Consolidation loan

Eric_wagstaff

I took out a loan with a large well known company, having filled in all the forms the loan was agreed & paid into my bank account, I paid off my cards etc and put the leftovers in an isa ready for the next disaster. The repayments were supposed to go out on a set date every month. The first month passed and nothing happened, I assumed that the payments would start the following month, but still nothing, I phoned the company to ask when the payments would start being taken, I gave the a/c no on the letter / agreement but they had no record of it, tried my name & date of birth, then my post code & house number, according to their records they do not know me, What should I do?. So far I have put away the unpaid money in case they ask me for it back dated.

Robert_Sterling_3

Write to them telling them the details of the loan.

If I am not mistaken you will get further replies telling you what other posters would themselves do rather than what you should do.

On with the motley.

Eric_wagstaff

Thanks Robert, I know your right, wouldn't mind giving myself 3 months off though. Perhaps if I write to them they may appreciate the honesty and see things my way.

asandwhen

You may find that you have opted for a payment holiday at the begining and not realised - I would double and triple check this as it will cost you more in the long run.

aliasojo

Almost identical situation happened with us, except company insisted loan had been repaid. We changed our minds over the first loan we arranged and opted to cancel and re-apply for a revised amount.

Error on their part meant they had messed up and said we owed them nothing when in actual fact we owed them 5K. Many phone calls had no effect and in the end I had to write to someone higher up in the company.

We got a letter back thanking us for our honesty and admitting that if we hadn't persisted, it would have been likely that we would have got away with not repaying at all. Did they send a goodwill gesture or reduce the interest owed or anything? Nope, not at all. We didn't expect anything but given the fact they admitted we could have done them out of 5K but didn't, you'd have thought even a wee bunch of flowers wouldn't have been beyond them. :rotfl:

It's tempting to leave things be, but you have to live with yourself. You also have to live with the fact that this could catch up further down the line. Keep putting away the money as you are doing and in the meantime write to the company concerned. After that you will have done all you can.