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Vickicb

Front Loaded Interest on now-Defaulted Loan

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Hi, there is probably nothing I can do about this, but it makes me feel ill so I thought it was worth asking....

 

I took out a loan in mid 2010 for £13k to clear some credit cards.

 

Yep, totally stupid and I of course ran the credit cards up again.

Lesson learnt and now in a DMP with Stepchange.

 

The loan was with HSPF and had front loaded interest at a SCARY rate.

 

I knew this but at the time I was desperate.

 

I kidded myself that when an old account fell off my credit report the following year

it would improve my credit rating and I could repay with a loan at a better rate

and get a rebate on the interest.

 

the £13K loan entered my credit report with an opening balance of £24,536 :-x

 

I ran into problems about 18 months into the 7 yr agreement and they finally defaulted me in December 2012.

 

At the start of my DMP I had a debts of £43.5K, with £11.5 being the interest on this loan.

 

A very expensive mistake.

 

My debts are now £28.5K and being paid off at £613 per month via stepchange

- just under £17K remains on this loan, so they've had almost £8k out of me so far.

 

I will pay my DMP for an 18 months just to pay off the interest on this loan.

 

I am so angry with myself for taking this bloody loan in the first place.

 

Is there ANYTHING I can do about the interest?

 

If it was not front-loaded I know the interest would have stopped when I was defaulted

- I guess that is why they front load.

 

And I guess this is all above board,

 

and yes I know I signed for it etc.

 

Just asking, because it makes me so cross with myself!

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I would get an sar off to them

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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My understanding is that no rebate is due where a loan is defaulted. However the law may have changed so,it's worth checking. If you are able to get some money together later on the lender may accept a settlement of a lower amount in such circumstances. Who knows?

 

Given the size of your overall debt have you taken advice as to whether an IVA may be appropriate? Step change can advise.

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Thanks both.

 

Dx - what would I be looking for if I sent a SAR?

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penalty charges?

PPI

correct APR etc

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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