Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • andrea mason
    • By andrea mason 6th Dec 17, 5:35 PM
    • 1Posts
    • 0Thanks
    andrea mason
    Likely loans extra charges
    • #1
    • 6th Dec 17, 5:35 PM
    Likely loans extra charges 6th Dec 17 at 5:35 PM
    Hi all,

    I took out a loan 10 years ago, which I made my last payment on last month.
    The loan has been repaid in full, I have never been in arrears or late with any of my payments.
    Today I received a letter from the company which contained a bill for £305!!
    When i rang and asked why, I was told that £150 was a redemption charge and the guy couldn't explain the rest.
    I've asked them to send me a full breakdown of costs and a copy of my loan agreement, I can't even work out what these charges are for.
    Has anyone else had this happen to them?
    Thanks in advance
Page 1
    • DCFC79
    • By DCFC79 6th Dec 17, 7:52 PM
    • 30,937 Posts
    • 19,562 Thanks
    DCFC79
    • #2
    • 6th Dec 17, 7:52 PM
    • #2
    • 6th Dec 17, 7:52 PM
    I'm surprised they have records going back that far.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • PeacefulWaters
    • By PeacefulWaters 6th Dec 17, 9:04 PM
    • 7,733 Posts
    • 9,693 Thanks
    PeacefulWaters
    • #3
    • 6th Dec 17, 9:04 PM
    • #3
    • 6th Dec 17, 9:04 PM
    Secured loan?
    • jonesMUFCforever
    • By jonesMUFCforever 6th Dec 17, 10:27 PM
    • 24,437 Posts
    • 11,722 Thanks
    jonesMUFCforever
    • #4
    • 6th Dec 17, 10:27 PM
    • #4
    • 6th Dec 17, 10:27 PM
    If it is secured then to take the charge off your property there will be land registry charges but to be honest £300 is over the top unless this was specified in the original loan documents.
    You could tell them to keep the charge on until you want to sell the property but might cause problems further down the line.
    What goes around - comes around
    give lots and you will always receive lots
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,296Posts Today

7,680Users online

Martin's Twitter
  • Today's surreal Friday twitter poll: If you had a choice between aging on the inside or the outside, for the rest? https://t.co/gabklHJ0w1

  • RT @LauraFrancis9: Final shoot for this series of The Martin Lewis Money Show! Have loved meeting & helping empower? https://t.co/MOtvb73nVu

  • RT @LaraLewington: Riding a remote control electric skateboard is obviously best done in heels. Max speed 22mph, but maybe trainers for tha?

  • Follow Martin