,500 !!


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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I think the loan can be paid back at any time within 24 months so I don't think the was a time limit put onto the loan.

We planned on paying it back in full although circumstances changed which led to making that very difficult, the months have past and I just can't make a dent in the damn thing.

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I am a little puzzled ... You took the loan out in July of last year, yet they say there are arrears of what looks to be 1 month's payment of £50.00 ? That hasnt helped with the interest situation.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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If you read it through the only payment short is Decembers so are in fact only 8 days late, all other payments are up to date.

 

Is this by direct debit or do you make the actual payments ?

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Sorry for being so late guys... problem with internet in my area...

If everything looks legit and they are allowed to charge that much interest then I understand, I was just wondering if anyone here who has more experience found anything wrong with

the amount that's being charged.

The money comes out in Direct Debits although I am struggling to pay it anymore.

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you would REALLY do yourself a favour if you paid it off.

 

its the way they charge interest on a daily basis , but the statement is correct.

 

the more you pay the less is then added again in interest on a daily basis.

 

i'e if you pay the outstandig, thats it, noting more is owed

 

you'd save £100's

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Ah I see... So is the interest calculated on the amount that is left to pay or the amount that was taken out in the first place?

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Ah I see... So is the interest calculated on the amount that is left to pay or the amount that was taken out in the first place?

 

Sadly, yes..

 

You say this is being paid by direct debit - in which case the company will only request what is due on the statement, which reduces each month. Not by very much by the looks of things.. but it does actually reduce.

 

If you could perhaps ask the company to take a consistent amount each month, then the debt would reduce quicker.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Ah I see... So is the interest calculated on the amount that is left to pay or the amount that was taken out in the first place?

 

left to pay

 

not being funny

but it is on theit website as well as examples

 

these types of loan are alway better to pay large sums off as soon as you get it

 

though ofcourse, you wouldn't have got the loan, if you had large sums of money.

 

the balance each month, is what you need to CLEAR the debt [thats it no more int would be added to settle]

 

if you dont pay the full ammount.

 

the outstanding gets int at the stated rate added on again.

 

hence why you'll see the actual amount that comes of the bal, not the int, actually increases the longer you pay

less int to pay as the figure outstanding falls.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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