Overcharging my loan?

ms_fe_mongoose

Hi there! A first-time poster, and I really need some advice.

I took out a loan with a company that's a bag of pants. Anyway, I started the process of reclaiming my PPI and in the process asked for a statement from them. I'm in month 33 of a 36 month loan but there's still apparantly over 1000 owing - considering that I pay 110 a month, that's a lot more months!

What can I do about this? I was in arrears twice, but recently had the charges refunded, and I've also had a refund of some of my PPI so I should be well on track for paying it off. I don't understand what they're doing, I don't think it can be lagal, and I don't know how to attack it - please help!

chartreuse_2

Bit difficult to answer without knowing the original loan amount, interest rate etc.

TBH, even then I'd struggle, given the PPI, missed payments etc. But, fortunately, there're people on here who are more savvy than I

ms_fe_mongoose

It's a loan with Welcome, so even I am struggling to make sense of their rubbish! It was a loan for £1500 back in May 2006, with 563.00 PPI and a fixed term of 36months. The interest rate was fixed also at the start. The charges I was fined was only £75.00, and those were refunded.

I've asked them for a breakdown, in detail, of everything on my statement so I can make sure that the £75.00 I was refunded was the full amount of charges.

I'm still really puzzled, though, as to how they could say that the term and the interest rate was fixed, and still come up with a sum £1000 over what they origionally agreed. Surely that's pretty illegal? Or am I being naive?