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  • FIRST POST
    • ChChCh
    • By ChChCh 12th Mar 17, 12:21 AM
    • 2Posts
    • 0Thanks
    ChChCh
    Can my loan be written off?
    • #1
    • 12th Mar 17, 12:21 AM
    Can my loan be written off? 12th Mar 17 at 12:21 AM
    Hi,

    Please can anyone help?

    I took out a loan with Halifax in April 2011 for £8500 over 5 years. I was paying this off on time until May 2013 when my circumstances changed and my lower income meant I was struggling financially. I signed up with Step Cange and have been paying the loan with a debt management plan ever since. To date I have paid over £11000 but they still say I owe over £6500. The debt has now been bought by Lowell Portfolio.

    I would like to write to them and request the debt is written off as I have paid the original balance and feel I've paid enough towards the interest.

    Does anyone know if I can do this and how?

    Thanks
Page 1
    • Arleen
    • By Arleen 12th Mar 17, 1:04 AM
    • 888 Posts
    • 663 Thanks
    Arleen
    • #2
    • 12th Mar 17, 1:04 AM
    • #2
    • 12th Mar 17, 1:04 AM
    You can write to them about it, but it is almost certainly not going to happen.

    As the loan is in DMP now, did Halifax agree to freeze the interest?
    • forgotmyname
    • By forgotmyname 12th Mar 17, 1:54 AM
    • 25,309 Posts
    • 10,048 Thanks
    forgotmyname
    • #3
    • 12th Mar 17, 1:54 AM
    • #3
    • 12th Mar 17, 1:54 AM
    If you write to them you will need something better than you think you have paid enough interest. With the DMP your still paying them something so they will get their money eventually.

    A better chance maybe make a full and final offer. Or go through statements to see where charges were made that should not have been.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • ChChCh
    • By ChChCh 12th Mar 17, 7:28 AM
    • 2 Posts
    • 0 Thanks
    ChChCh
    • #4
    • 12th Mar 17, 7:28 AM
    • #4
    • 12th Mar 17, 7:28 AM
    You can write to them about it, but it is almost certainly not going to happen.

    As the loan is in DMP now, did Halifax agree to freeze the interest?
    Originally posted by Arleen
    I thought the interest had been frozen and presumed I was just paying off the balance, but I don't understand how I still have over £6k left. Maybe the interest isn't frozen... I need to speak to them and find out. I've not really given it much attention as I've just been paying the DMP but now I'm back on my feet I've got a bit more umph to look into it.
    • sourcrates
    • By sourcrates 12th Mar 17, 11:41 AM
    • 11,215 Posts
    • 10,877 Thanks
    sourcrates
    • #5
    • 12th Mar 17, 11:41 AM
    • #5
    • 12th Mar 17, 11:41 AM
    That seems like an excessive amount of interest on such a small loan.
    Get a statement of account, i would say interest has not been stopped at all.

    I would write and seek an explanation about this from them, if they stop interest and charges for one customer, then it seems entirely reasonable they should do the same for your self, although they are not obliged to do so, they are meant to serve all customers fairly.

    Clearly in this case, you may of "disappeared between the cracks", kick up an Almighty fuss, demand some of this interest be refunded, and your existing balance be wiped, as you have already repaid the debt to them.
    Make it clear you have been disadvantaged by there unfair actions, and you want redress.
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    • Karonher
    • By Karonher 12th Mar 17, 1:13 PM
    • 403 Posts
    • 1,949 Thanks
    Karonher
    • #6
    • 12th Mar 17, 1:13 PM
    • #6
    • 12th Mar 17, 1:13 PM
    Unless I have read something incorrectly, the figures do not add up. Had you stuck to the original loan repayments you would have paid off the £8,500 by April last year.

    To have paid so much over, it makes it look like you have paid more per month on the DMP than you would have done had you carried on with contractual payments.
    Last edited by Karonher; 12-03-2017 at 1:19 PM.
    Getting ready for Christmas 2017

    Aiming to make £4,500 online in 2017.
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