Help Please

kirsty64

Hello

I took out a Bank Of Scotland Loan for £20k since ive fallen into serious debt - 40k's worth:eek:

Ive gone to the cccs and they have put me on a dmp.

When the BOS found out they sent my account straight to blair oliver & scott but the amount rose to £25000k they added 5k's worth of interest!!!!!

Ive checked my paperwork and it does say they can add their interest for the life of the loan if sent to debt collection agency's. It just seems so bad to add over 5k's worth of interest onto the loan when im already in serious debt!:mad:

Is they anything i can dO?

GeorgeUK

Was there PPI on the loan?
Was it missold?
Are there any charges you can reclaim back?

Hopefully someone else will be able to advise on whether there is an appeal process or something.

kirsty64

no there wasent any ppi

dont know if it was missold as i dont know any guidelines

pls help i cant believe my debts rose by 5k!!!!!

DG1_2

You must off been mis-sold this loan by someone who had no finacial background, the consumer credit act 1974 requires that the BOS who lends money to consumers to be licensed by the OFT without a licence this can result in a hefy fine. (upto £50000). Tell them to send you a true copy of the loan agrement, tell them you know youre rights, if youre dealing with solicitor or any legal team even the CAB they can't put 5k Interest on a loan, whats the terms of it ! if they are not willing to nogotiate they are also breaking the law.

Sounds as if they are trying to bully you, Ask them to revoke the interest and to take out a CCJ.

The court makes the CCJ a binding agreement by law making the creditor unable to put any interest on in future make sure you get a CCJ, this will really anoy them.

Make sure you get the added intrest back by telling them they are breaking there own agreement and are bringing the loan contract into disrepute.

Bet they put the intrest on straight away to protect themselves if you said this, make sure they revoke it......

Not sure if you can now youre with the cccs, try anyway dont give up !!!!!

Good Luck

DG1

My total debt is £44000! Ive talked to the right people and got it down to £36397 in 2 Months, want to get rid off it by the time I'm 40 (30 at present).