Any advice loan repayment in 1 year.

[Sandy483]

Loan taken out over 6 years in 2004 for £4500 interest was being applied as £55 upwards a month.

 

I became unemployed and they would not stop the interest and added a further 3 months total of £163.61

 

I managed to get some money and paid an amount of £4708.40 by the 12 month of the loan as i knew i was now going to be Long term sick.

 

I had asked the bank upon such a large payment on the 12 month could they do something with the loan % rate.

 

But they were of no help at all.

 

a year laetr i have paid a further £160 from the loan

 

As it is at this time i have now paid £4868.40

 

Does anyone know of any rights i may have from paying back such a large amount with in the first 12 months? I cant belive they can still treat me as if i have a 6 year loan when I have paid so much.

 

I just havent got a further £360 they want to close.

 

I want to pay my loan or i wouldn't have paid back £4750 in the first year, I would just like to gain some closure on this account if it is possible. or its £1 a month for years, and just something else to worry about that could be off my back.

 

It would be interesting to know what the % pay back would have been on £4500 over 12 months.

[sleepz]

Maybe tell us which bank / institution the loan was with and someone might be able to supply some specialised advice.

 

Might also be an idea to post in that banks individual forum as someone in there may have been through the same thing.

 

As general advice based on what you've said ...

 

If your communicating with your local branch, maybe send a letter to the institutions head office, informing them of your situation. You are presumably a valued customer, you have taken out a loan and you want to repay it early (or have paid back most of it) ... you would assume that they would be willing to accommidate you, you have paid interest on what you have borrowed over the time you have borrowed it, they want to keep your custom. You may have to pay an early repayment charge, but im sure they would be willing to help you. There may be a policy or something forcing them to not reduce the remaining payments, but if you sent all the details off to the head office, Im sure they would be willing / capable of helping you out.

(Just my personal opinion, not based on any experience or knowledge)

There's a thing on this site, havn't looked into too much, but you can buy pre-printed "Consumer Action Group" envelopes or something, If you send them, Im sure it will put the poops up them and semi-force them into acting in your favour, as they know the Consumer Action Group, and they know any misgivings you have with them will be posted on here in a second ... which the don't want ... might be worth looking into.

 

Good Luck!

[telewest]

edited

[Sandy483]

They wont budge, they will do nothing to help me, state I'm unemployed and nothing can be agreed.

 

Just wondered how i stand with future Default and paying, the loan is paid ahead 40 months or more, my statements read nothing owing, not sure what to do.

 

If i pay the £1 a month would they have grounds to DCA, as i say the loan is paid 40 months ahead:eek: .

 

Would the status of the loan need to be in arrears for this loan to be taken any further.?

 

Thanks for the reply, i think i have exhausted most avenues with the bank, thats why i want to find out my rights as this stands.

and!

I know they are enjoying every minute of this as they could well be helping me after all Who wants to be paid £1 a month for years?

[Sandy483]

Sorry Sleepz never read upwards first:rolleyes:

 

Maybe tell us which bank / institution the loan was with and someone might be able to supply some specialised advice.

 

Lloyds

 

Might also be an idea to post in that banks individual forum as someone in there may have been through the same thing.

 

Will Do did look in it but it seemed more charges based and couldnt find a loan section

 

As general advice based on what you've said ...

 

If your communicating with your local branch, maybe send a letter to the institutions head office, informing them of your situation. You are presumably a valued customer, you have taken out a loan and you want to repay it early (or have paid back most of it) ... you would assume that they would be willing to accommidate you, you have paid interest on what you have borrowed over the time you have borrowed it, they want to keep your custom. You may have to pay an early repayment charge, but im sure they would be willing to help you.

 

Written To chief executive, loan was with collections only collections can decide

 

There may be a policy or something forcing them to not reduce the remaining payments, but if you sent all the details off to the head office, Im sure they would be willing / capable of helping you out.

 

They flatty refuse

 

(Just my personal opinion, not based on any experience or knowledge)

There's a thing on this site, havn't looked into too much, but you can buy pre-printed "Consumer Action Group" envelopes or something, If you send them, Im sure it will put the poops up them and semi-force them into acting in your favour, as they know the Consumer Action Group, and they know any misgivings you have with them will be posted on here in a second ... which the don't want ... might be worth looking into.

 

Have some, and im running out thanks for the reminder

 

Good Luck!

 

Honestly Sleepz short of writting to the Queen i couldn't do anymore than I have done.

 

I just dont understand thier logic, if they have any.

 

As i have just posted above i think i have to now find where i stand with this and what they can throw at me.

 

Thanks for the tips