Was I sold a bad deal

carole.uk

two years ago before i found this site i took out a loan with my bank Lloyds TSB. i have banked with them since i was a child and have my mortgage, insurance and credit cards from them. the loan was only for £2,000 and i thought over two years but it was 3. stupidly i thought my bank would do what was best for me (i Know now from sites like this its not true). sorry but to cut a long story short i checked with the bank last week and they told me i still owe £1,000 so after 2 years of paying £120 per month i still have anopther 12 payments to make on it. i have never recieved a copy of the form i signed in the bank. should i contact my bank and ask them to send it to me? is this the going rate it looks very steep to me. Any advice would be much appriciated

impy78

yes you can ask for a set of terms and conditions - I have a loan with Lloyds TSB and at a guess, i would say if you have payment protection, THAT is what is making this so long and drawn out.

carole.uk

thanks for this will do that, it just seems like a lot of money and i don't think i would have taken the loan if i had known how much it would cost me. well you live and learn

Debt_Free_Chick

When you took the loan out, they added interest on there and then. The total amount you borrowed was £4,320 - this includes the interest and probably payment protection insurance and the interest on the insurance premium.

You need the original agreement to see all things laid out.

canny_yorkshireman_2

yeh its a crap deal £120 x36 payments £4320 for a 2 grand loan were the bank tellers wearing masks Its outrageous that banks dish out deals like this to thier loyal customers ditch em and look on this site for the best current accounts/credit cards/loans etc

carole.uk

I am certainly going to ditch them as soon as i get around to it. i am tied to the mortgage because of the penalties for 5 years but i have house/ building/ contents insurance with them and they get all my direct debits wage etc. i bet the manager rubs his hands in glee when i sees me coming in

tomstickland

Well, you've come to the right place. There's no such thing as loyalty as far as the bank are concerned, so don't feel bad for a moment about finding the best deal on everything. Go and earn £100 from opening a Barclays account (but don't keep the account after getting the money, it's rubbish).