Paying off loans

jules1_2

I rang my loan company last week for a settlement figure to cut my outgoings. I now have that money in my bank account; the problem is when I rang to settle today I was given a different settlement figure, £1800 more than last week! I obviously queried this but they say they have no record of me ringing last week- I now have money in my bank but not enough to pay the full amount back-I also cannot afford to pay two loans at the same time. Any ideas?

zeddy_2

Ring them again and ask for what your settlement figure is once more. See if this matches what they said last time. Insist that you were quoted another figure the week before - say you understand it may have risen slightly because a week has passed, but not by that amount.

I don't know really where you stand to be honest, but I would be tempted to say - look i've got 'x' amount of money now which is originally what you quoted me last week I am willing to pay you the money today and see if they can come up with some sort of comprimise.

Good luck. Oh, also I guess get them to give you settlement quotes in writing in future too.

Rafter

You can also post your initial loan amount, number of payments made, monthly payment, original term and apr on here and one of us can do a rough calculation for you. The amount will depend on whether you took payment protection though and what the 'early redemption penalty' on your loan is.

R.

gotroot

as rafter says, it depends on the rates etc, they just can't quote a figure just like that, the rough calculations will definitely help get an estimated figure in place.

Old_iron_balls

dont forget every call you make make a note of the full name and dept of each person you speak too.